国际货币基金组织：与市场对话：国际货币基金组织的公告在投资者信心中的作用（英文版）

This paper examines the effect of IMF staff and executive board announcements on sovereign bond spreads across emerging and developing economies during economic uncertainty. We derive testable predictions from a stylized model in which IMF announcements serve as a signal to ambiguity-averse investors, narrowing their posterior beliefs about macroeconomic parameters and lowering the ambiguity premium in bond pricing. To empirically assess this, we train a large language model to identify and c