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Fiscal Transparency, Fiscal Performance and Credit Ratings1

Fiscal Transparency, Fiscal Performance and Credit Ratings1 »

Source: Fiscal Transparency, Fiscal Performance and Credit Ratings

Volume/Issue: 2012/156

Series: IMF Working Papers

Author(s): Julio Escolano , and Elif Arbatli

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 June 2012

ISBN: 9781475504477

Keywords: Sovereign Credit Ratings, fiscal performance, public debt, budget process, budget documents

This paper investigates the effect of fiscal transparency on market assessments of sovereign risk, as measured by credit ratings. It measures this effect through a direct channel (uncertainty reduction) and an indi...

Are Rating Agencies Powerful? An Investigation Into the Impact and Accuracy of Sovereign Ratings

Are Rating Agencies Powerful? An Investigation Into the Impact and Accuracy of Sovereign Ratings »

Source: Are Rating Agencies Powerful? An Investigation Into the Impact and Accuracy of Sovereign Ratings

Volume/Issue: 2012/23

Series: IMF Working Papers

Author(s): John Kiff , Sylwia Nowak , and Liliana Schumacher

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 January 2012

ISBN: 9781463931858

Keywords: Sovereign ratings, rating agencies, credit ratings, asian crisis, emerging markets, An Investigation into the Impact and Accuracy of Sovereign Ratings, Financial Institutions and Services: General, Corporate Finance and Governance: Government Policy and Regulation,

We find that Credit Rating Agencies (CRA)'s opinions have an impact in the cost of funding of sovereign issuers and consequently ratings are a concern for financial stability. While ratings produced by the major CR...

Sovereign Ceilings 'Lite'? The Impact of Sovereign Ratings on Corporate Ratings in Emerging Market Economies*

Sovereign Ceilings 'Lite'? The Impact of Sovereign Ratings on Corporate Ratings in Emerging Market Economies* »

Source: Sovereign Ceilings 'Lite'? The Impact of Sovereign Ratings on Corporate Ratings in Emerging Market Economies

Volume/Issue: 2007/75

Series: IMF Working Papers

Author(s): Eduardo Borensztein , Patricio Valenzuela , and Kevin Cowan

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 April 2007

ISBN: 9781451866391

Keywords: credit rating, sovereign default, credit rating agencies, current account, external debt, General Financial Markets, Financial Institutions And Services, Corporate Finance And Governance,

Although credit rating agencies have gradually moved away from a policy of never rating a private borrower above the sovereign (the "sovereign ceiling") it appears that sovereign ratings remain a significant determ...

Managing Sovereign Debt and Debt Markets through a Crisis - Practical Insights and Policy Lessons

Managing Sovereign Debt and Debt Markets through a Crisis - Practical Insights and Policy Lessons »

Source: Managing Sovereign Debt and Debt Markets through a Crisis - Practical Insights and Policy Lessons

Volume/Issue: 2011/031

Series: Policy Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 April 2011

ISBN: 9781498338943

Keywords: Fiscal sector, Market interest rates, Financial crises, Sovereign debt, Sovereign credit ratings, investor base, finance need, market liquidity, rollover, emerge market

The crisis highlighted the importance of debt management in containing debt-related risks and the associated impact on debt markets. The impact of the crisis on debt levels, and the consequent implications for fisc...

Is Transparency Good for You, and Can the IMF Help?1

Is Transparency Good for You, and Can the IMF Help?1 »

Source: Is Transparency Good for You, and Can the IMF Help?

Volume/Issue: 2003/132

Series: IMF Working Papers

Author(s): Yongseok Shin , and Rachel Glennerster

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 June 2003

ISBN: 9781451855401

Keywords: publication, institutions, sovereign spreads, SDDS, ROSC, GARCH, news effect, role of the IMF, credit ratings, borrowing costs

This paper finds that reforms introduced by the IMF to promote transparency have created more informed markets and reduced borrowing costs for those emerging market countries that volunteered for them. Using a quar...

