UID:
edocfu_9958120559002883
Umfang:
1 online resource (21 p.)
ISBN:
1-4623-7894-3
,
1-4552-9797-6
,
1-282-84651-5
,
9786612846519
,
1-4552-0213-4
Serie:
IMF working paper ; WP/10/179
Inhalt:
We examine the effect that revenue windfalls from international commodity price shocks have on sovereign bond spreads using panel data for 30 emerging market economies during the period 1997-2007. Our main finding is that positive commodity price shocks lead to a significant reduction in the sovereign bond spread in democracies, but to a significant increase in the spread in autocracies. To explain our finding we show that, consistent with the political economy literature on the resource curse, revenue windfalls from international commodity price shocks significantly increased real per capita GDP growth in democracies, while in autocracies GDP per capita growth decreased.
Anmerkung:
"July 2010."
,
At head of title: IMF Institute.
,
Cover Page; Title Page; Copyright Page; Contents; I. Introduction; II. Data; Table 1. Descriptive Statistics; III. Estimation Strategy; IV. Main Results; Table 2. Commodity Price Shocks, Political Institutions, and the Spread on Sovereign; Table 3. Commodity Price Shocks, Political Institutions, and Economic Growth; V. Conclusion; References; Footnotes
Sprache:
Englisch
