LEADER 05699oam 22013814 450 001 9910970785503321 005 20250426110450.0 010 $a9786612842498 010 $a9781462358809 010 $a1462358802 010 $a9781452781358 010 $a1452781354 010 $a9781451871746 010 $a1451871740 010 $a9781282842496 010 $a1282842498 035 $a(CKB)3170000000055201 035 $a(EBL)1608171 035 $a(SSID)ssj0000939944 035 $a(PQKBManifestationID)11571933 035 $a(PQKBTitleCode)TC0000939944 035 $a(PQKBWorkID)10937828 035 $a(PQKB)10702265 035 $a(OCoLC)694140997 035 $a(IMF)WPIEE2009027 035 $a(MiAaPQ)EBC1608171 035 $a(IMF)WPIEA2009027 035 $aWPIEA2009027 035 $a(EXLCZ)993170000000055201 100 $a20020129d2009 uf 0 101 0 $aeng 135 $aur|n|---||||| 181 $ctxt 182 $cc 183 $acr 200 14$aThe Value of Institutions for Financial Markets : $eEvidence From Emerging Markets /$fThomas Stratmann, Bernardin Akitoby 205 $a1st ed. 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2009. 215 $a1 online resource (23 p.) 225 1 $aIMF Working Papers 300 $a"February 2009." 311 08$a9781451916102 311 08$a1451916108 320 $aIncludes bibliographical references. 327 $aContents; I. Introduction; II. Analytical Framework; A. The Empirical Model; B. Testing the Impact of Institutions on Spreads; III. Empirical Strategy for Fiscal Policy Variables; IV. Data Description and Results; A. Data Description; B. Results; Tables; 1. Means and Standard Deviations; 2. Effects of Institutions on Spreads-OLS Estimates (Baseline); 3. Effects of Institutions on Spreads-Fixed Effects Estimates (Baseline); 4. Effects of Institutions on Spreads in the Presence of Fiscal Variables-OLS Estimates 327 $a5. Effects of Institutions on Spreads in the Presence of Fiscal Variables-Fixed Effects EstimatesC. Sensitivity and Robustness; V. Conclusions; Appendix Table; A1: List of Countries Included; References 330 3 $aThis paper investigates the value of political institutions for financial markets, using panel data from emerging market countries. We test the hypothesis that changes in political institutions, such as improvements in democratic rights and increased government accountability, have a direct effect on sovereign interest rate spreads. We find that financial markets value institutions over and above the economic and fiscal outcomes these institutions shape. Democracy and accountability generally lower sovereign spreads, political risk tends to increase them, and financial markets tend to view election years negatively. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2009/027 606 $aFiscal policy$xEconometric models 606 $aCapital market 606 $aCurrent spending$2imf 606 $aDebt Management$2imf 606 $aDebt$2imf 606 $aDeflation$2imf 606 $aEconomic Development: Urban, Rural, Regional, and Transportation Analysis$2imf 606 $aEconomic theory$2imf 606 $aExpenditure$2imf 606 $aExpenditures, Public$2imf 606 $aFiscal Policies and Behavior of Economic Agents: Other$2imf 606 $aFiscal Policy$2imf 606 $aFiscal policy$2imf 606 $aHousing$2imf 606 $aInflation$2imf 606 $aInfrastructure$2imf 606 $aInternational Financial Markets$2imf 606 $aMacroeconomics$2imf 606 $aMacroeconomics: Production$2imf 606 $aNational accounts$2imf 606 $aNational Government Expenditures and Related Policies: General$2imf 606 $aOutput gap$2imf 606 $aPrice Level$2imf 606 $aPrices$2imf 606 $aProduction and Operations Management$2imf 606 $aProduction$2imf 606 $aPublic finance & taxation$2imf 606 $aPublic Finance$2imf 606 $aSaving and investment$2imf 606 $aSovereign Debt$2imf 607 $aUnited States$2imf 615 0$aFiscal policy$xEconometric models. 615 0$aCapital market. 615 7$aCurrent spending 615 7$aDebt Management 615 7$aDebt 615 7$aDeflation 615 7$aEconomic Development: Urban, Rural, Regional, and Transportation Analysis 615 7$aEconomic theory 615 7$aExpenditure 615 7$aExpenditures, Public 615 7$aFiscal Policies and Behavior of Economic Agents: Other 615 7$aFiscal Policy 615 7$aFiscal policy 615 7$aHousing 615 7$aInflation 615 7$aInfrastructure 615 7$aInternational Financial Markets 615 7$aMacroeconomics 615 7$aMacroeconomics: Production 615 7$aNational accounts 615 7$aNational Government Expenditures and Related Policies: General 615 7$aOutput gap 615 7$aPrice Level 615 7$aPrices 615 7$aProduction and Operations Management 615 7$aProduction 615 7$aPublic finance & taxation 615 7$aPublic Finance 615 7$aSaving and investment 615 7$aSovereign Debt 676 $a336.3;336.309172;336.3091724 700 $aStratmann$b Thomas$01815789 701 $aAkitoby$b Bernardin$01799874 712 02$aInternational Monetary Fund.$bAfrican Dept and Fiscal Affairs Dept. 801 0$bDcWaIMF 906 $aBOOK 912 $a9910970785503321 996 $aThe Value of Institutions for Financial Markets$94372354 997 $aUNINA