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The Value of Institutions for Financial Markets : Evidence From Emerging Markets / Thomas Stratmann, Bernardin Akitoby.
- Format:
- Book
- Government document
- Author/Creator:
- Stratmann, Thomas.
- Series:
- IMF Working Papers; Working Paper ; No. 2009/027
- IMF Working Papers
- Language:
- English
- Subjects (All):
- Fiscal policy--Econometric models.
- Fiscal policy.
- Capital market.
- Physical Description:
- 1 online resource (23 p.)
- Edition:
- 1st ed.
- Place of Publication:
- Washington, D.C. : International Monetary Fund, 2009.
- Language Note:
- English
- Summary:
- 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.
- Contents:
- 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
- Notes:
- "February 2009."
- Includes bibliographical references.
- Description based on print version record.
- ISBN:
- 9786612842498
- 9781462358809
- 1462358802
- 9781452781358
- 1452781354
- 9781451871746
- 1451871740
- 9781282842496
- 1282842498
- OCLC:
- 694140997
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