Governance Improvements and Sovereign Financing Costs in Developing Countries:
More and more developing country governments are tapping the global debt capital markets. Thisis increasing the amount of finance available for development, but at a considerably higher costthan traditional external borrowing on concessional terms. Using a novel methodology based onestimating sovere...
Gespeichert in:
| Beteilige Person: | |
|---|---|
| Format: | Elektronisch E-Book |
| Sprache: | Englisch |
| Veröffentlicht: |
Washington, D.C
The World Bank
2019
|
| Schriftenreihe: | World Bank E-Library Archive
|
| Links: | https://doi.org/10.1596/31888 |
| Zusammenfassung: | More and more developing country governments are tapping the global debt capital markets. Thisis increasing the amount of finance available for development, but at a considerably higher costthan traditional external borrowing on concessional terms. Using a novel methodology based onestimating sovereign credit ratings using the Moody's scorecard, and examining the associationsbetween these ratings and the World Bank's Country Policy and Institutional Assessment (CPIA)scores, this paper examines how making improvements in the quality of economic policies andinstitutions can help lower governments' financing costs. Better CPIA scores are associated withbetter estimated ratings and materially lower financing costs; on average, improvements which aresufficient to increase a CPIA indicator score by 1 point are associated with interest costs which are lower by about 170 basis points. Estimated cost savings are the largest for countries with weaker initial ratings and commensurately high external debt issuance costs, consistent with governance concerns contributing significantly to the large risk premia faced by weaker borrowers |
| Umfang: | 1 Online-Ressource |
| DOI: | 10.1596/31888 |
Internformat
MARC
| LEADER | 00000nam a2200000zc 4500 | ||
|---|---|---|---|
| 001 | BV048272511 | ||
| 003 | DE-604 | ||
| 005 | 00000000000000.0 | ||
| 007 | cr|uuu---uuuuu | ||
| 008 | 220609s2019 xx o|||| 00||| eng d | ||
| 024 | 7 | |a 10.1596/31888 |2 doi | |
| 035 | |a (ZDB-1-WBA)NLM011134348 | ||
| 035 | |a (OCoLC)1334033985 | ||
| 035 | |a (DE-599)GBVNLM011134348 | ||
| 040 | |a DE-604 |b ger |e rda | ||
| 041 | 0 | |a eng | |
| 049 | |a DE-12 |a DE-521 |a DE-573 |a DE-523 |a DE-Re13 |a DE-19 |a DE-355 |a DE-703 |a DE-91 |a DE-706 |a DE-29 |a DE-M347 |a DE-473 |a DE-824 |a DE-20 |a DE-739 |a DE-1043 |a DE-863 |a DE-862 | ||
| 100 | 1 | |a Brown, Michael |e Verfasser |4 aut | |
| 245 | 1 | 0 | |a Governance Improvements and Sovereign Financing Costs in Developing Countries |c Michael Brown |
| 264 | 1 | |a Washington, D.C |b The World Bank |c 2019 | |
| 300 | |a 1 Online-Ressource | ||
| 336 | |b txt |2 rdacontent | ||
| 337 | |b c |2 rdamedia | ||
| 338 | |b cr |2 rdacarrier | ||
| 490 | 0 | |a World Bank E-Library Archive | |
| 520 | |a More and more developing country governments are tapping the global debt capital markets. Thisis increasing the amount of finance available for development, but at a considerably higher costthan traditional external borrowing on concessional terms. Using a novel methodology based onestimating sovereign credit ratings using the Moody's scorecard, and examining the associationsbetween these ratings and the World Bank's Country Policy and Institutional Assessment (CPIA)scores, this paper examines how making improvements in the quality of economic policies andinstitutions can help lower governments' financing costs. Better CPIA scores are associated withbetter estimated ratings and materially lower financing costs; on average, improvements which aresufficient to increase a CPIA indicator score by 1 point are associated with interest costs which are lower by about 170 basis points. Estimated cost savings are the largest for countries with weaker initial ratings and commensurately high external debt issuance costs, consistent with governance concerns contributing significantly to the large risk premia faced by weaker borrowers | ||
