المستودع الأكاديمي جامعة المدينة

Fool the markets? Creative accounting, fiscal transparency and sovereign risk premia

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dc.creator Bernoth, Kerstin
dc.creator Wolff, Guntram B.
dc.date 2006
dc.date.accessioned 2013-10-16T07:06:03Z
dc.date.available 2013-10-16T07:06:03Z
dc.date.issued 2013-10-16
dc.identifier http://hdl.handle.net/10419/19647
dc.identifier ppn:514273933
dc.identifier RePEc:zbw:bubdp1:4470
dc.identifier.uri http://koha.mediu.edu.my:8181/xmlui/handle/10419/19647
dc.description We investigate the effects of official fiscal data and creative accounting signals on interest rate spreads between bond yields in the European Union. Our model predicts that risk premia contained in government bond spreads should increase in both, the official fiscal position and the expected "creative" part of fiscal policy. The relative importance of these two signals depends on the transparency of the country. Greater transparency reduces risk premia. The empirical results confirm the hypotheses. Creative accounting increases the spread. The increase of the risk premium is stronger if financial markets are unsure about the true extent of creative accounting. Fiscal transparency reduces risk premia. Instrumental variable regressions confirm these results by addressing potential reverse causality problems and measurement bias.
dc.language eng
dc.relation Discussion paper Series 1 / Volkswirtschaftliches Forschungszentrum der Deutschen Bundesbank 2006,19
dc.rights http://www.econstor.eu/dspace/Nutzungsbedingungen
dc.subject F34
dc.subject H6
dc.subject G12
dc.subject E43
dc.subject E62
dc.subject ddc:330
dc.subject Risk premia
dc.subject government bond yields
dc.subject creative accounting
dc.subject stock-flow adjustments
dc.subject gimmickry
dc.subject transparency
dc.subject Haushaltsdefizit
dc.subject Öffentliche Schulden
dc.subject Bilanzpolitik
dc.subject Konvergenzkriterien
dc.subject EU-Stabilitätspakt
dc.subject Zinsdifferenz
dc.subject Länderrisiko
dc.subject Risikoprämie
dc.subject Öffentliche Anleihe
dc.subject Schätzung
dc.subject EU-Staaten
dc.title Fool the markets? Creative accounting, fiscal transparency and sovereign risk premia
dc.type doc-type:workingPaper


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