世界银行-提高数据透明度：借款人和投资者的共同激励（英）

Policy Research Working Paper11054Boosting Data TransparencyA Shared Incentive for Borrowers and InvestorsMegumi KubotaAfrica RegionOffice of the Chief EconomistFebruary 2025 Public Disclosure AuthorizedPublic Disclosure AuthorizedPublic Disclosure AuthorizedPublic Disclosure AuthorizedProduced by the Research Support TeamAbstractThe Policy Research Working Paper Series disseminates the findings of work in progress to encourage the exchange of ideas about development issues. An objective of the series is to get the findings out quickly, even if the presentations are less than fully polished. The papers carry the names of the authors and should be cited accordingly. The findings, interpretations, and conclusions expressed in this paper are entirely those of the authors. They do not necessarily represent the views of the International Bank for Reconstruction and Development/World Bank and its affiliated organizations, or those of the Executive Directors of the World Bank or the governments they represent.Policy Research Working Paper 11054This paper shows that enhancing data transparency can help increase sovereign bond returns in countries with medium to higher levels of institutional quality. Bond returns are lower in countries with high levels of debt. However, the findings from the fixed effect instrumental variables for panel data analysis highlight that enhancing data trans-parency can mitigate the negative impact of debt even in a highly indebted country. The novelty of the study is that it examines the relationship between sovereign bond returns and data transparency, and then calculates the benefits accrued by external creditors from improved data trans-parency in the borrowing country. The determinants differ from the those of sovereign bond spreads. The paper also introduces S&P sovereign credit ratings and total reserves as additional explanatory variables. There are thresholds beyond which data transparency has a positive impact on bond returns. The estimated threshold effect levels show that a country needs to have an International Country Risk Guide score greater than 4.15 in logs for international cred-itors to reap the benefits from enhancing data transparency.This paper is a product of the Office of the Chief Economist, Africa Region. It is part of a larger effort by the World Bank to provide open access to its research and make a contribution to development policy discussions around the world. Policy Research Working Papers are also posted on the Web at http://www.worldbank.org/prwp. The author may be contacted at mkubota@worldbank.org. Boosting Data Transparency: A Shared Incentive for Borrowers and Investors* Megumi Kubota The World Bank Keywords: Economic data transparency, threshold effects, investors’ benefit, institution, sovereign bond returns, credit ratings JEL Code: F33, F34, G14 *Kubota, The World Bank, Office of the Chief Economist of the Africa Region (AFRCE). Email:mkubota@worldbank.org. The views expressed in this