The value of institutions for financial markets [[electronic resource] ] : evidence from emerging markets / / prepared by Bernardin Akitoby and Thomas Stratmann

• Autore: Akitoby Bernardin
• Pubblicazione: [Washington, D.C.], : International Monetary Fund, African Dept and Fiscal Affairs Dept., 2009
• Descrizione fisica: 1 online resource (23 p.)
• Soggetto topico: Fiscal policy - Econometric models; Capital market
• Soggetto genere / forma: Electronic books.
• Altri autori: StratmannThomas
• 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 ele
• 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.: 9910464255003321
• Lo trovi qui: Univ. Federico II
• Serie: Working paper (International Monetary Fund. African Dept and Fiscal Affairs Dept.). : 09/27.