The effects of data transparency policy reforms on emerging market sovereign bond spreads /:
We find that data transparency policy reforms, reflected in subscriptions to the IMF's Data Standards Initiatives (SDDS and GDDS), reduce the spreads of emerging market sovereign bonds. To overcome endogeneity issues regarding a country's decision to adopt such reforms, we first show that...
Gespeichert in:
| Hauptverfasser: | , |
|---|---|
| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
[Washington, D.C.] :
International Monetary Fund,
[2017]
|
| Schriftenreihe: | IMF working paper ;
WP/17/74. |
| Schlagworte: | |
| Online-Zugang: | Volltext |
| Zusammenfassung: | We find that data transparency policy reforms, reflected in subscriptions to the IMF's Data Standards Initiatives (SDDS and GDDS), reduce the spreads of emerging market sovereign bonds. To overcome endogeneity issues regarding a country's decision to adopt such reforms, we first show that the reform decision is largely independent of its macroeconomic development. By using an event study, we find that subscriptions to the SDDS or GDDS leads to a 15 percent reduction in the spreads one year following such reforms. This finding is robust to various sensitivity tests, including careful consideration of the interdependence among the structural reforms. |
| Beschreibung: | 1 online resource (34 pages) 1 online resource |
| ISBN: | 9781475590005 1475590008 |
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| 245 | 1 | 4 | |a The effects of data transparency policy reforms on emerging market sovereign bond spreads / |c prepared by Sangyup Choi and Yuko Hashimoto. |
| 264 | 1 | |a [Washington, D.C.] : |b International Monetary Fund, |c [2017] | |
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| 505 | 0 | |a Cover; Contents; Abstract; I. Introduction; II. Econometric Models and Data; A. An Event Study; B. Data Description; III. Empirical Results; A. Data Transparency Policy Reform Decisions and the Macroeconomic Conditions; B. Do Data Transparency Policy Reforms Reduce Sovereign Bond Spreads?; IV. Robustness Checks and Further Results; A. Global Control Variables and the Treatment of a Dependent Variable; B. Treatment of Outliers and Overlapping Events; C. Lagged Dependent Variable; D. Controlling for Additional Macroeconomic Factors; E. Alternative Control Variables. | |
| 505 | 8 | |a F. Placebo Test: False Dates of the Data Transparency Policy ReformsG. Subscription vs. Compliance to the SDDS; H. Non-linearity in Data Transparency Policy Reforms: SDDS vs. GDDS; V. Conclusion; References; Figures; 1. The EMBIG Spreads Prior to and After Data Transparency Policy Reforms; 2. The EMBIG Spreads Prior to and After Data Transparency Policy Reforms: Placebo Test; 3. Conditional Mean of Selected Variables Around Data Transparency Policy Reforms; Tables; 1. Impact of Macroeconomic Variables on Sovereign Bond Spreads. | |
| 505 | 8 | |a 2. Impact of Data Transparency Policy Reforms on Sovereign Bond Spreads: Baseline3. Data Transparency Policy Reforms on Sovereign Bond Spreads: Robustness Checks; 4. Impact of Data Transparency Policy Reforms on Sovereign Bond Spreads: Controlling for Macroeconomic Factors; 5. Impact of Data Transparency Policy Reforms on Sovereign Bond Spreads: Controlling for Additional Factors; 6. Impact of Data Transparency Policy Reforms on Sovereign Bond Spreads: Placebo Test; 7. Impact of Data Transparency Policy Reforms: Subscriptions vs. Compliance. | |
| 505 | 8 | |a 8. Impact of Data Transparency Policy Reforms: SDDS vs. GDDSAppendix Tables; A.1. Data description; A.2. SDDS Subscription and GDDS Participation Dates, and the EMBIG Coverage; A.3. Assigning Numerical Values to Fitch's Letter Credit Ratings. | |
