{ "title": "Transparency Pays: Emerging Markets Share More Data", "publication": "IMF Blog, July 7, 2017", "sourceUrl": "https://www.imf.org/en/blogs/articles/2017/07/07/transparency-pays-emerging-markets-share-more-data", "canonical": "https://www.imf.org/en/blogs/articles/2017/07/07/transparency-pays-emerging-markets-share-more-data", "overlayPath": "/en/blogs/articles/2017/07/07/transparency-pays-emerging-markets-share-more-data/index.md", "summary": "Greater data transparency leads to a 15 percent reduction in the spreads on emerging market government bonds one year after the transparency improvements are made.", "sections": [ { "heading": "Main findings on data transparency and borrowing costs", "content": "- Greater data transparency leads to a 15 percent reduction in the spreads on emerging market government bonds one year after the transparency improvements are made.\n- Analysis uses data from 26 countries and finds a statistically significant effect of data transparency reforms on government bond spreads (the difference between the interest rate on a US government bond and that on a bond issued by another country).\n- The government bond spread declines by 15 percent during the baseline horizon of one year, and this effect tends to increase over time." }, { "heading": "Robustness and identification strategies", "content": "- Focus on a relatively short period (1-8 quarters) around the reforms to disentangle reforms’ effects from other factors.\n- No sign of improvement in a country’s economic condition shortly before the reforms.\n- Tests ensure that other important economic and political events—such as a crisis, a loan from the IMF, or the adoption of inflation targeting—do not mask the findings.\n- Controls include additional economic factors that may impact spreads, such as the external debt-to-GDP ratio; the significant impact of adopting data standards on government borrowing costs still holds with these controls." }, { "heading": "Data standards initiatives and implementation scope", "content": "- Countries use an IMF data standards initiative, the Special Data Dissemination Standard (SDDS), to compile and publish data on national websites.\n- Less demanding alternative: the enhanced General Data Dissemination System (e-GDDS), intended for countries with lower statistical capacity.\n- As of June 2017, all the IMF data standards initiatives covered 146 emerging market and developing countries.\n- Since late 2015, 20 of these countries have implemented the enhanced General Data Dissemination Standard." }, { "heading": "Regional adoption and examples", "content": "- Africa:\n - 13 countries have implemented the enhanced General Data Dissemination Standard including Nigeria, Senegal, Sierra Leone, and Tanzania.\n - More countries, including Cameroon, Ghana, Kenya, and Mozambique are expected to implement it this year.\n- Asia-Pacific:\n - Bhutan, Nepal, and Samoa have implemented the enhanced General Data Dissemination Standard.\n - Micronesia is expected to by the end of July 2017.\n - Bangladesh, Cambodia, Maldives, Mongolia, and Myanmar are all in the pipeline." }, { "heading": "Benefits and mechanisms of transparency reforms", "content": "- Countries publish key economic data, such as real GDP growth and the consumer price index, through a National Summary Data Page to provide policymakers, investors, rating agencies, and the public with easy access to information critical for monitoring economic conditions.\n- Plans to publish full Advance Release Calendars commit countries to discipline in data publication and reduce uncertainty for investors, further enhancing data transparency.\n- Preliminary experience with the enhanced General Data Dissemination Standard suggests improved coordination between a country’s central bank, ministry of finance, and statistics institute — an enhancement in governance.\n- Implementation of the enhanced General Data Dissemination Standard is viewed as a step toward adopting the Special Data Dissemination Standard, which can help lower future borrowing costs." }, { "heading": "Policy implications", "content": "- Adopting data dissemination standards can materially lower government borrowing costs (15 percent reduction in spreads one year after reforms).\n- Countries with limited statistical capacity can \"walk before they run\" by implementing the enhanced General Data Dissemination Standard as an intermediate step toward the Special Data Dissemination Standard.\n- Publishing timely, reliable data and committing to release calendars helps reduce investor uncertainty and strengthens policy credibility.