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Cover Art
Author Shin, Yongseok.

Title Is Transparency Good for You, and Can the IMF Help? [electronic resource] / Yongseok Shin.

Published Washington, D.C. : International Monetary Fund, 2003.


Location Call No. Status
Physical description 1 online resource (47 p.)
Series IMF Working Papers; Working Paper ; No. 03/132
IMF Working Papers; Working Paper ; No. 03/132
Summary This paper finds that reforms introduced by the IMF to promote transparency have created more informed markets and reduced borrowing costs for those emerging market countries that volunteered for them. Using a quarterly panel estimation with fixed country effects, we find that sovereign spreads fall following the adoption of three different transparency reforms. The effects are economically important, especially for those countries with low initial transparency. We use two-stage least squares to address any endogeneity in the timing of reforms exploiting internal IMF timetables that are unrelated to country events. Next, using a panel GARCH specification, we show that spreads move more than normal in the days immediately following publication of IMF country documents.
Notes Description based on print version record.
Other author Glennerster, Rachel.
Shin, Yongseok.
Subject Borrowing Costs
Data Dissemination
Market Information
News Effect
Role of the IMF
ISBN 1451855400 : 15.00 USD
ISSN 1018-5941
Standard Number 10.5089/9781451855401.001