Vai al contenuto principale della pagina

Is it (Still) Mostly Fiscal? Determinants of Sovereign Spreads in Emerging Markets / / Sanjeev Gupta, Amine Mati, Emanuele Baldacci



(Visualizza in formato marc)    (Visualizza in BIBFRAME)

Autore: Gupta Sanjeev Visualizza persona
Titolo: Is it (Still) Mostly Fiscal? Determinants of Sovereign Spreads in Emerging Markets / / Sanjeev Gupta, Amine Mati, Emanuele Baldacci Visualizza cluster
Pubblicazione: Washington, D.C. : , : International Monetary Fund, , 2008
Descrizione fisica: 1 online resource (25 p.)
Disciplina: 332.63234
Soggetto topico: Corporate bonds - Developing countries - Econometric models
State bonds - Developing countries - Econometric models
Finance: General
Macroeconomics
Public Finance
Debt
Debt Management
Sovereign Debt
National Government Expenditures and Related Policies: Infrastructures
Other Public Investment and Capital Stock
General Financial Markets: General (includes Measurement and Data)
Fiscal Policy
Public Administration
Public Sector Accounting and Audits
Public finance & taxation
Finance
Public debt
Public investment spending
Emerging and frontier financial markets
Fiscal stance
Fiscal risks
Fiscal policy
Debts, Public
Public investments
Financial services industry
Soggetto geografico: United States
Altri autori: MatiAmine  
BaldacciEmanuele  
Note generali: Description based upon print version of record.
Nota di bibliografia: Includes bibliographical references.
Nota di contenuto: Contents; I. Introduction; II. Literature Review; III. Sovereign Spreads: A Simple Theoretical Framework; IV. Empirical Model Specification; V. Data and Estimation Results; Tables; 1. Descriptive Statistics; 2. Correlation Between (log) Spreads, Political Risk and Fiscal Variables; Charts; 1. Emerging Market Risk (log) Spreads and Various Political Risk Indices; 2. Emerging Market Risk (log) Spreads and Fiscal Variables; 3. Random Effects Estimates; VI. Robustness Analysis; 4. Alternative Estimations: Whole Sample; VII. Conclusions; 5. Effects of Different Political Variables on Spreads
Sommario/riassunto: Using a panel of 30 emerging market economies from 1997 to 2007, this paper investigates the determinants of country risk premiums as measured by sovereign bond spreads. Unlike previous studies, the results indicate that both fiscal and political factors matter for credit risk in emerging markets. Lower levels of political risk are associated with tighter spreads, while efforts at fiscal consolidation narrow credit spreads, especially in countries that experienced prior defaults. The composition of fiscal policy matters: spending on public investment contributes to lower spreads as long as the fiscal position remains sustainable and the fiscal deficit does not worsen.
Titolo autorizzato: Is it (Still) Mostly Fiscal? Determinants of Sovereign Spreads in Emerging Markets  Visualizza cluster
ISBN: 1-4623-8303-3
1-4527-1880-6
9786612842108
1-282-84210-2
1-4518-7117-1
Formato: Materiale a stampa
Livello bibliografico Monografia
Lingua di pubblicazione: Inglese
Record Nr.: 9910788341603321
Lo trovi qui: Univ. Federico II
Opac: Controlla la disponibilità qui
Serie: IMF Working Papers; Working Paper ; ; No. 2008/259