The Information Content of Interest Rate Spreads Across Financial Systems

Frank Browne and Warren Tease
Additional contact information
Frank Browne: OECD
Warren Tease: OECD

No 109, OECD Economics Department Working Papers from OECD Publishing

Abstract: This paper examines whether information asymmetries and agency costs vary across OECD countries depending on the nature of their financial system. It does this by examining whether the predictive power of the spread between yields on private and government securities (which, it has been argued, reflects such factors) varies across countries. The results indicate that the information content of the spread is highest in those countries with market-based financial systems ... Cette étude a pour objet d'examiner si l'asymétrie d'information et les coûts d'agence varient d'un pays de l'OCDE à l'autre en fonction de la nature du système financier national. Il s'agit de savoir si le pouvoir prédictif de l'écart de rendement entre les titres privés et publics (censé refléter ces facteurs) varie d'un pays à l'autre. A en juger par les résultats obtenus, c'est dans les pays avec un système financier de marché que l'écart de rendement est le plus informatif ...

Date: 1992-04-01
References: Add references at CitEc
Citations: View citations in EconPapers (2)

Downloads: (external link)
https://doi.org/10.1787/382885756345 (text/html)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:oec:ecoaaa:109-en

Access Statistics for this paper

More papers in OECD Economics Department Working Papers from OECD Publishing Contact information at EDIRC.
Bibliographic data for series maintained by ().