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Does SDDS Subscription Reduce Borrowing Costs for Emerging Market Economies?

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Author Info
John Cady (International Monetary Fund)
Abstract

Does macroeconomic data transparency-as signaled by subscription to the IMF's Special Data Dissemination Standard (SDDS)-help reduce borrowing costs in international capital markets? This question is examined using data on new issues of sovereign foreign-currency-denominated (U.S. dollar, yen, and euro) bonds for several emerging market economies. Panel econometric estimates indicate that spreads on new bond issues declined on average by close to 20 percent, or by an average of about 55 basis points for sample countries, following SDDS subscription. Copyright 2005, International Monetary Fund

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File URL: http://www.imf.org/External/Pubs/FT/staffp/2005/04/pdf/cady.pdf
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Publisher Info
Article provided by Palgrave Macmillan Journals in its journal IMF Staff Papers.

Volume (Year): 52 (2005)
Issue (Month): 3 ()
Pages: 6
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Handle: RePEc:pal:imfstp:v:52:y:2005:i:3:p:6

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Keywords:

Find related papers by JEL classification:
C22 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Time-Series Models; Dynamic Quantile Regressions
F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
F34 - International Economics - - International Finance - - - International Lending and Debt Problems

Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. John Cady & Jesus Gonzalez-Garcia, 2006. "The IMF's Reserves Template and Nominal Exchange Rate Volatility," IMF Working Papers 06/274, International Monetary Fund. [Downloadable!]
  2. Edwin M. Truman & Anna Wong, 2006. "The Case for an International Reserve Diversification Standard," Peterson Institute Working Paper Series WP06-2, Peterson Institute for International Economics. [Downloadable!]
  3. John Cady & Anthony J. Pellechio, 2006. "Sovereign Borrowing Cost and the IMF's Data Standards Initiatives," IMF Working Papers 06/78, International Monetary Fund. [Downloadable!]
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This page was last updated on 2009-11-30.

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