| 520 | 3 | |a We find that data transparency policy reforms, reflected in subscriptions to the IMF's Data Standards Initiatives (SDDS and GDDS), reduce the spreads of emerging market sovereign bonds. To overcome endogeneity issues regarding a country's decision to adopt such reforms, we first show that the reform decision is largely independent of its macroeconomic development. By using an event study, we find that subscriptions to the SDDS or GDDS leads to a 15 percent reduction in the spreads one year following such reforms. This finding is robust to various sensitivity tests, including careful consideration of the interdependence among the structural reforms. | |
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| author | Choi, Sangyup Hashimoto, Yuko |
| author_GND | http://id.loc.gov/authorities/names/no2015026248 http://id.loc.gov/authorities/names/no2003031111 |
| author_facet | Choi, Sangyup Hashimoto, Yuko |
| author_role | aut aut |
| author_sort | Choi, Sangyup |
| author_variant | s c sc y h yh |
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| callnumber-first | T - Technology |
| callnumber-label | TR504 |
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| contents | Cover; Contents; Abstract; I. Introduction; II. Econometric Models and Data; A. An Event Study; B. Data Description; III. Empirical Results; A. Data Transparency Policy Reform Decisions and the Macroeconomic Conditions; B. Do Data Transparency Policy Reforms Reduce Sovereign Bond Spreads?; IV. Robustness Checks and Further Results; A. Global Control Variables and the Treatment of a Dependent Variable; B. Treatment of Outliers and Overlapping Events; C. Lagged Dependent Variable; D. Controlling for Additional Macroeconomic Factors; E. Alternative Control Variables. F. Placebo Test: False Dates of the Data Transparency Policy ReformsG. Subscription vs. Compliance to the SDDS; H. Non-linearity in Data Transparency Policy Reforms: SDDS vs. GDDS; V. Conclusion; References; Figures; 1. The EMBIG Spreads Prior to and After Data Transparency Policy Reforms; 2. The EMBIG Spreads Prior to and After Data Transparency Policy Reforms: Placebo Test; 3. Conditional Mean of Selected Variables Around Data Transparency Policy Reforms; Tables; 1. Impact of Macroeconomic Variables on Sovereign Bond Spreads. 2. Impact of Data Transparency Policy Reforms on Sovereign Bond Spreads: Baseline3. Data Transparency Policy Reforms on Sovereign Bond Spreads: Robustness Checks; 4. Impact of Data Transparency Policy Reforms on Sovereign Bond Spreads: Controlling for Macroeconomic Factors; 5. Impact of Data Transparency Policy Reforms on Sovereign Bond Spreads: Controlling for Additional Factors; 6. Impact of Data Transparency Policy Reforms on Sovereign Bond Spreads: Placebo Test; 7. Impact of Data Transparency Policy Reforms: Subscriptions vs. Compliance. 8. Impact of Data Transparency Policy Reforms: SDDS vs. GDDSAppendix Tables; A.1. Data description; A.2. SDDS Subscription and GDDS Participation Dates, and the EMBIG Coverage; A.3. Assigning Numerical Values to Fitch's Letter Credit Ratings. |
| ctrlnum | (OCoLC)983736933 |
| dewey-full | 778.2 |
| dewey-hundreds | 700 - The arts |
| dewey-ones | 778 - Specific fields & kinds of photography |
| dewey-raw | 778.2 |
| dewey-search | 778.2 |
| dewey-sort | 3778.2 |
| dewey-tens | 770 - Photography, computer art, cinematography |
| discipline | Kunstgeschichte |
| format | Electronic eBook |
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| illustrated | Not Illustrated |
| indexdate | 2024-10-25T16:23:44Z |
| institution | BVB |
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| language | English |
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| series | IMF working paper ; |
| series2 | IMF working paper ; |
