Cargando…
Fiscal transparency, fiscal performance and credit ratings /
This paper investigates the effect of fiscal transparency on market assessments of sovereign risk, as measured by credit ratings. It measures this effect through a direct channel (uncertainty reduction) and an indirect channel (better fiscal policies and outcomes), and it differentiates between adva...
| Clasificación: | Libro Electrónico |
|---|---|
| Autores principales: | , |
| Formato: | Electrónico eBook |
| Idioma: | Inglés |
| Publicado: |
[Washington, D.C.] :
International Monetary Fund,
©2012.
|
| Colección: | IMF working paper ;
WP/12/156. |
| Temas: | |
| Acceso en línea: | Texto completo |
MARC
| LEADER | 00000cam a2200000 a 4500 | ||
|---|---|---|---|
| 001 | EBOOKCENTRAL_ocn795923824 | ||
| 003 | OCoLC | ||
| 005 | 20240329122006.0 | ||
| 006 | m o d | ||
| 007 | cr ||||||||||| | ||
| 008 | 120620s2012 dcu ob i000 0 eng d | ||
| 040 | |a DJB |b eng |e pn |c DJB |d CUS |d E7B |d OCLCQ |d OCLCA |d OCLCF |d EBLCP |d OCLCQ |d YDXCP |d OCLCQ |d CUS |d OCLCQ |d AZK |d LOA |d COCUF |d MOR |d CCO |d PIFAG |d ZCU |d MERUC |d OCLCQ |d U3W |d STF |d WRM |d CEF |d NRAMU |d ICG |d VT2 |d AU@ |d OCLCQ |d WYU |d DKC |d OCLCQ |d BOL |d UKCRE |d OCLCQ |d OCLCO |d OCLCQ |d OCLCO |d OCLCQ |d OCLCL | ||
| 019 | |a 800008810 |a 961635353 |a 962653757 |a 966207947 |a 988445625 |a 992113145 |a 1037758379 |a 1038635624 |a 1045538675 |a 1055317497 |a 1058056463 |a 1081186443 |a 1107339745 |a 1114394370 |a 1153035844 |a 1202569896 |a 1228594786 | ||
| 020 | |a 1475504470 | ||
| 020 | |a 9781475504477 | ||
| 020 | |a 1475571364 | ||
| 020 | |a 9781475571363 | ||
| 020 | |z 9781475504477 | ||
| 020 | |z 9781475571363 | ||
| 029 | 1 | |a AU@ |b 000049596727 | |
| 029 | 1 | |a AU@ |b 000053015724 | |
| 029 | 1 | |a CHNEW |b 000692599 | |
| 029 | 1 | |a CHNEW |b 000692602 | |
| 029 | 1 | |a DEBBG |b BV044178310 | |
| 029 | 1 | |a NZ1 |b 15024620 | |
| 035 | |a (OCoLC)795923824 |z (OCoLC)800008810 |z (OCoLC)961635353 |z (OCoLC)962653757 |z (OCoLC)966207947 |z (OCoLC)988445625 |z (OCoLC)992113145 |z (OCoLC)1037758379 |z (OCoLC)1038635624 |z (OCoLC)1045538675 |z (OCoLC)1055317497 |z (OCoLC)1058056463 |z (OCoLC)1081186443 |z (OCoLC)1107339745 |z (OCoLC)1114394370 |z (OCoLC)1153035844 |z (OCoLC)1202569896 |z (OCoLC)1228594786 | ||
| 050 | 4 | |a HG3881.5.I58 |b W67 No. 12/156eb | |
| 082 | 0 | 4 | |a 324.401 |
| 049 | |a UAMI | ||
| 100 | 1 | |a Arbatli, Elif, |e author. | |
| 245 | 1 | 0 | |a Fiscal transparency, fiscal performance and credit ratings / |c prepared by Elif Arbatli and Julio Escolano. |
| 260 | |a [Washington, D.C.] : |b International Monetary Fund, |c ©2012. | ||
| 300 | |a 1 online resource (32 pages) | ||
| 336 | |a text |b txt |2 rdacontent | ||
| 337 | |a computer |b c |2 rdamedia | ||
| 338 | |a online resource |b cr |2 rdacarrier | ||
| 340 | |g polychrome. |2 rdacc |0 http://rdaregistry.info/termList/RDAColourContent/1003 | ||
| 347 | |a data file | ||
| 490 | 1 | |a IMF working paper ; |v WP/12/156 | |
