Title Is transparency good for you, and can the IMF help? / Rachel Glennerster and Yongseok Shin

Published Washington, D.C : International Monetary Fund, ©2003

Click on the following:
IMF eLibrary

Copies

Description 1 online resource (46 pages) : illustrations Series IMF working paper ; WP/03/132 IMF working paper ; WP/03/132. Summary This paper finds that reforms introduced by the IMF to promote transparency have created more informed markets and reduced borrowing costs for those emerging market countries that volunteered for them. Using a quarterly panel estimation with fixed country effects, we find that sovereign spreads fall following the adoption of three different transparency reforms. The effects are economically important, especially for those countries with low initial transparency. We use two-stage least squares to address any endogeneity in the timing of reforms exploiting internal IMF timetables that are unrelated to country events. Next, using a panel GARCH specification, we show that spreads move more than normal in the days immediately following publication of IMF country documents Bibliography Includes bibliographical references (pages 43-46) Notes Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002. http://purl.oclc.org/DLF/benchrepro0212 MiAaHDL digitized 2010 HathiTrust Digital Library committed to preserve pda MiAaHDL Print version record Subject International Monetary Fund. SUBJECT International Monetary Fund. fast (OCoLC)fst00556666 Subject Disclosure of information -- Developing countries Loans -- Developing countries Debts, Public -- Developing countries Borrowing and lending -- Costs Debts, Public. Disclosure of information. Loans. Developing countries. Form Electronic book Author Shin, Yongseok International Monetary Fund. Policy Development and Review Department.

  Permalink