IMF Working Papers

Does Sdds Subscription Reduce Borrowing Costs for Emerging Market Economies

ByJohn Cady

April 1, 2004

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Format: Chicago

John Cady. "Does Sdds Subscription Reduce Borrowing Costs for Emerging Market Economies", IMF Working Papers 2004, 058 (2004), accessed 12/6/2025, https://doi.org/10.5089/9781451847895.001

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Disclaimer: This Working Paper should not be reported as representing the views of the IMF.The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate

Summary

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? This question is examined using detailed data on new issues of sovereign foreign currency-denominated (U.S. dollar, yen, and euro) bonds for several emerging market economies. Panel econometric estimates indicate that spreads on new bond issues declined by about 75 basis points following SDDS subscription.

Subject: 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

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