Does Sdds Subscription Reduce Borrowing Costs for Emerging Market Economies
IMF Working Papers, April 1, 2004
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- Does Sdds Subscription Reduce Borrowing Costs for Emerging Market Economies
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Bibliographic details
- Authors: John Cady
- Published: April 1, 2004
- Series: IMF Working Papers
- DOI: https://doi.org/10.5089/9781451847895.001
Summary and Main Finding
- Research question: Does macroeconomic data transparency—as signaled by subscription to the IMF's Special Data Dissemination Standard (SDDS)—help reduce borrowing costs in private capital markets?
- Main finding: Panel econometric estimates indicate that spreads on new bond issues declined by about 75 basis points following SDDS subscription.
- Scope: Analysis uses detailed data on new issues of sovereign foreign currency-denominated (U.S. dollar, yen, and euro) bonds for several emerging market economies.
Data and Methodology
- Data focus: New issues of sovereign foreign currency-denominated bonds in U.S. dollar, yen, and euro.
- Econometric approach: Panel econometric estimates (panel methods applied to bond-issue data across emerging market economies).
Key Statistics and Quantitative Results
- Decline in spreads on new bond issues following SDDS subscription: about 75 basis points.
- Publication length: 14 pages.
- Publication date: April 1, 2004.
- Series and identifiers:
- Working Paper No.: 2004/058
- Volume: 2004
- Issue: 058
- DOI: https://doi.org/10.5089/9781451847895.001
- Stock No.: WPIEA0582004
- ISBN: 9781451847895
- ISSN: 1018-5941
Subject Areas and Keywords
- Subjects: Bonds, Economic and financial statistics, Emerging and frontier financial markets, Financial institutions, Financial markets, International capital markets, Securities markets, Special Data Dissemination Standard (SDDS)
- Keywords: Bonds, borrowing cost, data transparency, Emerging and frontier financial markets, emerging market yields spread, Global, international capital markets, SDDS, SDDS coefficient estimate, SDDS data category, SDDS discount, SDDS subscription, secondary market, Securities markets, sovereign bond bond issue, Sovereign debt and yield spreads, Special Data Dissemination Standard (SDDS), standards and codes, WP, yield
Authorship and Availability
- Author: John Cady
- Publication type: IMF Working Paper
- Formats noted on source: PDF and other formats via IMF eLibrary.
Source: IMF Working Paper "Does Sdds Subscription Reduce Borrowing Costs for Emerging Market Economies" by John Cady, April 1, 2004 (Working Paper No. 2004/058).