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New fiscal transparency index and public debt borrowing costs

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  • Théo METZ

Abstract

This study examines the determinants of public debt borrowing costs, focusing particularly on the impact of fiscal transparency on sovereign bond rates. To assess this relationship, we construct a new Fiscal Transparency Index (FTI) inspired by the concepts of monetary transparency, incorporating the roles of all budgetary entities including independent fiscal institutions (IFIs), the government, the legislature, and the supreme audit institutions (SAI). This index encompasses dimensions of political, economic, procedural, policy, and operational transparency. Our analysis spans 27 developed and developing countries from 2006 to 2023. Findings indicate enhanced fiscal transparency correlates with reduced sovereign bond rates, especially regarding developing economies’ long-term interest rates. Results are also robust to several controls, alternative measures, and modelisations.

Suggested Citation

  • Théo METZ, 2024. "New fiscal transparency index and public debt borrowing costs," Working Papers of BETA 2024-50, Bureau d'Economie Théorique et Appliquée, UDS, Strasbourg.
    • Handle: RePEc:ulp:sbbeta:2024-50
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    JEL classification:

    • E43 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Interest Rates: Determination, Term Structure, and Effects
    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory
    • H61 - Public Economics - - National Budget, Deficit, and Debt - - - Budget; Budget Systems
    • H63 - Public Economics - - National Budget, Deficit, and Debt - - - Debt; Debt Management; Sovereign Debt

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