The Effects of Data Transparency Policy Reforms on Emerging Market Sovereign Bond Spreads

Sangyup Choi and Yuko Hashimoto
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Yuko Hashimoto: IMF

No 2017rwp-112, Working papers from Yonsei University, Yonsei Economics Research Institute

Abstract: We find that data transparency policy reforms, reflected in subscriptions to the IMF¡¯s Data Standards Initiatives (SDDS and GDDS), reduce the spreads of emerging market sovereign bonds. To overcome endogeneity issues regarding a country¡¯s decision to adopt such reforms, we first show that the reform decision is largely independent of its macroeconomic development. By using an event study, we find that subscriptions to the SDDS or GDDS leads to a 15 percent reduction in the spreads one year following such reforms. This finding is robust to various sensitivity tests, including careful consideration of the interdependence among the structural reforms.

Keywords: data transparency; structural reforms; sovereign bond spreads; GDDS; SDDS; event study (search for similar items in EconPapers)
JEL-codes: F30 G10 G20 (search for similar items in EconPapers)
Pages: 31pages
Date: 2017-09
New Economics Papers: this item is included in nep-fmk
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Citations: View citations in EconPapers (3)

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Working Paper: The Effects of Data Transparency Policy Reforms on Emerging Market Sovereign Bond Spreads (2017)
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