Can Statistical Capacity Building Help Reduce Procyclical Fiscal Policy In Developing Countries
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Can Statistical Capacity Building Help Reduce Procyclical Fiscal Policy in Developing Countries?
Author: Mr.Sampawende J Tapsoba
language: en
Publisher: International Monetary Fund
Release Date: 2016-11-15
Few papers have attempted to assess the role of “capacity,” especially in the area of macroeconomic statistics. Consequently, we make an attempt to advance this literature through the construction of a “statistical capacity building index,” and then test its explanatory power on the cyclicality of government spending. Using panel data from 62 developing countries, we find evidence that improvements in this index are associated with less procyclicality of government spending over the period 1990–2012; with the significance of this relationship dependent upon the quality of administrative and technical capacity of budgetary institutions.
Can Statistical Capacity Building Help Reduce Procyclical Fiscal Policy in Developing Countries?
Author: Mr.Sampawende J Tapsoba
language: en
Publisher: International Monetary Fund
Release Date: 2016-11-08
Few papers have attempted to assess the role of “capacity,” especially in the area of macroeconomic statistics. Consequently, we make an attempt to advance this literature through the construction of a “statistical capacity building index,” and then test its explanatory power on the cyclicality of government spending. Using panel data from 62 developing countries, we find evidence that improvements in this index are associated with less procyclicality of government spending over the period 1990–2012; with the significance of this relationship dependent upon the quality of administrative and technical capacity of budgetary institutions.
The Effects of Data Transparency Policy Reforms on Emerging Market Sovereign Bond Spreads
Author: Sangyup Choi
language: en
Publisher: International Monetary Fund
Release Date: 2017-03-30
We find that data transparency policy reforms, reflected in subscriptions to the IMF’s Data Standards Initiatives (SDDS and GDDS), reduce the spreads of emerging market sovereign bonds. To overcome endogeneity issues regarding a country’s decision to adopt such reforms, we first show that the reform decision is largely independent of its macroeconomic development. By using an event study, we find that subscriptions to the SDDS or GDDS leads to a 15 percent reduction in the spreads one year following such reforms. This finding is robust to various sensitivity tests, including careful consideration of the interdependence among the structural reforms.