Open economies review, 2021-11, Vol.32 (5), p.907-931
2021
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Details
- Autor(en) / Beteiligte
- Titel
- Do Financial Markets Value Quality of Fiscal Governance?
- Ist Teil von
- Open economies review, 2021-11, Vol.32 (5), p.907-931
- Ort / Verlag
- New York: Springer US
- Erscheinungsjahr
- 2021
- Quelle
- PAIS Index
- Beschreibungen/Notizen
- We examine the link between the quality of fiscal governance and access to market-based external finance. Stronger fiscal governance is associated with improvements in several indicators of market access, including a higher likelihood of issuing sovereign bonds and having a sovereign credit rating, receiving stronger ratings, and obtaining lower spreads. Using the more granular information on quality of fiscal governance from Public Expenditure and Financial Accountability (PEFA) assessments for 89 emerging and developing economies, we find that similar indicators of market access are correlated with sound public financial management practices, especially those that improve budget transparency and reporting, debt management, and fiscal strategy.
- Sprache
- Englisch
- Identifikatoren
- ISSN: 0923-7992eISSN: 1573-708XDOI: 10.1007/s11079-021-09652-4Titel-ID: cdi_hal_primary_oai_HAL_hal_03676081v1
- Format
- –
- Schlagworte
- Access, Accountability, Bond ratings, Bonds, Capital markets, Credit ratings, Datasets, Debt management, Developing countries, Development Economics, Economic crisis, Economic development, Economic Policy, Economics, Economics and Finance, Emerging markets, European Integration, Expenditures, External debt, Finance, Financial management, Fiscal policy, Governance, Government spending, Humanities and Social Sciences, International Economics, International finance, LDCs, Macroeconomics, Macroeconomics/Monetary Economics//Financial Economics, Markets, Monetary policy, Public finance, Ratings & rankings, Research Article, Securities markets, Sovereign debt, Transparency