Policy Credibility and Sovereign Credit : The Case of New EU 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 member states (NMS)-emerging markets joining a supranational entity that is generally consi...
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| Other Authors: | , |
| Format: | Book |
| Language: | English |
| Published: |
Washington, D.C. :
International Monetary Fund,
2007
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| Series: | IMF Working Papers ;
Working Paper No. 07/1 IMF eLibrary |
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| 100 | 1 | |a Kumar, Manmohan S | |
| 245 | 1 | 0 | |a Policy Credibility and Sovereign Credit : |b The Case of New EU Member States / |c Kumar, Manmohan S |
| 264 | 1 | |a Washington, D.C. : |b International Monetary Fund, |c 2007 | |
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| 490 | 1 | |a IMF Working Papers ; |v Working Paper No. 07/1 | |
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| 520 | 3 | |a 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 member states (NMS)-emerging markets joining a supranational entity that is generally considered to have higher policy credibility-provides a unique experiment to assess the effects of credibility on sovereign credit. This paper examines the impact of EU accession on three key variables that can reflect in varying degrees policy credibility: sovereign ratings, foreign currency spreads, and local currency yields. The results suggest that the NMS appear to have enjoyed higher credibility compared to their peers | |
| 588 | |a Description based on print version record | ||
| 650 | 4 | |a Asset Pricing | |
| 650 | 4 | |a Benchmark bonds | |
| 650 | 4 | |a Bond market | |
| 650 | 4 | |a Bond prices | |
| 650 | 4 | |a Bond spreads | |
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| 650 | 4 | |a Bond yields | |
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| 650 | 4 | |a Corporate bond | |
| 650 | 4 | |a Corporate bonds | |
| 650 | 4 | |a Debt stock | |
| 650 | 4 | |a Denominated bonds | |
| 650 | 4 | |a Discount rate | |
| 650 | 4 | |a Domestic-currency | |
| 650 | 4 | |a Economic models | |
| 650 | 4 | |a Effective interest rate | |
| 650 | 4 | |a Financial globalization | |
| 650 | 4 | |a Financial institutions | |
| 650 | 4 | |a Financial market | |
| 650 | 4 | |a Financial markets | |
| 650 | 4 | |a Financial systems | |
| 650 | 4 | |a Foreign currency | |
| 650 | 4 | |a Foreign exchange | |
| 650 | 4 | |a Government bond yield | |
| 650 | 4 | |a Government bond yields | |
| 650 | 4 | |a Government bond | |
| 650 | 4 | |a Individual bond | |
| 650 | 4 | |a Individual bonds | |
| 650 | 4 | |a Inflation rate | |
| 650 | 4 | |a Inflation rates | |
| 650 | 4 | |a Inflation | |
| 650 | 4 | |a International finance | |
| 650 | 4 | |a International financial statistics | |
| 650 | 4 | |a International reserves | |
| 650 | 4 | |a Monetary financing | |
| 650 | 4 | |a Monetary policy | |
| 650 | 4 | |a Price inflation | |
| 650 | 4 | |a Real interest rate | |
| 650 | 4 | |a Real interest rates | |
| 650 | 4 | |a Sovereign bond | |
| 650 | 4 | |a Stock market volatility | |
| 650 | 4 | |a Stock market | |
| 651 | 4 | |a European Union | |
| 651 | 4 | |a Hungary | |
| 651 | 4 | |a Poland | |
| 700 | 1 | |a Hauner, David | |
| 700 | 1 | |a Jonáš, Jiří | |
| 700 | 1 | |a Kumar, Manmohan S | |
| 776 | 0 | 8 | |a Print Version: |z 9781451865653 |
| 830 | 0 | |a IMF Working Papers ; |v Working Paper No. 07/1 | |
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