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The Value of Institutions for Financial Markets: Evidence from Emerging Markets

The Value of Institutions for Financial Markets: Evidence from Emerging Markets by Thomas Stratmann
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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 tend to view election years negatively.
International Monetary Fund; February 2009
23 pages; ISBN 9781452781358
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Title: The Value of Institutions for Financial Markets: Evidence from Emerging Markets
Author: Thomas Stratmann; Bernardin Akitoby
 
ISBNs
1451916108
9781451871746
9781451916102
9781452781358