The Value of Institutions for Financial Markets : : Evidence From Emerging Markets / / Thomas Stratmann, Bernardin Akitoby

• Autore: Stratmann Thomas
• Pubblicazione: Washington, D.C. : , : International Monetary Fund, , 2009
• Descrizione fisica: 1 online resource (23 p.)
• Soggetto topico: Fiscal policy - Econometric models; Capital market; Inflation; Infrastructure; Public Finance; Production and Operations Management; Fiscal Policy; International Financial Markets; Fiscal Policies and Behavior of Economic Agents: Other; Debt; Debt Management; Sovereign Debt; National Government Expenditures and Related Policies: General; Price Level; Deflation; Macroeconomics: Production; Economic Development: Urban, Rural, Regional, and Transportation Analysis; Housing; Macroeconomics; Public finance & taxation; Current spending; Fiscal policy; Output gap; Expenditure; Prices; Production; National accounts; Expenditures, Public; Economic theory; Saving and investment
• Soggetto geografico: United States
• Altri autori: AkitobyBernardin
• Note generali: "February 2009."
• Nota di bibliografia: Includes bibliographical references.
• Nota di contenuto: Contents; 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 ; 5. 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
• Sommario/riassunto: This 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.
• Titolo autorizzato: The Value of Institutions for Financial Markets
• ISBN: 1-4623-5880-2; 1-4527-8135-4; 1-4518-7174-0; 1-282-84249-8; 9786612842498
• Formato: Materiale a stampa
• Livello bibliografico: Monografia
• Lingua di pubblicazione: Inglese
• Record Nr.: 9910788347403321
• Lo trovi qui: Univ. Federico II
• Serie: IMF Working Papers; Working Paper ; ; No. 2009/027