Sovereign defaults: Evidence on the importance of government effectiveness
This paper provides robust empirical evidence that government effectiveness is a key determinant of sovereign defaults. Government effectiveness is measured by a broad-based perception index of the Worldwide Governance Indicators database (WGI) disseminated by the World Bank. Public debt and soverei...
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Paris
OECD Publishing
2018
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| Schriftenreihe: | OECD Economics Department Working Papers
no.1494 |
| Schlagworte: | |
| Online-Zugang: | Volltext |
| Zusammenfassung: | This paper provides robust empirical evidence that government effectiveness is a key determinant of sovereign defaults. Government effectiveness is measured by a broad-based perception index of the Worldwide Governance Indicators database (WGI) disseminated by the World Bank. Public debt and sovereign default data cover both external and internal government debt. In a systematic and demanding robustness check with any possible sub-sample of a large set of control variables, the effect of government effectiveness is almost always robust. In addition, the effects of the five other main indicators of the WGI database on default risk are also investigated, showing that the rule of law, regulatory quality, control of corruption and voice and accountability are also robustly linked with default risk. Regressions with the mortality of settlers as an instrument indicate a causal effect from government effectiveness to sovereign default. |
| Beschreibung: | 1 Online-Ressource (25 p.) |
| DOI: | 10.1787/e6eb6668-en |
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| spelling | Fournier, Jean-Marc VerfasserIn aut Sovereign defaults Evidence on the importance of government effectiveness Jean-Marc, Fournier and Manuel, Bétin Paris OECD Publishing 2018 1 Online-Ressource (25 p.) Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier OECD Economics Department Working Papers no.1494 This paper provides robust empirical evidence that government effectiveness is a key determinant of sovereign defaults. Government effectiveness is measured by a broad-based perception index of the Worldwide Governance Indicators database (WGI) disseminated by the World Bank. Public debt and sovereign default data cover both external and internal government debt. In a systematic and demanding robustness check with any possible sub-sample of a large set of control variables, the effect of government effectiveness is almost always robust. In addition, the effects of the five other main indicators of the WGI database on default risk are also investigated, showing that the rule of law, regulatory quality, control of corruption and voice and accountability are also robustly linked with default risk. Regressions with the mortality of settlers as an instrument indicate a causal effect from government effectiveness to sovereign default. Economics Bétin, Manuel MitwirkendeR ctb FWS01 ZDB-13-SOC FWS_PDA_SOC https://doi.org/10.1787/e6eb6668-en Volltext |
| spellingShingle | Fournier, Jean-Marc Sovereign defaults Evidence on the importance of government effectiveness Economics |
| title | Sovereign defaults Evidence on the importance of government effectiveness |
| title_auth | Sovereign defaults Evidence on the importance of government effectiveness |
| title_exact_search | Sovereign defaults Evidence on the importance of government effectiveness |
| title_full | Sovereign defaults Evidence on the importance of government effectiveness Jean-Marc, Fournier and Manuel, Bétin |
| title_fullStr | Sovereign defaults Evidence on the importance of government effectiveness Jean-Marc, Fournier and Manuel, Bétin |
| title_full_unstemmed | Sovereign defaults Evidence on the importance of government effectiveness Jean-Marc, Fournier and Manuel, Bétin |
| title_short | Sovereign defaults |
| title_sort | sovereign defaults evidence on the importance of government effectiveness |
| title_sub | Evidence on the importance of government effectiveness |
| topic | Economics |
| topic_facet | Economics |
| url | https://doi.org/10.1787/e6eb6668-en |
| work_keys_str_mv | AT fournierjeanmarc sovereigndefaultsevidenceontheimportanceofgovernmenteffectiveness AT betinmanuel sovereigndefaultsevidenceontheimportanceofgovernmenteffectiveness |