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The Value of Institutions for Financial Markets : Evidence from Emerging Markets /
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 o...
| Clasificación: | Libro Electrónico |
|---|---|
| Autor principal: | |
| Autor Corporativo: | |
| Otros Autores: | |
| Formato: | Electrónico eBook |
| Idioma: | Inglés |
| Publicado: |
Washington, D.C. :
International Monetary Fund,
2009.
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| Colección: | IMF Working Papers ;
Working Paper no. 09/27. |
| Temas: | |
| Acceso en línea: | Texto completo |
MARC
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| 008 | 020129s2009 dcu ob i000 0 eng d | ||
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| 020 | |z 9781451916102 | ||
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| 049 | |a UAMI | ||
| 100 | 1 | |a Stratmann, Thomas. | |
| 245 | 1 | 4 | |a The Value of Institutions for Financial Markets : |b Evidence from Emerging Markets / |c Stratmann, Thomas. |
| 260 | |a Washington, D.C. : |b International Monetary Fund, |c 2009. | ||
| 300 | |a 1 online resource (23 pages) | ||
| 336 | |a text |b txt |2 rdacontent | ||
| 337 | |a computer |b c |2 rdamedia | ||
| 338 | |a online resource |b cr |2 rdacarrier | ||
| 490 | 1 | |a IMF Working Papers, |x 2227-8885 ; |v Working Paper No. 09/27 | |
| 500 | |a Available in PDF, ePUB, and Mobi formats on the Internet. | ||
| 520 | 3 | |a 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. | |
| 505 | 0 | |a 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. | |
| 505 | 8 | |a 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. | |
| 504 | |a Includes bibliographical references. | ||
| 590 | |a ProQuest Ebook Central |b Ebook Central Academic Complete | ||
| 650 | 0 | |a Fiscal policy |x Econometric models. | |
| 650 | 0 | |a Capital market. | |
| 650 | 6 | |a Politique fiscale |x Modèles économétriques. | |
| 650 | 6 | |a Marché financier. | |
| 650 | 7 | |a Capital market |2 fast | |
| 650 | 7 | |a Fiscal policy |x Econometric models |2 fast | |
| 700 | 1 | |a Akitoby, Bernardin. | |
| 700 | 1 | |a Stratmann, Thomas. | |
| 710 | 2 | |a International Monetary Fund. | |
| 730 | 0 | |a IMF eLibrary. | |
| 758 | |i has work: |a The value of institutions for financial markets (Text) |1 https://id.oclc.org/worldcat/entity/E39PCFTBKqqgtBMwyqKBk4pwYP |4 https://id.oclc.org/worldcat/ontology/hasWork | ||
| 776 | 0 | 8 | |i Print version: |a Stratmann, Thomas. |t Value of Institutions for Financial Markets: Evidence from Emerging Markets. |d Washington : International Monetary Fund, ©2009 |z 9781451871746 |
| 830 | 0 | |a IMF Working Papers ; |v Working Paper no. 09/27. | |
| 856 | 4 | 0 | |u https://ebookcentral.uam.elogim.com/lib/uam-ebooks/detail.action?docID=1608171 |z Texto completo |
| 938 | |a EBL - Ebook Library |b EBLB |n EBL1608171 | ||
| 938 | |a YBP Library Services |b YANK |n 11617836 | ||
| 994 | |a 92 |b IZTAP | ||