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EBOOK
Author Akitoby, Bernardin,
Title The value of institutions for financial markets : evidence from emerging markets / prepared by Bernardin Akitoby and Thomas Stratmann.
Imprint [Washington, D.C.] : International Monetary Fund, African Dept and Fiscal Affairs Dept., 2009.

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LOCATION CALL # STATUS MESSAGE
 OHIOLINK IMF EBOOKS    ONLINE  
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Author Akitoby, Bernardin,
Series IMF working paper ; WP/09/27
Working paper (International Monetary Fund. African Dept and Fiscal Affairs Department). 09/27.
Subject Fiscal policy -- Econometric models.
Capital market.
Alt Name Stratmann, Thomas,
International Monetary Fund. African Dept and Fiscal Affairs Department.
Description 1 online resource (21 pages)
Bibliography Note Includes bibliographical references.
Note Print version record.
Access Use copy Restrictions unspecified star
Reproduction Electronic reproduction. [Place of publication not identified] : HathiTrust Digital Library, 2011.
System Details Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002. http://purl.oclc.org/DLF/benchrepro0212
Note digitized 2011 HathiTrust Digital Library committed to preserve pda
Summary This paper investigates the value of political institutions for financial markets, using panel data from emerging market countries. We test the hypothesis that changes in political institutions, such as improvements in democratic rights and increased government accountability, have a direct effect on sovereign interest rate spreads. We find that financial markets value institutions over and above the economic and fiscal outcomes these institutions shape. Democracy and accountability generally lower sovereign spreads, political risk tends to increase them, and financial markets tend to view election years negatively.
Contents I. Introduction; II. Analytical Framework; A. The Empirical Model; B. Testing the Impact of Institutions on Spreads; III. Empirical Strategy for Fiscal Policy Variables; IV. Data Description and Results; A. Data Description; B. Results; Tables; 1. Means and Standard Deviations; 2. Effects of Institutions on Spreads-OLS Estimates (Baseline); 3. Effects of Institutions on Spreads-Fixed Effects Estimates (Baseline); 4. Effects of Institutions on Spreads in the Presence of Fiscal Variables-OLS Estimates.
5. Effects of Institutions on Spreads in the Presence of Fiscal Variables-Fixed Effects EstimatesC. Sensitivity and Robustness; V. Conclusions; Appendix Table; A1: List of Countries Included; References.
Note English.
ISBN 1462358802
9781462358809
1452781354
9781452781358
1451871740
9781451871746
1282842498
9781282842496
9786612842498
6612842490
OCLC # 694140997
Additional Format Print version: Akitoby, Bernardin. Value of institutions for financial markets. [Washington, D.C.] : International Monetary Fund, African Dept and Fiscal Affairs Dept., 2009 (OCoLC)664116074



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