Financial Data Transparency, International Institutions, and Sovereign Borrowing Costs
Financial Data Transparency, International Institutions, and Sovereign Borrowing Costs
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DOI：
10.1093/isq/sqx082
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发表时间：
2018-03
影响因子：
2.6
通讯作者：
Mark Copelovitch;Christopher Gandrud;Mark Hallerberg
中科院分区：
文献类型：
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作者：
Mark Copelovitch;Christopher Gandrud;Mark Hallerberg
最近的国际金融事件表明，一国主要私人金融机构的生存能力与其主权债务的可持续性之间存在密切联系。我们探讨了这种联系的确切性质以及它如何影响投资者对主权信用的预期。我们考虑投资者在做出主权债务投资决策时如何利用有关私人金融部门的总体信息及其对政府财政构成的潜在风险。我们预计，政府提供更多有关私人金融部门的信息将降低借贷成本且波动性更小。为了检验这一论点，我们创建了一个新的金融数据透明度（FDT）指数，衡量政府发布可信金融系统数据的意愿。通过使用 FDT 和高收入经合组织国家的样本，我们发现这种透明度降低了主权借贷成本。其影响取决于公共债务水平。债务较低的透明国家的借贷成本较低且波动较小。
Recent events in international finance illustrate the close connection between the viability of a country's major private financial institutions and the sustainability of its sovereign debt. We explore the precise nature of this connection and the ways in which it shapes investors’ expectations of sovereign creditworthiness. We consider how investors use the overall level of information available about the private financial sector—and the potential risks it poses to government finances—when making decisions about investing in sovereign debt. We expect that governments providing more information about the private financial sector will have lower, and less volatile, borrowing costs. In order to test this argument, we create a new Financial Data Transparency (FDT) Index measuring governments’ willingness to release credible financial system data. Using the FDT and a sample of high-income OECD countries, we find that such transparency reduces sovereign borrowing costs. The effects are conditional on the level of public indebtedness. Transparent countries with low debt enjoy lower and less volatile borrowing costs.