| spelling | Choi, Sangyup, author. http://id.loc.gov/authorities/names/no2015026248 The effects of data transparency policy reforms on emerging market sovereign bond spreads / prepared by Sangyup Choi and Yuko Hashimoto. [Washington, D.C.] : International Monetary Fund, [2017] ©2017 1 online resource (34 pages) 1 online resource text txt rdacontent computer c rdamedia online resource cr rdacarrier IMF working paper ; WP/17/74 Print version record. Cover; Contents; Abstract; I. Introduction; II. Econometric Models and Data; A. An Event Study; B. Data Description; III. Empirical Results; A. Data Transparency Policy Reform Decisions and the Macroeconomic Conditions; B. Do Data Transparency Policy Reforms Reduce Sovereign Bond Spreads?; IV. Robustness Checks and Further Results; A. Global Control Variables and the Treatment of a Dependent Variable; B. Treatment of Outliers and Overlapping Events; C. Lagged Dependent Variable; D. Controlling for Additional Macroeconomic Factors; E. Alternative Control Variables. F. Placebo Test: False Dates of the Data Transparency Policy ReformsG. Subscription vs. Compliance to the SDDS; H. Non-linearity in Data Transparency Policy Reforms: SDDS vs. GDDS; V. Conclusion; References; Figures; 1. The EMBIG Spreads Prior to and After Data Transparency Policy Reforms; 2. The EMBIG Spreads Prior to and After Data Transparency Policy Reforms: Placebo Test; 3. Conditional Mean of Selected Variables Around Data Transparency Policy Reforms; Tables; 1. Impact of Macroeconomic Variables on Sovereign Bond Spreads. 2. Impact of Data Transparency Policy Reforms on Sovereign Bond Spreads: Baseline3. Data Transparency Policy Reforms on Sovereign Bond Spreads: Robustness Checks; 4. Impact of Data Transparency Policy Reforms on Sovereign Bond Spreads: Controlling for Macroeconomic Factors; 5. Impact of Data Transparency Policy Reforms on Sovereign Bond Spreads: Controlling for Additional Factors; 6. Impact of Data Transparency Policy Reforms on Sovereign Bond Spreads: Placebo Test; 7. Impact of Data Transparency Policy Reforms: Subscriptions vs. Compliance. 8. Impact of Data Transparency Policy Reforms: SDDS vs. GDDSAppendix Tables; A.1. Data description; A.2. SDDS Subscription and GDDS Participation Dates, and the EMBIG Coverage; A.3. Assigning Numerical Values to Fitch's Letter Credit Ratings. We find that data transparency policy reforms, reflected in subscriptions to the IMF's Data Standards Initiatives (SDDS and GDDS), reduce the spreads of emerging market sovereign bonds. To overcome endogeneity issues regarding a country's decision to adopt such reforms, we first show that the reform decision is largely independent of its macroeconomic development. By using an event study, we find that subscriptions to the SDDS or GDDS leads to a 15 percent reduction in the spreads one year following such reforms. This finding is robust to various sensitivity tests, including careful consideration of the interdependence among the structural reforms. Transparencies. http://id.loc.gov/authorities/subjects/sh85136999 Transparents. transparencies. aat PHOTOGRAPHY General. bisacsh Transparencies fast Hashimoto, Yuko, author. http://id.loc.gov/authorities/names/no2003031111 has work: The effects of data transparency policy reforms on emerging market sovereign bond spreads (Text) https://id.oclc.org/worldcat/entity/E39PCH4pgJH8rkMvcdhgK7cyr3 https://id.oclc.org/worldcat/ontology/hasWork Print version: Choi, Sangyup. Effects of Data Transparency Policy Reforms on Emerging Market Sovereign Bond Spreads. Washington, D.C. : International Monetary Fund, ©2017 9781475589603 IMF working paper ; WP/17/74. http://id.loc.gov/authorities/names/no89010263 FWS01 ZDB-4-EBA FWS_PDA_EBA https://search.ebscohost.com/login.aspx?direct=true&scope=site&db=nlebk&AN=1505070 Volltext CBO01 ZDB-4-EBA FWS_PDA_EBA https://search.ebscohost.com/login.aspx?direct=true&scope=site&db=nlebk&AN=1505070 Volltext |