\n- Enhanced coordination among central bank, ministry of finance, and statistics institute improves governance and the effectiveness of data dissemination.\n\nSource: Transparency Pays: Emerging Markets Share More Data (Sangyup Choi, Stephanie Medina Cas, July 7, 2017).\n\n---\n\n Content in this bundle\n\n- The Effects of Data Transparency Policy Reforms on Emerging Market Sovereign Bond Spreads\n - The Effects of Data Transparency Policy Reforms on Emerging Market Sovereign Bond Spreads (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - The Effects of Data Transparency Policy Reforms on Emerging Market Sovereign Bond Spreads (PDF){rel=\"external\" type=\"application/pdf\"}\n- 提高透明度不无回报：新兴市场公布更多数据; IMF博客; 2017年7月7日\n - 提高透明度不无回报：新兴市场公布更多数据; IMF博客; 2017年7月7日 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - 提高透明度不无回报：新兴市场公布更多数据; IMF博客; 2017年7月7日 (PDF){rel=\"external\" type=\"application/pdf\"}\n- 透明性のすすめ:新興市場国の統計データ公表範囲が拡大; サンギュプ・チョイ 、 ステファニー・メディナ・カス, IMFブログ2017 年7月7日\n - 透明性のすすめ:新興市場国の統計データ公表範囲が拡大; サンギュプ・チョイ 、 ステファニー・メディナ・カス, IMFブログ2017 年7月7日 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - 透明性のすすめ:新興市場国の統計データ公表範囲が拡大; サンギュプ・チョイ 、 ステファニー・メディナ・カス, IMFブログ2017 年7月7日 (PDF){rel=\"external\" type=\"application/pdf\"}\n- A transparência compensa: mercados emergentes publicam mais dados\n - A transparência compensa: mercados emergentes publicam mais dados (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - A transparência compensa: mercados emergentes publicam mais dados (PDF){rel=\"external\" type=\"application/pdf\"}\n- Прозрачность окупается: страны с формирующимся рынком раскрывают больше данных\n - Прозрачность окупается: страны с формирующимся рынком раскрывают больше данных (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Прозрачность окупается: страны с формирующимся рынком раскрывают больше данных (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\n References\n\n- عربي\n- https://www.imf.org/wp-content/uploads/2017/07/Mexico-City-1024x600-EDGARD-GARRIDO-REUTERS-Newscomrtrleight904752-1099x500.jpg\n- Special Data Dissemination Standard\n- https://www.imf.org/wp-content/uploads/2017/07/ENGJun6EMdatatransparency.jpg\n- enhanced General Data Dissemination Standard\n\nSource: https://www.imf.org/en/blogs/articles/2017/07/07/transparency-pays-emerging-markets-share-more-data" } ], "bullets": [ "[Markdown version](/en/blogs/articles/2017/07/07/transparency-pays-emerging-markets-share-more-data/index.md)", "[Structured JSON version](/en/blogs/articles/2017/07/07/transparency-pays-emerging-markets-share-more-data/index.json)", "[Bundle manifest](/en/blogs/articles/2017/07/07/transparency-pays-emerging-markets-share-more-data/bundle-manifest.json)", "Authors: Sangyup Choi, Stephanie Medina Cas", "Published: July 7, 2017", "Greater data transparency leads to a 15 percent reduction in the spreads on emerging market government bonds one year after the transparency improvements are made.", "Analysis uses data from 26 countries and finds a statistically significant effect of data transparency reforms on government bond spreads (the difference between the interest rate on a US government bond and that on a bond issued by another country).", "The government bond spread declines by 15 percent during the baseline horizon of one year, and this effect tends to increase over time.", "Focus on a relatively short period (1-8 quarters) around the reforms to disentangle reforms’ effects from other factors.", "No sign of improvement in a country’s economic condition shortly before the reforms.", "Tests ensure that other important economic and political events—such as a crisis, a loan from the IMF, or the adoption of inflation targeting—do not mask the findings.", "Controls include additional economic factors that may impact spreads, such as the external debt-to-GDP ratio; the significant impact of adopting data standards on government borrowing costs still holds with these controls.", "Countries use an IMF data standards initiative, the Special Data Dissemination Standard (SDDS), to compile and publish data on national websites.", "Less demanding alternative: the enhanced General Data Dissemination System (e-GDDS), intended for countries with lower statistical capacity.", "As of June 2017, all the IMF data standards initiatives covered 146 emerging market and developing countries.", "Since late 2015, 20 of these countries have implemented the enhanced General Data Dissemination Standard.", "Africa:", "Asia-Pacific:", "Countries publish key economic data, such as real GDP growth and the consumer price index, through a National Summary Data Page to provide policymakers, investors, rating