How Long to Read The Rewards of Fiscal Consolidation: Sovereign Spreads and Confidence Effects
By Mr.Antonio David
How Long Does it Take to Read The Rewards of Fiscal Consolidation: Sovereign Spreads and Confidence Effects?
It takes the average reader and 28 minutes to read The Rewards of Fiscal Consolidation: Sovereign Spreads and Confidence Effects by Mr.Antonio David
Assuming a reading speed of 250 words per minute. Learn more
Description
This paper investigates the effects of fiscal consolidation announcements on sovereign spreads in a panel of 21 emerging market economies during 2000-18. We construct a novel dataset using a global news database to identify the precise announcement date of fiscal consolidation actions. Our results show that sovereign spreads decline significantly following news that austerity measures have been approved by the legislature (congress or parliament), in periods of high sovereign spreads or in countries under an IMF program. In addition, consolidation announcements are less contractionary when sovereign spreads decline, with the reduction in output being half of the counterfactual case in which spreads do not respond to announcements. These results constitute direct evidence that confidence effects, in the form of lower sovereign spreads, are an important transmission channel of fiscal shocks. We also find that the role of confidence effects increases with the level of spreads such that countries with high spread levels stand to benefit the most from putting in place credible austerity packages.
How long is The Rewards of Fiscal Consolidation: Sovereign Spreads and Confidence Effects?
The Rewards of Fiscal Consolidation: Sovereign Spreads and Confidence Effects by Mr.Antonio David is 28 pages long, and a total of 7,224 words.
This makes it 9% the length of the average book. It also has 9% more words than the average book.
How Long Does it Take to Read The Rewards of Fiscal Consolidation: Sovereign Spreads and Confidence Effects Aloud?
The average oral reading speed is 183 words per minute. This means it takes and 39 minutes to read The Rewards of Fiscal Consolidation: Sovereign Spreads and Confidence Effects aloud.
What Reading Level is The Rewards of Fiscal Consolidation: Sovereign Spreads and Confidence Effects?
The Rewards of Fiscal Consolidation: Sovereign Spreads and Confidence Effects is suitable for students ages 8 and up.
Note that there may be other factors that effect this rating besides length that are not factored in on this page. This may include things like complex language or sensitive topics not suitable for students of certain ages.
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