Transparency and emerging market bond spreads

No 2011/14, CFS Working Paper Series from Center for Financial Studies (CFS)

Abstract: I investigate the effect of transparency on the borrowing costs of Emerging Markets Economies. Transparency is measured by whether or not the countries publish the IMF Article IV Staff report and the Reports on the Observance of Standards and Codes (ROSC). Using difference-in-difference estimation, I study the effect on the sovereign credit spreads for 18 Emerging Market Economies over the period 1999-2007. I show that the effect of publishing the Article IV reports is negligible while publishing the ROSC matters, leading to a reduction in the spreads of over 15% in the samples 1999-2006 and 1999-2007.

Keywords: Sovereign Bond Markets; Transparency; Emerging Market Economies (search for similar items in EconPapers)
JEL-codes: F33 F34 G15 (search for similar items in EconPapers)
Date: 2011
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Persistent link: https://EconPapers.repec.org/RePEc:zbw:cfswop:201114

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