| 700 | 1 | |a Brown, Michael |4 oth | |
| 700 | 1 | |a Sienaert, Alex |4 oth | |
| 856 | 4 | 0 | |u https://doi.org/10.1596/31888 |x Verlag |z kostenfrei |3 Volltext |
| 912 | |a ZDB-1-WBA | ||
| 943 | 1 | |a oai:aleph.bib-bvb.de:BVB01-033652706 | |
Datensatz im Suchindex
| DE-BY-TUM_katkey | 2823676 |
|---|---|
| _version_ | 1821937204899872770 |
| any_adam_object | |
| author | Brown, Michael |
| author_facet | Brown, Michael |
| author_role | aut |
| author_sort | Brown, Michael |
| author_variant | m b mb |
| building | Verbundindex |
| bvnumber | BV048272511 |
| collection | ZDB-1-WBA |
| ctrlnum | (ZDB-1-WBA)NLM011134348 (OCoLC)1334033985 (DE-599)GBVNLM011134348 |
| discipline | Wirtschaftswissenschaften |
| doi_str_mv | 10.1596/31888 |
| format | Electronic eBook |
| fullrecord | <?xml version="1.0" encoding="UTF-8"?><collection xmlns="http://www.loc.gov/MARC21/slim"><record><leader>02308nam a2200337zc 4500</leader><controlfield tag="001">BV048272511</controlfield><controlfield tag="003">DE-604</controlfield><controlfield tag="005">00000000000000.0</controlfield><controlfield tag="007">cr|uuu---uuuuu</controlfield><controlfield tag="008">220609s2019 xx o|||| 00||| eng d</controlfield><datafield tag="024" ind1="7" ind2=" "><subfield code="a">10.1596/31888</subfield><subfield code="2">doi</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(ZDB-1-WBA)NLM011134348</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(OCoLC)1334033985</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(DE-599)GBVNLM011134348</subfield></datafield><datafield tag="040" ind1=" " ind2=" "><subfield code="a">DE-604</subfield><subfield code="b">ger</subfield><subfield code="e">rda</subfield></datafield><datafield tag="041" ind1="0" ind2=" "><subfield code="a">eng</subfield></datafield><datafield tag="049" ind1=" " ind2=" "><subfield code="a">DE-12</subfield><subfield code="a">DE-521</subfield><subfield code="a">DE-573</subfield><subfield code="a">DE-523</subfield><subfield code="a">DE-Re13</subfield><subfield code="a">DE-19</subfield><subfield code="a">DE-355</subfield><subfield code="a">DE-703</subfield><subfield code="a">DE-91</subfield><subfield code="a">DE-706</subfield><subfield code="a">DE-29</subfield><subfield code="a">DE-M347</subfield><subfield code="a">DE-473</subfield><subfield code="a">DE-824</subfield><subfield code="a">DE-20</subfield><subfield code="a">DE-739</subfield><subfield code="a">DE-1043</subfield><subfield code="a">DE-863</subfield><subfield code="a">DE-862</subfield></datafield><datafield tag="100" ind1="1" ind2=" "><subfield code="a">Brown, Michael</subfield><subfield code="e">Verfasser</subfield><subfield code="4">aut</subfield></datafield><datafield tag="245" ind1="1" ind2="0"><subfield code="a">Governance Improvements and Sovereign Financing Costs in Developing Countries</subfield><subfield code="c">Michael Brown</subfield></datafield><datafield tag="264" ind1=" " ind2="1"><subfield code="a">Washington, D.C</subfield><subfield code="b">The World Bank</subfield><subfield code="c">2019</subfield></datafield><datafield tag="300" ind1=" " ind2=" "><subfield code="a">1 Online-Ressource</subfield></datafield><datafield tag="336" ind1=" " ind2=" "><subfield code="b">txt</subfield><subfield code="2">rdacontent</subfield></datafield><datafield tag="337" ind1=" " ind2=" "><subfield code="b">c</subfield><subfield code="2">rdamedia</subfield></datafield><datafield tag="338" ind1=" " ind2=" "><subfield code="b">cr</subfield><subfield code="2">rdacarrier</subfield></datafield><datafield tag="490" ind1="0" ind2=" "><subfield code="a">World Bank E-Library Archive</subfield></datafield><datafield tag="520" ind1=" " ind2=" "><subfield code="a">More and more developing