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Does SDDS Subscription Reduce Borrowing Costs for Emerging Market Economies?

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  • John Cady

    (International Monetary Fund)

Abstract

Does macroeconomic data transparency-as signaled by subscription to the IMF's Special Data Dissemination Standard (SDDS)-help reduce borrowing costs in international capital markets? This question is examined using data on new issues of sovereign foreign-currency-denominated (U.S. dollar, yen, and euro) bonds for several emerging market economies. Panel econometric estimates indicate that spreads on new bond issues declined on average by close to 20 percent, or by an average of about 55 basis points for sample countries, following SDDS subscription. Copyright 2005, International Monetary Fund

Suggested Citation

  • John Cady, 2005. "Does SDDS Subscription Reduce Borrowing Costs for Emerging Market Economies?," IMF Staff Papers, Palgrave Macmillan, vol. 52(3), pages 1-6.
    • Handle: RePEc:pal:imfstp:v:52:y:2005:i:3:p:6
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    Citations

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    Cited by:

    1. Mr. John Cady & Mr. Anthony J. Pellechio, 2006. "Sovereign Borrowing Cost and the IMF’s Data Standards Initiatives," IMF Working Papers 2006/078, International Monetary Fund.
    2. Mike Seiferling, 2020. "Apples, oranges and lemons: public sector debt statistics in the 21st century," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 6(1), pages 1-17, December.
    3. Edwin M. Truman & Anna Wong, 2006. "The Case for an International Reserve Diversification Standard," Working Paper Series WP06-2, Peterson Institute for International Economics.
    4. Krishna Chaitanya Vadlamannati & Arusha Cooray & Samuel Brazys, 2018. "Nothing to hide: Commitment to, compliance with, and impact of the special data dissemination standard," Economics and Politics, Wiley Blackwell, vol. 30(1), pages 55-77, March.
    5. Yuko Hashimoto & Konstantin M. Wacker, 2012. "The Role of Risk and Information for International Capital Flows: New Evidence from the SDDS," Courant Research Centre: Poverty, Equity and Growth - Discussion Papers 124, Courant Research Centre PEG.
    6. Ekhator-Mobayode,Uche Eseosa & Hoogeveen,Johannes G., 2021. "Microdata Collection and Openness in the Middle East and North Africa (MENA) : Introducing the MENAMicrodata Access Indicator," Policy Research Working Paper Series 9892, The World Bank.
    7. Mr. Jesus R Gonzalez-Garcia & Mr. John Cady, 2006. "The IMF’s Reserves Template and Nominal Exchange Rate Volatility," IMF Working Papers 2006/274, International Monetary Fund.
    8. Ramzi Mallat & Duc Khuong Nguyen, 2008. "Does Macroeconomic Transparency Help Governments Be Solvent?: Evidence From Recent Data," World Scientific Book Chapters, in: Mondher Bellalah & Jean-Luc Prigent & Jean-Michel Sahut & Georges Pariente & Olivier Levyne & Michel (ed.), Risk Management And Value Valuation and Asset Pricing, chapter 25, pages 615-631, World Scientific Publishing Co. Pte. Ltd..
    9. International Monetary Fund, 2012. "Eastern Caribbean Currency Union: Selected Issues," IMF Staff Country Reports 2012/130, International Monetary Fund.
    10. Kerner, Andrew & Crabtree, Charles, 2018. "The Political Economy of Data Production," SocArXiv qsxae, Center for Open Science.
    11. Krishna Chaitanya Vadlamannati & Arusha Cooray, 2015. "Do transparency initiatives work? Assessing the impact of the Special Data Dissemination Standard (SDDS) on data transparency," CAMA Working Papers 2015-24, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University.
    12. Choi, Sangyup & Hashimoto, Yuko, 2018. "Does transparency pay? Evidence from IMF data transparency policy reforms and emerging market sovereign bond spreads," Journal of International Money and Finance, Elsevier, vol. 88(C), pages 171-190.

    More about this item

    JEL classification:

    • C22 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes
    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
    • F34 - International Economics - - International Finance - - - International Lending and Debt Problems

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