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Data transparency and sovereign financing conditions

Author

Listed:
  • Jesus Gonzalez-Garcia

    (International Monetary Fund)

Abstract

This paper provides novel evidence on the link between transparency through dissemination of economic data and financing conditions in international capital markets. It explores changes in sovereign financing conditions when countries join the International Monetary Fund Data Standards Initiatives—a multilateral framework that promotes data transparency as a global public good. The results from event studies and local projection methods suggest a significant decrease in sovereign spreads following the adoption of the standards. In addition, countries with relatively weaker governance benefit the most from signaling their effort toward strengthening transparency.

Suggested Citation

  • Jesus Gonzalez-Garcia, 2024. "Data transparency and sovereign financing conditions," Empirical Economics, Springer, vol. 66(4), pages 1735-1755, April.
    • Handle: RePEc:spr:empeco:v:66:y:2024:i:4:d:10.1007_s00181-023-02498-4
    DOI: 10.1007/s00181-023-02498-4
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    More about this item

    Keywords

    Data transparency; IMF data standards initiatives; Sovereign borrowing; EMBIG spreads; Event studies; Local projection methods; Governance;
    All these keywords.

    JEL classification:

    • F30 - International Economics - - International Finance - - - General
    • G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data)
    • G20 - Financial Economics - - Financial Institutions and Services - - - General

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