Does SDDS Subscription Reduce Borrowing Costs for Emerging Market Economies?

John Cady
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John Cady: International Monetary Fund

IMF Staff Papers, 2005, vol. 52, issue 3, 6

Abstract: Does macroeconomic data transparency-as signaled by subscription to the IMF's Special Data Dissemination Standard (SDDS)-help reduce borrowing costs in international capital markets? This question is examined using data on new issues of sovereign foreign-currency-denominated (U.S. dollar, yen, and euro) bonds for several emerging market economies. Panel econometric estimates indicate that spreads on new bond issues declined on average by close to 20 percent, or by an average of about 55 basis points for sample countries, following SDDS subscription. Copyright 2005, International Monetary Fund

JEL-codes: C22 F33 F34 (search for similar items in EconPapers)
Date: 2005
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