Policy Credibility and Sovereign Credit--The Case of New Eu Member States.

Policy Credibility and Sovereign Credit--The Case of New Eu Member States.

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Bibliographic Details
Author / Creator:Kumar, Manmohan S., author.
Imprint:Washington : International Monetary Fund Jan. 2007.
Description:1 online resource (32 pages)
Language:English
Subject:
Fiscal policy -- Europe, Central.
Fiscal policy -- Europe, Eastern.
Fiscal policy -- European Union countries.
Credit ratings -- Europe, Central.
Credit ratings -- Europe, Eastern.
Credit ratings -- European Union countries.
Debts, Public -- Europe, Central.
Debts, Public -- Europe, Eastern.
Debts, Public -- European Union countries.
Credit ratings.
Debts, Public.
Fiscal policy.
Central Europe.
Eastern Europe.
European Union countries.
Format: E-Resource Book
URL for this record:http://pi.lib.uchicago.edu/1001/cat/bib/12508410
Hidden Bibliographic Details
Other authors / contributors:Jon, Jir, author.
Hauner, David, author.
ISBN:9781451910186
1451910185
Summary:Annotation References to policy credibility, particularly with regard to fiscal policy, are ubiquitous in both economic literature and financial markets, even though it is not directly observable. the case of the EU new member states (NMS)-emerging markets joining a supranational entity that is generally considered to have higher policy credibility-provides a unique experiment to assess the effects of credibility on sovereign credit. This paper examines the impact of EU accession on three key variables that can reflect in varying degrees policy credibility: sovereign ratings, foreign currency spreads, and local currency yields. the results suggest that the NMS appear to have enjoyed higher credibility compared to their peers.

MARC

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245 1 0 |a Policy Credibility and Sovereign Credit--The Case of New Eu Member States. 
260 |a Washington :  |b International Monetary Fund  |c Jan. 2007. 
300 |a 1 online resource (32 pages) 
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520 8 |a Annotation  |b References to policy credibility, particularly with regard to fiscal policy, are ubiquitous in both economic literature and financial markets, even though it is not directly observable. the case of the EU new member states (NMS)-emerging markets joining a supranational entity that is generally considered to have higher policy credibility-provides a unique experiment to assess the effects of credibility on sovereign credit. This paper examines the impact of EU accession on three key variables that can reflect in varying degrees policy credibility: sovereign ratings, foreign currency spreads, and local currency yields. the results suggest that the NMS appear to have enjoyed higher credibility compared to their peers. 
505 0 |a I. Introduction; II. Policy Credibility and Sovereign Credit; III. The Case of the New Member States; IV. Methodology and Data; A. Testing Strategy; B. Data; C. Estimation Issues; II. Results; A. All Countries; B. New Member States; C. Robustness; III. Conclusions; References; Figure; EU8-Government Debt, Interest Expenditure, and Effective Interest Rate (1995 = 100); Tables; 1. Variable Description; 2. Sovereign Ratings-Recursive Estimates; 3. Foreign Currency Spreads-Recursive Estimates; 4. Local Currency Yields-Recursive Estimates 
505 8 |a 5. Illustrative Quantitative Effects of NMS Coefficients6. Sovereign Ratings-Robustness Checks; 7. Foreign Currency Spreads-Robustness Checks; 8. Local Currency Yields-Robustness Checks; Appendix; Computation of Bond Spreads; Appendix; Computation of Bond Spreads 
650 0 |a Fiscal policy  |z Europe, Central. 
650 0 |a Fiscal policy  |z Europe, Eastern. 
650 0 |a Fiscal policy  |z European Union countries. 
650 0 |a Credit ratings  |z Europe, Central. 
650 0 |a Credit ratings  |z Europe, Eastern. 
650 0 |a Credit ratings  |z European Union countries. 
650 0 |a Debts, Public  |z Europe, Central. 
650 0 |a Debts, Public  |z Europe, Eastern. 
650 0 |a Debts, Public  |z European Union countries. 
650 6 |a Politique fiscale  |z Europe centrale. 
650 6 |a Politique fiscale  |z Europe de l'Est. 
650 6 |a Politique fiscale  |z Pays de l'Union européenne. 
650 6 |a Cotes de solvabilité  |z Europe centrale. 
650 6 |a Cotes de solvabilité  |z Europe de l'Est. 
650 6 |a Cotes de solvabilité  |z Pays de l'Union européenne. 
650 6 |a Dettes publiques  |z Europe centrale. 
650 6 |a Dettes publiques  |z Europe de l'Est. 
650 6 |a Dettes publiques  |z Pays de l'Union européenne. 
650 7 |a Credit ratings.  |2 fast  |0 (OCoLC)fst00882591 
650 7 |a Debts, Public.  |2 fast  |0 (OCoLC)fst00888850 
650 7 |a Fiscal policy.  |2 fast  |0 (OCoLC)fst00925806 
651 7 |a Central Europe.  |2 fast  |0 (OCoLC)fst01244544 
651 7 |a Eastern Europe.  |2 fast  |0 (OCoLC)fst01245079 
651 7 |a European Union countries.  |2 fast  |0 (OCoLC)fst01269470 
655 4 |a Electronic books. 
700 1 |a Jon, Jir,  |e author. 
700 1 |a Hauner, David,  |e author. 
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