Financial Data Transparency, International Institutions, and Sovereign Borrowing Costs.
Recent events in international finance illustrate the close connection between the viability of a country'smajor private financial institutions and the sustainability of its sovereign debt. We explore the precise nature of this connection and the ways in which it shapes investors' expectations of so...
| Publicado en: | International Studies Quarterly Vol. 62; no. 1; pp. 23 - 42 |
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| Autores principales: | , , |
| Formato: | Artículo |
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Oxford University Press / USA
Mar2018
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| Acceso en línea: | Ver este registro en EBSCOhost |
| fields | @attributes: recordID: 1 pdfLink: plink: https://search.ebscohost.com/login.aspx?direct=true&db=ssf&AN=128646114&site=ehost-live header: @attributes: shortDbName: ssf uiTerm: 128646114 longDbName: Social Sciences Full Text (H.W. Wilson) uiTag: AN controlInfo: bkinfo: jinfo: jid: 00208833 ISQ jtl: International Studies Quarterly issn: 00208833 maglogo: N pubinfo: dt: Mar2018 vid: 62 iid: 1 pid: 622 pub: Oxford University Press / USA artinfo: ui: 128646114 10.1093/isq/sqx082 ppf: 23 ppct: 19 formats: fmt: – @attributes: type: T db: hlh ui: 128646114 – @attributes: type: P db: hlh ui: 128646114 tig: atl: Financial Data Transparency, International Institutions, and Sovereign Borrowing Costs. aug: au: COPELOVITCH, MARK GANDRUD, CHRISTOPHER HALLERBERG, MARK affil: University of Wisconsin-Madison Harvard University City, University of London Hertie School of Governance su: International Monetary Fund Public debts Public finance Transparency in government Data Financial risk sug: subj: Public debts Public finance International Monetary Fund Public Finance Activities International Affairs International and other extra-territorial public administration Transparency in government Data Financial risk ab: Recent events in international finance illustrate the close connection between the viability of a country'smajor private financial institutions and the sustainability of its sovereign debt. We explore the precise nature of this connection and the ways in which it shapes investors' expectations of sovereign creditworthiness. We consider how investors use the overall level of information available about the private financial sector--and the potential risks it poses to government finances--when making decisions about investing in sovereign debt. We expect that governments providing more information about the private financial sector will have lower, and less volatile, borrowing costs. In order to test this argument, we create a new Financial Data Transparency (FDT) Index measuring governments' willingness to release credible financial system data. Using the FDT and a sample of high-income OECD countries, we find that such transparency reduces sovereign borrowing costs. The effects are conditional on the level of public indebtedness. Transparent countries with low debt enjoy lower and less volatile borrowing costs. pubtype: Academic Journal doctype: Article src: R language: English refInfo: copyright: @attributes: flag: N holdings: @attributes: islocal: N |
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