| 520 | |a This paper investigates the effect of fiscal transparency on market assessments of sovereign risk, as measured by credit ratings. It measures this effect through a direct channel (uncertainty reduction) and an indirect channel (better fiscal policies and outcomes), and it differentiates between advanced and developing economies. Fiscal transparency is measured by an index based on the IMF's Reports on the Observance of Standards and Codes (ROSCs). We find that fiscal transparency has a positive and significant effect on ratings, but it works through different channels in advanced and developing economies. In advanced economies the indirect effect of transparency through better fiscal outcomes is more significant whereas for developing economies the direct uncertainty-reducing effect is more relevant. Our results suggest that a one standard deviation improvement in fiscal transparency index is associated with a significant increase in credit ratings: by 0.7 and 1 notches in advanced and developing economies respectively. | ||
| 504 | |a Includes bibliographical references. | ||
| 505 | 0 | |a Cover; Abstract; Contents; I. Introduction; II. Measures Of Fiscal Transparency; Tables; 1. Properties of Fiscal Transparency Indices; 2. Correlation Between Different Transparency Indices; Figures; 1. ROSC Index and GDP Per Capita; 3. Fiscal Transparency and Other Proxies for Transparency; 2. ROSC and OBI Indices; III. Empirical Approach And Data; IV. Results; 3. ROSC Index and Political Competition in Advanced Economies; 4. ROSC Index and Political Competition in Developing Economies; V. Conclusions; 4. Fiscal Transparency, Primary Balance and Public Debt -- Advanced Economies Sample. | |
| 505 | 8 | |a 5. Fiscal Transparency (ROSC Index), Primary Balance and Public Debt -- Developing Country Sample6. Fiscal Transparency (OBI Index), Primary Balance and Public Debt -- Developing Country Sample; 7. Fiscal Transparency (ROSC Index), Primary Balance and Public Debt -- Full Sample; 8. Fiscal Transparency (OBI Index), Primary Balance and Public Debt -- Full Sample; 9. Fiscal Transparency and Fiscal Performance -- Instrumental Variable Results; 10. Fiscal Transparency and Ratings -- Instrumental Variable Results; Appendix Tables; A.1. Numerical Conversion of Sovereign Credit Ratings. | |
| 590 | |a ProQuest Ebook Central |b Ebook Central Academic Complete | ||
| 650 | 0 | |a Fiscal policy. | |
| 650 | 0 | |a Disclosure of information. | |
| 650 | 0 | |a Credit ratings. | |
| 650 | 6 | |a Politique fiscale. | |
| 650 | 6 | |a Divulgation d'informations. | |
| 650 | 6 | |a Cotes de solvabilité. | |
| 650 | 7 | |a Credit ratings |2 fast | |
| 650 | 7 | |a Disclosure of information |2 fast | |
| 650 | 7 | |a Fiscal policy |2 fast | |
| 700 | 1 | |a Escolano, Julio, |e author. | |
| 710 | 2 | |a International Monetary Fund. |b Fiscal Affairs Department, |e issuing body. | |
| 758 | |i has work: |a Fiscal transparency, fiscal performance and credit ratings (Text) |1 https://id.oclc.org/worldcat/entity/E39PCH3mjKb8B9VBxM8cdBkrWP |4 https://id.oclc.org/worldcat/ontology/hasWork | ||
| 830 | 0 | |a IMF working paper ; |v WP/12/156. | |
| 856 | 4 | 0 | |u https://ebookcentral.uam.elogim.com/lib/uam-ebooks/detail.action?docID=1606799 |z Texto completo |
| 938 | |a EBL - Ebook Library |b EBLB |n EBL1606799 | ||
| 938 | |a ebrary |b EBRY |n ebr10590661 | ||
| 938 | |a YBP Library Services |b YANK |n 11305949 | ||
| 938 | |a YBP Library Services |b YANK |n 11618464 | ||
| 994 | |a 92 |b IZTAP | ||