Multilateral Debt Relief through the Eyes of Financial Markets

doi:10.1162/REST_a_00196

Publication:
Multilateral Debt Relief through the Eyes of Financial Markets

dc.contributor.author	Raddatz, Claudio
dc.date.accessioned	2015-02-12T22:15:19Z
dc.date.available	2015-02-12T22:15:19Z
dc.date.issued	2011-11
dc.description.abstract	This paper conducts an event study of the impact of multilateral debt relief initiatives announcements on the stock prices of South African companies with subsidiaries in countries benefited by these initiatives. It shows that these prices increase significantly above those of other firms, especially around the launching of the Multilateral Debt Relief Initiative. These price increases are consistent with lower expected levels of future taxation in the benefited countries and provide evidence of the economic consequences of multilateral debt relief that is robust to reverse causality between economic performance and the decision to grant debt relief.	en
dc.identifier.citation	Review of Economics and Statistics
dc.identifier.doi	10.1596/21438
dc.identifier.issn	0034-6535
dc.identifier.uri	https://hdl.handle.net/10986/21438
dc.language.iso	en_US
dc.publisher	MIT Press
dc.rights	CC BY-NC-ND 3.0 IGO
dc.rights.holder	World Bank
dc.rights.uri	http://creativecommons.org/licenses/by-nc-nd/3.0/igo
dc.subject	Multilateral Debt Relief Initiative
dc.subject	MDRI
dc.subject	Heavily Indebted Poor Countries
dc.subject	HIPC
dc.subject	stock prices
dc.subject	subsidiaries
dc.subject	foreign direct investment
dc.title	Multilateral Debt Relief through the Eyes of Financial Markets	en
dc.type	Journal Article	en
dc.type	Article de journal	fr
dc.type	Artículo de revista	es
dspace.entity.type	Publication
okr.date.disclosure	2012-11-01
okr.date.doiregistration	2025-05-06T11:00:51.827655Z
okr.doctype	Publications & Research
okr.doctype	Publications & Research::Journal Article
okr.externalcontent	External Content
okr.globalpractice	Finance and Markets
okr.identifier.doi	10.1162/REST_a_00196
okr.journal.nbpages	1262-88
okr.language.supported	en
okr.peerreview	Academic Peer Review
okr.region.country	South Africa
okr.region.geographical	Sub-Saharan Africa
okr.relation.associatedurl	http://www.mitpressjournals.org/doi/pdf/10.1162/REST_a_00196
okr.topic	Finance and Financial Sector Development::Capital Markets and Capital Flows
okr.topic	Finance and Financial Sector Development::Debt Relief and HIPC
okr.topic	Macroeconomics and Economic Growth::Investment and Investment Climate
okr.volume	93(4)