| spellingShingle | Choi, Sangyup Hashimoto, Yuko The effects of data transparency policy reforms on emerging market sovereign bond spreads / IMF working paper ; Cover; Contents; Abstract; I. Introduction; II. Econometric Models and Data; A. An Event Study; B. Data Description; III. Empirical Results; A. Data Transparency Policy Reform Decisions and the Macroeconomic Conditions; B. Do Data Transparency Policy Reforms Reduce Sovereign Bond Spreads?; IV. Robustness Checks and Further Results; A. Global Control Variables and the Treatment of a Dependent Variable; B. Treatment of Outliers and Overlapping Events; C. Lagged Dependent Variable; D. Controlling for Additional Macroeconomic Factors; E. Alternative Control Variables. F. Placebo Test: False Dates of the Data Transparency Policy ReformsG. Subscription vs. Compliance to the SDDS; H. Non-linearity in Data Transparency Policy Reforms: SDDS vs. GDDS; V. Conclusion; References; Figures; 1. The EMBIG Spreads Prior to and After Data Transparency Policy Reforms; 2. The EMBIG Spreads Prior to and After Data Transparency Policy Reforms: Placebo Test; 3. Conditional Mean of Selected Variables Around Data Transparency Policy Reforms; Tables; 1. Impact of Macroeconomic Variables on Sovereign Bond Spreads. 2. Impact of Data Transparency Policy Reforms on Sovereign Bond Spreads: Baseline3. Data Transparency Policy Reforms on Sovereign Bond Spreads: Robustness Checks; 4. Impact of Data Transparency Policy Reforms on Sovereign Bond Spreads: Controlling for Macroeconomic Factors; 5. Impact of Data Transparency Policy Reforms on Sovereign Bond Spreads: Controlling for Additional Factors; 6. Impact of Data Transparency Policy Reforms on Sovereign Bond Spreads: Placebo Test; 7. Impact of Data Transparency Policy Reforms: Subscriptions vs. Compliance. 8. Impact of Data Transparency Policy Reforms: SDDS vs. GDDSAppendix Tables; A.1. Data description; A.2. SDDS Subscription and GDDS Participation Dates, and the EMBIG Coverage; A.3. Assigning Numerical Values to Fitch's Letter Credit Ratings. Transparencies. http://id.loc.gov/authorities/subjects/sh85136999 Transparents. transparencies. aat PHOTOGRAPHY General. bisacsh Transparencies fast |
| subject_GND | http://id.loc.gov/authorities/subjects/sh85136999 |
| title | The effects of data transparency policy reforms on emerging market sovereign bond spreads / |
| title_auth | The effects of data transparency policy reforms on emerging market sovereign bond spreads / |
| title_exact_search | The effects of data transparency policy reforms on emerging market sovereign bond spreads / |
| title_full | The effects of data transparency policy reforms on emerging market sovereign bond spreads / prepared by Sangyup Choi and Yuko Hashimoto. |
| title_fullStr | The effects of data transparency policy reforms on emerging market sovereign bond spreads / prepared by Sangyup Choi and Yuko Hashimoto. |
| title_full_unstemmed | The effects of data transparency policy reforms on emerging market sovereign bond spreads / prepared by Sangyup Choi and Yuko Hashimoto. |
| title_short | The effects of data transparency policy reforms on emerging market sovereign bond spreads / |
| title_sort | effects of data transparency policy reforms on emerging market sovereign bond spreads |
| topic | Transparencies. http://id.loc.gov/authorities/subjects/sh85136999 Transparents. transparencies. aat PHOTOGRAPHY General. bisacsh Transparencies fast |
| topic_facet | Transparencies. Transparents. transparencies. PHOTOGRAPHY General. Transparencies |
| url | https://search.ebscohost.com/login.aspx?direct=true&scope=site&db=nlebk&AN=1505070 |
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