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Wall Street and elections in Latin American emerging democracies

Recurso electrónico / electronic resource
MARC record
Tag12Value
LDR  00000cam a22000004b 4500
001  MAP20080054274
003  MAP
005  20081215180551.0
008  081215s2008 fra|||| ||| ||eng d
040  ‎$a‎MAP‎$b‎spa‎$d‎MAP
084  ‎$a‎921.4
1001 ‎$0‎MAPA20080664022‎$a‎Nieto Parra, Sebastián
24510‎$a‎Wall Street and elections in Latin American emerging democracies‎$c‎by Sebastián Nieto Parra and Javier Santiso
260  ‎$a‎Paris‎$b‎OECD‎$c‎cop. 2008
4901 ‎$a‎Working paper‎$v‎272
520  ‎$a‎This paper focuses on the interactions between the political cycle and capital markets in emerging economies, examining the way in which Wall Street strategists react to major Latin American political events, specifically presidential elections. For this purpose we construct a database of all sovereign bond recommendations of the major investment banks active in emerging bond markets from 1997 to 2008. Assessing the impact of presidential elections on investment banks recommendations, we conclude firstly, that the political cycle is a major determinant variable in explaining the downgrading of sovereign bonds in the three months prior to presidential elections. Secondly, the credibility of future macro (fiscal and monetary) policies announced by presidential candidates during campaigns stands out as an important determinant of investment banks recommendations. In particular, if candidates are not committed to defend sustainable macroeconomic policies, investment banks downgrade sovereign debt prior to elections
650 1‎$0‎MAPA20080591922‎$a‎Mercados emergentes
650 1‎$0‎MAPA20080586850‎$a‎Política económica
650 1‎$0‎MAPA20080554163‎$a‎Elecciones
650 1‎$0‎MAPA20080611248‎$a‎Inversiones financieras
650 1‎$0‎MAPA20080561109‎$a‎Wall Street
651 1‎$0‎MAPA20080641894‎$a‎Iberoamérica
7001 ‎$0‎MAPA20080342234‎$a‎Santiso Guimaras, Javier
7102 ‎$0‎MAPA20080432676‎$a‎OECD
830 0‎$0‎MAPA20080507589‎$a‎Working paper‎$v‎272