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Does SDDS Subscription Reduce Borrowing Costs for Emerging Market Economies

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Author Info
John Cady
Abstract

Does macroeconomic data transparency-as signaled by subscription to the IMF's Special Data Dissemination Standard (SDDS)-help reduce borrowing costs in private capital markets? This question is examined using detailed 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 by about 75 basis points following SDDS subscription.

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Paper provided by International Monetary Fund in its series IMF Working Papers with number 04/58.

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Length: 13 pages
Date of creation: 22 Apr 2004
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Handle: RePEc:imf:imfwpa:04/58

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Keywords: Public debt Emerging markets International capital markets External borrowing Data analysis Bond issues Transparency Standards and codes Special Data Dissemination Standard

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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. Sebastian Edwards, 1984. "LDC's Foreign Borrowing and Default Risk: An Empirical Investigation," NBER Working Papers 1172, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  2. Barry Eichengreen & Ashoka Mody, 1998. "What Explains Changing Spreads on Emerging-Market Debt: Fundamentals or Market Sentiment?," NBER Working Papers 6408, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  3. MacKinnon, James G, 1996. "Numerical Distribution Functions for Unit Root and Cointegration Tests," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 11(6), pages 601-18, Nov.-Dec.. [Downloadable!] (restricted)
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  4. Hong G. Min, 1998. "Determinants of emerging market bond spread : do economic fundamentals matter?," Policy Research Working Paper Series 1899, The World Bank. [Downloadable!]
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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. Abdulrahman Al-Mansouri & Claudia Helene Dziobek, 2006. "Providing Official Statistics for the Common Market and Monetary Union in the Gulf Cooperation Council (GCC) Countries: A Case for "Gulfstat"," IMF Working Papers 06/38, International Monetary Fund. [Downloadable!]
  2. Benu Schneider, 2005. "Do Global Standards And Codes Prevent Financial Crises? Some Proposals On Modifying The Standards-Based Approach," UNCTAD Discussion Papers 177, United Nations Conference on Trade and Development. [Downloadable!]
  3. D. Johannes Juttner & David Chung & Wayne Leung, 2004. "Emerging Market Bond Returns – An Investor Perspective," Research Papers 0406, Macquarie University, Department of Economics. [Downloadable!]
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