Policy Credibility and Sovereign Credit

Policy Credibility and Sovereign Credit »

Source: Policy Credibility and Sovereign Credit : The Case of New EU Member States

Volume/Issue: 2007/1

Series: IMF Working Papers

Author(s): Manmohan Kumar , Jirí Jonáš , and David Hauner

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 January 2007

ISBN: 9781451865653

Keywords: Policy credibility, credit spreads, sovereign ratings, new EU member states, foreign currency, inflation, bond, bonds, real interest rate, Eu New Member States

References to policy credibility, particularly with regard to fiscal policy, are ubiquitous in both economic literature and financial markets, even though it is not directly observable. The case of the EU new membe...

Eligibility to Use the Fund's Facilities for Concessional Financing

Eligibility to Use the Fund's Facilities for Concessional Financing »

Source: Eligibility to Use the Fund's Facilities for Concessional Financing

Volume/Issue: 2012/002

Series: Policy Papers

Author(s): International Monetary Fund. Strategy, Policy, & Review Department;International Monetary Fund. Legal Dept.;International Monetary Fund. Finance Dept.;International Monetary Fund. Policy Development and Review Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 January 2012

ISBN: 9781498340991

Keywords: Access to foreign markets, Access to Fund general resources, Concessional aid, Conditionality, Cross country analysis, Economic conditions, Executive Board decisions, Fund facilities, Lapse of time approval, Low-income developing countries

This paper proposes to maintain the Poverty Reduction and Growth Trust (PRGT)-eligibility criteria established in early 2010 and considers, based on the application of such criteria, whether updates to the eligibil...

Eligibility to Use the Fund's Facilities for Concessinal Financing

Eligibility to Use the Fund's Facilities for Concessinal Financing »

Source: Eligibility to Use the Fund's Facilities for Concessinal Financing

Volume/Issue: 2013/020

Series: Policy Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 March 2013

ISBN: 9781498342124

Keywords: Access limits, Access to Fund general resources, Executive Board decisions, Exogenous Shocks Facility, Fund facilities, Lapse of time approval, Lapse of time consideration, Low-income developing countries, Overdue obligations, Policy Support Instrument

During the 2012 Review of Poverty Reduction and Growth Trust (PRGT) Eligibility, Executive Directors expressed a number of concerns about the eligibility framework. The Board decided to bring forward the next revie...

Fiscal Transparency, Fiscal Performance and Credit Ratings

Fiscal Transparency, Fiscal Performance and Credit Ratings »

Volume/Issue: 2012/156

Series: IMF Working Papers

Author(s): Julio Escolano , and Elif Arbatli

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 June 2012

DOI: http://dx.doi.org/10.5089/9781475504477.001

ISBN: 9781475504477

Keywords: Sovereign Credit Ratings, fiscal performance, public debt, budget process, budget documents

This paper investigates the effect of fiscal transparency on market assessments of sovereign risk, as measured by credit ratings. It measures this effect through a direct channel (uncertainty reduction) and an indi...

Are Rating Agencies Powerful? An Investigation Into the Impact and Accuracy of Sovereign Ratings

Are Rating Agencies Powerful? An Investigation Into the Impact and Accuracy of Sovereign Ratings »

Volume/Issue: 2012/23

Series: IMF Working Papers

Author(s): John Kiff , Sylwia Nowak , and Liliana Schumacher

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 January 2012

DOI: http://dx.doi.org/10.5089/9781463931858.001

ISBN: 9781463931858

Keywords: Sovereign ratings, rating agencies, credit ratings, asian crisis, emerging markets, An Investigation into the Impact and Accuracy of Sovereign Ratings, Financial Institutions and Services: General, Corporate Finance and Governance: Government Policy and Regulation,

We find that Credit Rating Agencies (CRA)'s opinions have an impact in the cost of funding of sovereign issuers and consequently ratings are a concern for financial stability. While ratings produced by the major CR...