agencies, and the public with easy access to information critical for monitoring economic conditions.", "Plans to publish full Advance Release Calendars commit countries to discipline in data publication and reduce uncertainty for investors, further enhancing data transparency.", "Preliminary experience with the enhanced General Data Dissemination Standard suggests improved coordination between a country’s central bank, ministry of finance, and statistics institute — an enhancement in governance.", "Implementation of the enhanced General Data Dissemination Standard is viewed as a step toward adopting the Special Data Dissemination Standard, which can help lower future borrowing costs.", "Adopting data dissemination standards can materially lower government borrowing costs (15 percent reduction in spreads one year after reforms).", "Countries with limited statistical capacity can \"walk before they run\" by implementing the enhanced General Data Dissemination Standard as an intermediate step toward the Special Data Dissemination Standard.", "Publishing timely, reliable data and committing to release calendars helps reduce investor uncertainty and strengthens policy credibility.", "Enhanced coordination among central bank, ministry of finance, and statistics institute improves governance and the effectiveness of data dissemination.", "**The Effects of Data Transparency Policy Reforms on Emerging Market Sovereign Bond Spreads**", "**提高透明度不无回报：新兴市场公布更多数据; IMF博客; 2017年7月7日**", "**透明性のすすめ:新興市場国の統計データ公表範囲が拡大; サンギュプ・チョイ 、 ステファニー・メディナ・カス, IMFブログ2017 年7月7日**", "**A transparência compensa: mercados emergentes publicam mais dados**", "**Прозрачность окупается: страны с формирующимся рынком раскрывают больше данных**", "[عربي](https://blog-montada.imf.org/?p=5462)", "[https://www.imf.org/wp-content/uploads/2017/07/Mexico-City-1024x600-EDGARD-GARRIDO-REUTERS-Newscomrtrleight904752-1099x500.jpg](https://www.imf.org/wp-content/uploads/2017/07/Mexico-City-1024x600-EDGARD-GARRIDO-REUTERS-Newscomrtrleight904752-1099x500.jpg)", "[Special Data Dissemination Standard](http://dsbb.imf.org/Pages/SDDS/Home.aspx)", "[https://www.imf.org/wp-content/uploads/2017/07/ENG_Jun_6_EM_data_transparency.jpg](https://www.imf.org/wp-content/uploads/2017/07/ENG_Jun_6_EM_data_transparency.jpg)", "[enhanced General Data Dissemination Standard](http://dsbb.imf.org/Pages/GDDS/Home.aspx)" ], "related": [ { "title": "The Effects of Data Transparency Policy Reforms on Emerging Market Sovereign Bond Spreads", "role": "document", "sourceUrl": "http://www.imf.org/external/pubs/ft/wp/2017/wp1774.pdf", "summary": { "path": "/external/pubs/ft/wp/2017/wp1774.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/wp/2017/wp1774.pdf", "mime": "application/pdf" } }, { "title": "提高透明度不无回报：新兴市场公布更多数据; IMF博客; 2017年7月7日", "role": "document", "sourceUrl": "https://www.imf.org/external/chinese/np/blog/2017/070717c.pdf", "summary": { "path": "/external/chinese/np/blog/2017/070717c.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/external/chinese/np/blog/2017/070717c.pdf", "mime": "application/pdf" } }, { "title": "透明性のすすめ:新興市場国の統計データ公表範囲が拡大; サンギュプ・チョイ 、 ステファニー・メディナ・カス, IMFブログ2017 年7月7日", "role": "document", "sourceUrl": "https://www.imf.org/external/japanese/np/blog/2017/070717j.pdf", "summary": { "path": "/external/japanese/np/blog/2017/070717j.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/external/japanese/np/blog/2017/070717j.pdf", "mime": "application/pdf" } }, { "title": "A transparência compensa: mercados emergentes publicam mais dados", "role": "document", "sourceUrl": "https://www.imf.org/external/lang/portuguese/np/blog/2017/070717p.pdf", "summary": { "path": "/external/lang/portuguese/np/blog/2017/070717p.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/external/lang/portuguese/np/blog/2017/070717p.pdf", "mime": "application/pdf" } }, { "title": "Прозрачность окупается: страны с формирующимся рынком раскрывают больше данных", "role": "document", "sourceUrl": "https://www.imf.org/external/russian/np/blog/2017/070717r.pdf", "summary": { "path": "/external/russian/np/blog/2017/070717r.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/external/russian/np/blog/2017/070717r.pdf", "mime": "application/pdf" } } ], "alternates": { "markdown": "/en/blogs/articles/2017/07/07/transparency-pays-emerging-markets-share-more-data/index.md", "json": "/en/blogs/articles/2017/07/07/transparency-pays-emerging-markets-share-more-data/index.json", "bundleManifest": "/en/blogs/articles/2017/07/07/transparency-pays-emerging-markets-share-more-data/bundle-manifest.json" }, "generatedAtUtc": "2026-08-27T21:25:45.461Z" }