Fiscal transparency and sustainability of public debts in times of crisis: How to strengthen investor confidence?

 

Fiscal transparency has been central to the public debate since concerns over sovereign debt erupted into the modern euro crisis in 2010. But just how influential is fiscal transparency in dictating the perceptions of the investment community, and thus the conditions in which sovereign states finance themselves? This paper analyzes this question by researching the relationship between fiscal transparency (proxied by the Open Budget Index) and an indicator of financial market perceptions (5-year Credit Default Swap spreads).

 Jules Tilly, M.P.A. in Public Policy and Management at the London School of Economics’ Institute of Public Affairs... 

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