{
  "title": "The Effects of Data Transparency Policy Reforms on Emerging Market Sovereign Bond Spreads",
  "publication": "IMF Working Papers, March 28, 2017",
  "sourceUrl": "https://www.imf.org/en/publications/wp/issues/2017/03/28/the-effects-of-data-transparency-policy-reforms-on-emerging-market-sovereign-bond-spreads-44772",
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  "summary": "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.",
  "sections": [
    {
      "heading": "Key Findings",
      "content": "- Subscriptions to the IMF’s Data Standards Initiatives (SDDS and GDDS) reduce the spreads of emerging market sovereign bonds.\n- Using an event study, subscriptions to the SDDS or GDDS lead to a 15 percent reduction in the spreads one year following such reforms.\n- The reform decision is shown to be largely independent of a country’s macroeconomic development, addressing endogeneity concerns."
    },
    {
      "heading": "Methodology and Identification",
      "content": "- The analysis addresses endogeneity of the reform decision by first demonstrating that the decision to subscribe is largely independent of macroeconomic development.\n- An event study framework is used to estimate the causal effect of subscriptions to the SDDS or GDDS on sovereign bond spreads."
    },
    {
      "heading": "Robustness and Sensitivity Tests",
      "content": "- The 15 percent reduction finding is robust to various sensitivity tests.\n- Robustness includes careful consideration of the interdependence among the structural reforms."
    },
    {
      "heading": "Subject Areas and Keywords",
      "content": "- Subject: Economic and financial statistics; Emerging and frontier financial markets; Financial institutions; Financial markets; Financial services; Sovereign bonds; Special Data Dissemination Standard (SDDS); Yield curve.\n- Keywords: data transparency; data transparency policy reform; Emerging and frontier financial markets; event study; GDDS; Global; IMF Data standards initiatives; inflation rate; reform; reform decision; SDDS; sovereign bond; sovereign bond spread; sovereign bond spreads; Sovereign bonds; Special Data Dissemination Standard (SDDS); structural reforms; transparency policy reform; WP; Yield curve.\n\n---\n\n Content in this bundle\n\n- wp1774\n  - wp1774 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - wp1774 (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/wp/issues/2017/03/28/the-effects-of-data-transparency-policy-reforms-on-emerging-market-sovereign-bond-spreads-44772"
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    "Authors: Sangyup Choi, Yuko Hashimoto",
    "Published: March 28, 2017",
    "Series: IMF Working Papers",
    "Subscriptions to the IMF’s Data Standards Initiatives (SDDS and GDDS) reduce the spreads of emerging market sovereign bonds.",
    "Using an event study, subscriptions to the SDDS or GDDS lead to a 15 percent reduction in the spreads one year following such reforms.",
    "The reform decision is shown to be largely independent of a country’s macroeconomic development, addressing endogeneity concerns.",
    "The analysis addresses endogeneity of the reform decision by first demonstrating that the decision to subscribe is largely independent of macroeconomic development.",
    "An event study framework is used to estimate the causal effect of subscriptions to the SDDS or GDDS on sovereign bond spreads.",
    "The 15 percent reduction finding is robust to various sensitivity tests.",
    "Robustness includes careful consideration of the interdependence among the structural reforms.",
    "Subject: Economic and financial statistics; Emerging and frontier financial markets; Financial institutions; Financial markets; Financial services; Sovereign bonds; Special Data Dissemination Standard (SDDS); Yield curve.",
    "Keywords: data transparency; data transparency policy reform; Emerging and frontier financial markets; event study; GDDS; Global; IMF Data standards initiatives; inflation rate; reform; reform decision; SDDS; sovereign bond; sovereign bond spread; sovereign bond spreads; Sovereign bonds; Special Data Dissemination Standard (SDDS); structural reforms; transparency policy reform; WP; Yield curve.",
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