01948cas a2200265 a 4500 AALejournalIMF008796 230101c9999 xx r poo 0 0eng d 5.00 USD 9781451861020 1018-5941 BD-DhAAL BD-DhAAL Andritzky, Jochen. The Impact of Macroeconomic Announcements on Emerging Market Bonds / Jochen Andritzky, Geoffrey Bannister, Natalia Tamirisa. Washington, D.C. : International Monetary Fund, 2005. 1 online resource (31 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 examines how emerging bond markets react to macroeconomic announcements. Global bond spreads respond to rating actions and changes in global interest rates rather than domestic data and policy announcements. All announcements affect market volatility. Data and policy announcements reduce uncertainty and stabilize the trading environment, while rating actions cause greater volatility. Results are broadly robust to country-specific and panel analyses, assuming conditional variance and controlling for the surprise content of news. In subsamples, announcements are found to matter less for countries with more transparent policies and higher credit ratings. In a crisis, rating actions become less important, and investors focus more on simple and timely indicators, like CPI. Mode of access: Internet Bannister, Geoffrey. Tamirisa, Natalia. IMF Working Papers; Working Paper ; No. 2005/083 Full text available on IMF http://elibrary.imf.org/view/journals/001/2005/083/001.2005.issue-083-en.xml IMF e-Library