country governments are tapping the global debt capital markets. Thisis increasing the amount of finance available for development, but at a considerably higher costthan traditional external borrowing on concessional terms. Using a novel methodology based onestimating sovereign credit ratings using the Moody's scorecard, and examining the associationsbetween these ratings and the World Bank's Country Policy and Institutional Assessment (CPIA)scores, this paper examines how making improvements in the quality of economic policies andinstitutions can help lower governments' financing costs. Better CPIA scores are associated withbetter estimated ratings and materially lower financing costs; on average, improvements which aresufficient to increase a CPIA indicator score by 1 point are associated with interest costs which are lower by about 170 basis points. Estimated cost savings are the largest for countries with weaker initial ratings and commensurately high external debt issuance costs, consistent with governance concerns contributing significantly to the large risk premia faced by weaker borrowers</subfield></datafield><datafield tag="700" ind1="1" ind2=" "><subfield code="a">Brown, Michael</subfield><subfield code="4">oth</subfield></datafield><datafield tag="700" ind1="1" ind2=" "><subfield code="a">Sienaert, Alex</subfield><subfield code="4">oth</subfield></datafield><datafield tag="856" ind1="4" ind2="0"><subfield code="u">https://doi.org/10.1596/31888</subfield><subfield code="x">Verlag</subfield><subfield code="z">kostenfrei</subfield><subfield code="3">Volltext</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">ZDB-1-WBA</subfield></datafield><datafield tag="943" ind1="1" ind2=" "><subfield code="a">oai:aleph.bib-bvb.de:BVB01-033652706</subfield></datafield></record></collection> |
| id | DE-604.BV048272511 |
| illustrated | Not Illustrated |
| indexdate | 2024-12-20T19:40:23Z |
| institution | BVB |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-033652706 |
| oclc_num | 1334033985 |
| open_access_boolean | 1 |
| owner | DE-12 DE-521 DE-573 DE-523 DE-Re13 DE-BY-UBR DE-19 DE-BY-UBM DE-355 DE-BY-UBR DE-703 DE-91 DE-BY-TUM DE-706 DE-29 DE-M347 DE-473 DE-BY-UBG DE-824 DE-20 DE-739 DE-1043 DE-863 DE-BY-FWS DE-862 DE-BY-FWS |
| owner_facet | DE-12 DE-521 DE-573 DE-523 DE-Re13 DE-BY-UBR DE-19 DE-BY-UBM DE-355 DE-BY-UBR DE-703 DE-91 DE-BY-TUM DE-706 DE-29 DE-M347 DE-473 DE-BY-UBG DE-824 DE-20 DE-739 DE-1043 DE-863 DE-BY-FWS DE-862 DE-BY-FWS |
| physical | 1 Online-Ressource |
| psigel | ZDB-1-WBA |
| publishDate | 2019 |
| publishDateSearch | 2019 |
| publishDateSort | 2019 |
| publisher | The World Bank |
| record_format | marc |
| series2 | World Bank E-Library Archive |
| spellingShingle | Brown, Michael Governance Improvements and Sovereign Financing Costs in Developing Countries |
| title | Governance Improvements and Sovereign Financing Costs in Developing Countries |
| title_auth | Governance Improvements and Sovereign Financing Costs in Developing Countries |
| title_exact_search | Governance Improvements and Sovereign Financing Costs in Developing Countries |
| title_full | Governance Improvements and Sovereign Financing Costs in Developing Countries Michael Brown |
| title_fullStr | Governance Improvements and Sovereign Financing Costs in Developing Countries Michael Brown |
| title_full_unstemmed | Governance Improvements and Sovereign Financing Costs in Developing Countries Michael Brown |
| title_short | Governance Improvements and Sovereign Financing Costs in Developing Countries |
| title_sort | governance improvements and sovereign financing costs in developing countries |
| url | https://doi.org/10.1596/31888 |
| work_keys_str_mv | AT brownmichael governanceimprovementsandsovereignfinancingcostsindevelopingcountries AT sienaertalex governanceimprovementsandsovereignfinancingcostsindevelopingcountries |