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150128 ||| eng |
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|a 9781451871173
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| 100 |
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|a Gupta, Sanjeev
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| 245 |
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|a Is it (Still) Mostly Fiscal? Determinants of Sovereign Spreads in Emerging Markets
|c Sanjeev Gupta, Amine Mati, Emanuele Baldacci
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| 260 |
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|a Washington, D.C.
|b International Monetary Fund
|c 2008
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| 300 |
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|a 23 pages
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| 651 |
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4 |
|a United States
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| 653 |
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|a Fiscal stance
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| 653 |
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|a National Government Expenditures and Related Policies: Infrastructures
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| 653 |
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|a Public Administration
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| 653 |
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|a Public debt
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| 653 |
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|a Public investment spending
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| 653 |
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|a Finance
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| 653 |
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|a Public finance & taxation
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| 653 |
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|a Debt Management
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| 653 |
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|a Debts, Public
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| 653 |
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|a Fiscal Policy
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| 653 |
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|a Debt
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| 653 |
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|a Fiscal risks
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| 653 |
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|a Fiscal policy
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| 653 |
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|a General Financial Markets: General (includes Measurement and Data)
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| 653 |
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|a Other Public Investment and Capital Stock
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| 653 |
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|a Sovereign Debt
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| 653 |
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|a Emerging and frontier financial markets
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| 653 |
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|a Public Sector Accounting and Audits
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| 653 |
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|a Financial services industry
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| 653 |
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|a Macroeconomics
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| 653 |
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|a Public investments
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| 653 |
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|a Public Finance
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| 653 |
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|a Finance: General
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| 700 |
1 |
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|a Mati, Amine
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| 700 |
1 |
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|a Baldacci, Emanuele
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| 041 |
0 |
7 |
|a eng
|2 ISO 639-2
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| 989 |
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|b IMF
|a International Monetary Fund
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| 490 |
0 |
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|a IMF Working Papers
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| 028 |
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|a 10.5089/9781451871173.001
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| 856 |
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|u https://elibrary.imf.org/view/journals/001/2008/259/001.2008.issue-259-en.xml?cid=22477-com-dsp-marc
|x Verlag
|3 Volltext
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|a 330
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| 520 |
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|a Using a panel of 30 emerging market economies from 1997 to 2007, this paper investigates the determinants of country risk premiums as measured by sovereign bond spreads. Unlike previous studies, the results indicate that both fiscal and political factors matter for credit risk in emerging markets. Lower levels of political risk are associated with tighter spreads, while efforts at fiscal consolidation narrow credit spreads, especially in countries that experienced prior defaults. The composition of fiscal policy matters: spending on public investment contributes to lower spreads as long as the fiscal position remains sustainable and the fiscal deficit does not worsen
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