The value of institutions for financial markets: evidence from emerging markets

被引：0
作者：
Bernardin Akitoby
Thomas Stratmann
机构：
[1] International Monetary Fund,
[2] George Mason University,undefined
来源：
Review of World Economics | 2010年 / 146卷
关键词：
Fiscal policy; Sovereign risk; Spreads; Institutions; Emerging markets; E62; G15; H39; H63;
D O I：
暂无
中图分类号：
学科分类号：
摘要：
This paper investigates the value of political institutions for financial markets, using panel data from emerging market countries. We test the hypothesis that changes in political institutions, such as improvements in democratic rights and increased government accountability, have a direct effect on sovereign interest rate spreads. We find that financial markets value institutions over and above the economic and fiscal outcomes these institutions shape. Democracy and accountability generally lower sovereign spreads, political risk tends to increase them, and financial markets view election years negatively.
引用
收藏
页码：781 / 797
页数：16
相关论文
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