IDEAS home Printed from https://ideas.repec.org/p/yon/wpaper/2017rwp-112.html
   My bibliography  Save this paper

The Effects of Data Transparency Policy Reforms on Emerging Market Sovereign Bond Spreads

Author

Listed:
  • Sangyup Choi

    (Yonsei University)

  • Yuko Hashimoto

    (IMF)

Abstract

We find that data transparency policy reforms, reflected in subscriptions to the IMF¡¯s Data Standards Initiatives (SDDS and GDDS), reduce the spreads of emerging market sovereign bonds. To overcome endogeneity issues regarding a country¡¯s decision to adopt such reforms, we first show that the reform decision is largely independent of its macroeconomic development. By using an event study, we find that subscriptions to the SDDS or GDDS leads to a 15 percent reduction in the spreads one year following such reforms. This finding is robust to various sensitivity tests, including careful consideration of the interdependence among the structural reforms.

Suggested Citation

  • Sangyup Choi & Yuko Hashimoto, 2017. "The Effects of Data Transparency Policy Reforms on Emerging Market Sovereign Bond Spreads," Working papers 2017rwp-112, Yonsei University, Yonsei Economics Research Institute.
    • Handle: RePEc:yon:wpaper:2017rwp-112
    as

    Download full text from publisher

    File URL: http://121.254.254.220/repec/yon/wpaper/2017rwp-112.pdf
    Download Restriction: no
    ---><---

    Other versions of this item:

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Irving Fisher Committee, 2021. "Issues in Data Governance," IFC Bulletins, Bank for International Settlements, number 54, July.
    2. Laurent Kemoe & Zaijin Zhan, 2018. "Fiscal Transparency, Borrowing Costs, and Foreign Holdings of Sovereign Debt," IMF Working Papers 2018/189, International Monetary Fund.
    3. von Kalckreuth, Ulf, 2019. "Statistical governance and FDI in emerging economies," Discussion Papers 37/2019, Deutsche Bundesbank.

    More about this item

    Keywords

    data transparency; structural reforms; sovereign bond spreads; GDDS; SDDS; event study;
    All these keywords.

    JEL classification:

    • F30 - International Economics - - International Finance - - - General
    • G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data)
    • G20 - Financial Economics - - Financial Institutions and Services - - - General

    NEP fields

    This paper has been announced in the following NEP Reports:

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:yon:wpaper:2017rwp-112. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: YERI (email available below). General contact details of provider: https://edirc.repec.org/data/eryonkr.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.