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220928 ||| eng |
| 020 |
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|a 9781484373835
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| 100 |
1 |
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|a Kemoe, Laurent
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| 245 |
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0 |
|a Fiscal Transparency, Borrowing Costs, and Foreign Holdings of Sovereign Debt
|c Laurent Kemoe, Zaijin Zhan
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| 260 |
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|a Washington, D.C.
|b International Monetary Fund
|c 2018
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| 300 |
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|a 33 pages
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| 651 |
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4 |
|a United States
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| 653 |
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|a Budgeting & financial management
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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 International Finance: General
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| 653 |
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|a Economic and financial statistics
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| 653 |
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|a Finance
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| 653 |
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|a Data Collection and Data Estimation Methodology
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| 653 |
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|a Debts, Public
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| 653 |
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|a Sovereign Debt
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| 653 |
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|a National Budget
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| 653 |
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|a Debt
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| 653 |
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|a Public finance & taxation
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| 653 |
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|a Public Finance
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| 653 |
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|a International Financial Markets
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| 653 |
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|a Budget planning and preparation
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| 653 |
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|a Statistics
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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 Debt Management
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| 653 |
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|a National Budget, Deficit, and Debt: General
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| 653 |
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|a Public financial management (PFM)
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| 653 |
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|a Econometrics & economic statistics
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| 653 |
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|a Budget Systems
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| 653 |
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|a Fiscal transparency
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| 653 |
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|a Budget
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| 653 |
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|a Public debt
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| 653 |
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|a Finance: General
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| 653 |
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|a Government finance statistics
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| 653 |
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|a Computer Programs: Other
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| 653 |
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|a Public Administration
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| 653 |
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|a Budgeting
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| 653 |
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|a Financial services industry
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| 653 |
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|a Financial markets
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| 653 |
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|a Public Sector Accounting and Audits
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| 700 |
1 |
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|a Zhan, Zaijin
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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 |
5 |
0 |
|a 10.5089/9781484373835.001
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| 856 |
4 |
0 |
|u https://elibrary.imf.org/view/journals/001/2018/189/001.2018.issue-189-en.xml?cid=46180-com-dsp-marc
|x Verlag
|3 Volltext
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| 082 |
0 |
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|a 330
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| 520 |
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|a This paper explores the effects of fiscal transparency on the borrowing costs of 33 emerging and developing economies (EMs), and on foreign demand for their sovereign debt. Using multiple indicators, including a constructed one based on the published data in the IMF’s Government Finance Statistics Yearbook, we measure the separate effects of the three dimensions of fiscal transparency: openness of the budget process, fiscal data transparency, and accountability of fiscal actors. The results suggest that higher fiscal transparency reduces sovereign interest rate spreads and increases foreign holdings of sovereign debt, with each dimension of fiscal transparency playing a different role. Availability of detailed cross-country comparable fiscal data, especially for balance sheet items, has shown to increase foreign investors’ willingness in holding EM sovereign debt
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