PublicDisclosureAuthorizedPolicyResearchWorkingPaper10741PublicDisclosureAuthorizedTheSovereignSpreadCompressingEffectofFiscalRulesduringGlobalCrisesPublicDisclosureAuthorizedErgysIslamajAgustinSamanoPenalozaScottSommersPublicDisclosureAuthorizedDevelopmentEconomicsAverifiedreproducibilitypackageforthispaperisDevelopmentResearchGroupavailableathttp://reproducibility.worldbank.org,March2024clickherefordirectaccess.PolicyResearchWorkingPaper10741Abstractindicatinganexpectationofpost-crisiscompliance.ThestudyshowsthatdeviationsfromfiscalrulesaretypicallyDofiscalruleshelpsuppresssovereignspreadsduringshort-lived,withfiscalbalancerulesreinstatedwithin3.5periodsofglobalfinancialstress?Yes!Thispaperexam-years.Robustnesschecks,includingcontrolsforinstitu-ineswhetherfiscalrulescontributetomitigatingsovereigntionalquality,fiscalrulestrength,andglobalandregionalspreadsinemergingmarketsanddevelopingeconomiesfactorsconfirmtheseresults.Overall,thefindingssuggestduringperiodsofheightenedfinancialandeconomicvol-thatfiscalrulescanhelpemergingmarketsanddevelopingatilityworldwide.Itfindsthatthepresenceoffiscalruleseconomiessignalfiscalresponsibilityduringepisodesofisstatisticallysignificantlyassociatedwithlowersover-globalfinancialstress,reducingborrowingcostsrelativetoeignspreadsduringtheCOVID-19crisis—about350countrieswithou...
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