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Improving Sovereign Financing Conditions Through Data Transparency
Author:
Mr. Jesus R Gonzalez-Garcia
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Series:
IMF Working Papers
Volume/Issue:
Volume 2022: Issue 230
Language:
English
Publication Date:
18 Nov 2022
DOI:
https://doi.org/10.5089/9798400224232.001
ISBN:
9798400224232
ISSN:
1018-5941
Pages:
17
Keywords:
Data transparency; IMF Data Standards Inititatives; sovereign borrowing; EMBIG spreads; event studies; local projection methods; governance.; IMF Data Standards Initiatives; data dissemination standard; GDDS country; Data dissemination; Special Data Dissemination Standard (SDDS); Financial statistics; Global
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IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.
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Does it pay off to be transparent and, if so, can the benefits of transparency be measured? This paper provides an affirmative answer to both questions, supported by novel evidence on the link between transparency through dissemination of economic data and sovereign bond spreads. It explores changes in sovereign financing conditions when countries join the IMF Data Standards Initiatives—a multilateral framework that promotes data transparency as a global public good. The results from event studies and local projection models show a significant decrease in spreads following the adoption of the standards. In addition, countries with relatively weaker governance benefit the most from signaling their effort toward strengthening transparency.
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Cover IMF Working Papers
IMF Working Papers
ISSN:
1018-5941
Publisher:
International Monetary Fund
Volume 2022: Issue 230