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Claims
CH3 econometric limb, issue 59
Status
READ
Version history
The register keeps changing after the book is fixed in print. Each entry below was added to this row in the order shown.
VERBATIM: 'We find that countries experience a statistically significant decline in borrowing costs (11 percent reduction in credit spreads on average) when they choose to become more transparent. The magnitude of the decline is INVERSELY RELATED to the initial level of transparency and the size of the debt market.' And: 'From quarterly sovereign credit spread data covering 23 emerging market economies, we find that, when countries choose to publish Article IV reports and ROSCs, and commit to the SDDS, their credit spreads fall by 11 percent on average.' 322 observations. The estimates are instrumented on the Fund's pre-existing internal timetable for country reports, which the authors use as exogenous variation to address endogeneity. THE INVERSE RELATION TO DEBT-MARKET SIZE MATTERS FOR SYRIA and cuts against applying the estimate to it: Syria has no bond market at all, so it is outside the sample's support rather than at one end of it.