DEMOCRACY’S SPREAD: Elections and Sovereign Debt in Developing Countries
dc.contributor.author | Block, Steven A. | en_US |
dc.contributor.author | Schrage, Burkhard N. | en_US |
dc.contributor.author | Vaaler, Paul M. | en_US |
dc.date.accessioned | 2006-08-01T16:07:01Z | |
dc.date.available | 2006-08-01T16:07:01Z | |
dc.date.issued | 2003-05-15 | en_US |
dc.identifier.other | RePEc:wdi:papers:2003-575 | en_US |
dc.identifier.uri | https://hdl.handle.net/2027.42/39961 | en_US |
dc.description.abstract | We use partisan and opportunistic political business cycle (“PBC”) considerations to develop and test a framework for explaining election-period changes in credit spreads for developing country sovereign bonds. Pre-election bond spread trends are significantly linked both to the partisan orientation of incumbents facing election and to expectations of incumbent victory. Bond spreads for right-wing (leftwing) incumbents increase (decrease) as the likelihood of left-wing (right-wing) challenger victory increases. For right-wing incumbent partisan and opportunistic PBC effects bondholder risk perceptions are mutually reinforcing. For left-wing incumbents partisan PBC effects dominate bondholder risk perceptions compared to opportunistic PBC effects. | en_US |
dc.format.extent | 89203 bytes | |
dc.format.extent | 3151 bytes | |
dc.format.extent | 466379 bytes | |
dc.format.mimetype | text/plain | |
dc.format.mimetype | text/plain | |
dc.format.mimetype | application/pdf | |
dc.language.iso | en_US | en_US |
dc.relation.ispartofseries | 575 | en_US |
dc.subject | Economics; Elections; Developing Countries; Sovereign Bonds; Spreads | en_US |
dc.subject.other | D72, F30, F34, G12, G14, G15, G29 | en_US |
dc.title | DEMOCRACY’S SPREAD: Elections and Sovereign Debt in Developing Countries | en_US |
dc.type | Working Paper | en_US |
dc.subject.hlbsecondlevel | Economics | en_US |
dc.subject.hlbtoplevel | Business | en_US |
dc.description.bitstreamurl | http://deepblue.lib.umich.edu/bitstream/2027.42/39961/3/wp575.pdf | en_US |
dc.owningcollname | William Davidson Institute (WDI) - Working Papers |
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