01863cas a2200253 a 4500 AALejournalIMF002412 230101c9999 xx r poo 0 0eng d 5.00 USD 9781451855401 1018-5941 BD-DhAAL BD-DhAAL Shin, Yongseok. Is Transparency Good for You, and Can the IMF Help? / Yongseok Shin, Rachel Glennerster. Washington, D.C. : International Monetary Fund, 2003. 1 online resource (47 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students This paper finds that reforms introduced by the IMF to promote transparency have created more informed markets and reduced borrowing costs for those emerging market countries that volunteered for them. Using a quarterly panel estimation with fixed country effects, we find that sovereign spreads fall following the adoption of three different transparency reforms. The effects are economically important, especially for those countries with low initial transparency. We use two-stage least squares to address any endogeneity in the timing of reforms exploiting internal IMF timetables that are unrelated to country events. Next, using a panel GARCH specification, we show that spreads move more than normal in the days immediately following publication of IMF country documents. Mode of access: Internet Glennerster, Rachel. IMF Working Papers; Working Paper ; No. 2003/132 Full text available on IMF http://elibrary.imf.org/view/journals/001/2003/132/001.2003.issue-132-en.xml IMF e-Library