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

• Autore: Gupta Sanjeev
• Pubblicazione: Washington, D.C. : , : International Monetary Fund, , 2008
• Edizione: 1st ed.
• Descrizione fisica: 1 online resource (25 p.)
• Disciplina: 332.63234
• Soggetto topico: Corporate bonds - Developing countries - Econometric models; State bonds - Developing countries - Econometric models; Debt Management; Debt; Debts, Public; Emerging and frontier financial markets; Finance; Finance: General; Financial services industry; Fiscal Policy; Fiscal policy; Fiscal risks; Fiscal stance; General Financial Markets: General (includes Measurement and Data); Macroeconomics; National Government Expenditures and Related Policies: Infrastructures; Other Public Investment and Capital Stock; Public Administration; Public debt; Public finance & taxation; Public Finance; Public investment spending; Public investments; Public Sector Accounting and Audits; Sovereign Debt
• Soggetto geografico: United States
• Altri autori: BaldacciEmanuele MatiAmine
• 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
• 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.: 9910825893303321
• Lo trovi qui: Univ. Federico II
• Serie: IMF Working Papers; Working Paper ; ; No. 2008/259