Financial Data Transparency, International Institutions, and Sovereign Borrowing Costs

Recent events in international finance illustrate the close connection between the viability of a country's major private financial institutions and the sustainability of its sovereign debt. We explore the precise nature of this connection and the ways in which it shapes investors’ expectations of sovereign creditworthiness. We consider how investors use the overall level of information available about the private financial sector—and the potential risks it poses to government finances—when making decisions about investing in sovereign debt. We expect that governments providing more information about the private financial sector will have lower, and less volatile, borrowing costs. In order to test this argument, we create a new Financial Data Transparency (FDT) Index measuring governments’ willingness to release credible financial system data. Using the FDT and a sample of high-income OECD countries, we find that such transparency reduces sovereign borrowing costs. The effects are conditional on the level of public indebtedness. Transparent countries with low debt enjoy lower and less volatile borrowing costs

Transparent government, not transparent citizens: a report on privacy and transparency for the Cabinet Office

1. Privacy is extremely important to transparency. The political legitimacy of a transparency programme will depend crucially on its ability to retain public confidence. Privacy protection should therefore be embedded in any transparency programme, rather than bolted on as an afterthought. 2. Privacy and transparency are compatible, as long as the former is carefully protected and considered at every stage. 3. Under the current transparency regime, in which public data is specifically understood not to include personal data, most data releases will not raise privacy concerns. However, some will, especially as we move toward a more demand-driven scheme. 4. Discussion about deanonymisation has been driven largely by legal considerations, with a consequent neglect of the input of the technical community. 5. There are no complete legal or technical fixes to the deanonymisation problem. We should continue to anonymise sensitive data, being initially cautious about releasing such data under the Open Government Licence while we continue to take steps to manage and research the risks of deanonymisation. Further investigation to determine the level of risk would be very welcome. 6. There should be a focus on procedures to output an auditable debate trail. Transparency about transparency – metatransparency – is essential for preserving trust and confidence. Fourteen recommendations are made to address these conclusions

Fiscal Transparency and Fiscal Policy Outcomes in OECD Countries.

It is widely believed and often argued that fiscal, or budgetary, transparency has large, positive effects on fiscal performance. However, the evidence linking transparency and fiscal policy outcomes is far from compelling. We present a career-concerns model with political parties to analyze the effects of fiscal transparency on public debt accumulation. To test the predictions of the model, we construct a replicable index of fiscal transparency. Simultaneous estimates of debt and transparency on 19-country OECD data strongly confirm that a higher degree of fiscal transparency is associated with lower public debt and deficits.

Institutional Quality and Fiscal Transparency

This paper uses new data on fiscal transparency for a cross-section of countries; these data possess several advantages. First, the data are based on in-depth reports using a standardized methodology and protocol. Second, this study covers 82 countries, more than previous comparable studies. Third, the fiscal measures used have been obtained with the collaboration of government authorities, which makes them particularly reliable. Finally, the data collection has been undertaken at a high level. These new data permit examination of a relevant but little-studied issue, the role of institutional quality in a country’s fiscal transparency. It is shown that there is in fact a causal relationship between institutions and transparency. The findings are robust to changes in specification and a host of transparency sub-measures.Fiscal management, Institutions, Public administration, Transparency

Nuclear Transparency to Intermediate-Energy Protons

Nuclear transparency in the (e,e'p) reaction for 135 < Tp < 800 MeV is investigated using the distorted wave approximation. Calculations using density-dependent effective interactions are compared with phenomenological optical potentials. Nuclear transparency is well correlated with proton absorption and neutron total cross sections. For Tp < 300 MeV there is considerable sensitivity to the choice of optical model, with the empirical effective interaction providing the best agreement with transparency data. For Tp > 300 MeV there is much less difference between optical models, but the calculations substantially underpredict transparency data and the discrepancy increases with A. The differences between Glauber and optical model calculations are related to their respective definitions of the semi-inclusive cross section. By using a more inclusive summation over final states the Glauber model emphasizes nucleon-nucleon inelasticity, whereas with a more restrictive summation the optical model emphasizes nucleon-nucleus inelasticity; experimental definitions of the semi-inclusive cross section lie between these extremes.Comment: uuencoded gz-compressed tar file containing revtex and bbl files and 5 postscript figures, totalling 31 pages. Uses psfi

Zonation of submerged vegetation in Lake Kariba, Zimbabwe and its ecological interpretation

The submerged vegetation of Lake Kariba is described in relation to degree of slope (lake morphometry), depth and light transparency. The direct gradient analysis technique - canonical correspondence analysis and the TWINSPAN classification programs were used to analyse the data set. The western end of the lake with low transparency has a low species diversity (with Vallisneria aethiopica dominating). Species diversity increases with increased transparency in the other parts of the lake. The classification revealed monospecific communities for all species as well as mixed communities with Lagarosiphon as the associate species with the broadest distribution. The ordination revealed a first axis strongly related to the depth and transparency gradients and the second axis related to slope

Searching for the properties of nuclear matter using proton-carbon and deuteron-carbon collisions at 4.2 a gev/c

The present work reports the use of nuclear transparency effect of protons in proton and deuteron carbon interactions at 4.2 A GeV/c to get information about the states of nuclear matter. The half angle technique is used to extract the information on nuclear transparency. The results are compared with Dubna version of Cascade model. The average values of multiplicity, momentum and transverse momentum of protons are analyzed as a function of the number of identified protons in an event. We observed some evidence and trends in the data which could be considered as transparency effect. Analysis of the results shows that the leading effect is the basis of the observed transparency. Some contribution to the observed effect could be the existing short range correlations and the scaling power law s^-N, for exclusive two body hard scattering.Comment: 7 pages, 2 figure

Effect of transparency on changing views regarding nuclear energy before and after Japan’s 2011 natural disasters: A cross-country analysis

Using cross-country data, this paper examines the influence of government transparency on changing views regarding nuclear energy before and after Japan’s natural and nuclear disasters of 2011. Empirical results show that transparency increases the rate of favor for nuclear energy.Natural disaster, Nuclear energy, Transparency