Panama: Selected Issues Paper

International Monetary Fund

No 2010/315, IMF Staff Country Reports from International Monetary Fund

Abstract: This paper presents empirical evidence on the effects of achieving investment grade on borrowing costs for the sovereign and the private sector. This study provides background information on sovereign credit ratings and compares Panama’s key macroeconomic and institutional characteristics with those of other emerging markets. Statistical evidence on the reduction in sovereign spreads associated with obtaining investment grade status and the impact of the sovereign’s upgrade on corporate financing costs were also discussed. The model is estimated using a variety of panel regression techniques.

Keywords: ISCR; CR; credit growth; financing cost; credit supply; credit availability; debt spread; rating agency; growth in Panama; country rating; credit rating status; Credit; Credit ratings; Emerging and frontier financial markets; Domestic credit; Global (search for similar items in EconPapers)
Pages: 30
Date: 2010-10-15
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