Sovereign Borrowing Cost and the IMF’s Data Standards Initiatives / John Cady, Anthony Pellechio.

Format:

Book

Government document

Author/Creator:

Cady, John.

Contributor:

Pellechio, Anthony.

Series:

IMF Working Papers; Working Paper ; No. 2006/078

IMF Working Papers

Language:

English

Subjects (All):

Capital market.

Debts, Public.

Disclosure of information.

Economic indicators--Standards.

Economic indicators.

Finance--Statistics--Standards.

Finance.

Physical Description:

1 online resource (26 p.)

Edition:

1st ed.

Place of Publication:

Washington, D.C. : International Monetary Fund, 2006.

Language Note:

English

Summary:

The effects of the IMF's data standards initiatives on sovereign borrowing costs in private capital markets are investigated for 26 emerging market and developing countries. Stable and significant panel econometric estimates indicate that subscription to the Special Data Dissemination Standard (SDDS) reduces launch spreads by an average of 20 percent while participation in the General Data Dissemination System (GDDS) reduces spreads for those countries with access to capital markets by an average of 8 percent. These estimates correspond to discounts of some 50 and 20 basis points, respectively. Evidence of similar discounts is also found when launch yields are analyzed.

Contents:

""Contents""; ""I. INTRODUCTION""; ""II. BACKGROUND""; ""III. DATA AND EMPIRICAL APPROACH""; ""A. Sovereign Borrowing Cost Model""; ""B. Launch Spreads""; ""C. Launch Yields""; ""IV. CONCLUSIONS""; ""APPENDIX I. MAIN DATA SOURCES AND DESCRIPTION""; ""REFERENCES""

Notes:

"March 2006."

Includes bibliographical references: (p. 23-24).

Description based on print version record.

ISBN:

9786613823779

9781462327614

1462327613

9781452774367

1452774366

9781283511322

1283511320

9781451908732

1451908733

OCLC:

694141071