Results 271 to 280 of about 1,920 (305)
Some of the next articles are maybe not open access.
Access to Credit by Firms and Sovereign Credit Rating Stability
SSRN Electronic Journal, 2019This paper studies the impact of the number of sovereign credit rating and outlook changes on the access to credit by firms. The data sample consists of 127,000 firms from 139 countries surveyed by World Bank over the period, 2006 to 2016. An ordered logit model is used as a primary tool for empirical analysis.
Yasir Riaz +2 more
openaire +1 more source
Are China’s sovereign credit ratings underestimated?
Journal of Economic Policy Reform, 2011We use a comprehensive database of sovereign credit ratings (SCRs) from Moody’s, Standard and Poor’s and Fitch for a cross-section of 120 countries from 1986–2009. Using panel data, we find that GDP per capita, the GDP growth rate and the degree of industrialization positively affect ratings, while the government cash flow deficit, the current account ...
Ke Chen, Cheng Cheng, Shenggang Yang
openaire +1 more source
1995
Sovereign ratings are gaining importance as more governments with greater default risk borrow in international bond markets. But while the ratings have proved useful to governments seeking market access, the difficulty of assessing sovereign risk has led to agency disagreements and public controversy over specific rating assignments.
Richard Cantor, Frank Packer
openaire +1 more source
Sovereign ratings are gaining importance as more governments with greater default risk borrow in international bond markets. But while the ratings have proved useful to governments seeking market access, the difficulty of assessing sovereign risk has led to agency disagreements and public controversy over specific rating assignments.
Richard Cantor, Frank Packer
openaire +1 more source
Institutional Environment and Sovereign Credit Ratings
SSRN Electronic Journal, 2006We use a sample of 86 counties to examine the cross-sectional determinants of sovereign credit ratings. We find that the quality of a country's legal and political institutions plays a vital role in determining these ratings. A one-standard-deviation increase in our legal environment index results in an average credit rating increase of 0.466 standard ...
Alexander W. Butler, Larry Fauver
openaire +1 more source
The Sovereign Effect on Bank Credit Ratings
Journal of Financial Services Research, 2014We investigate the effect of sovereign credit ratings on bank credit ratings, known as the sovereign effect. Our study differs from the literature in three respects. First, we examine whether bank ratings below, at, or above the sovereign ceiling impact the sovereign effect. We find that the sovereign effect holds in all cases.
Yu-Li Huang, Chung-Hua Shen
openaire +1 more source
Statistical Properties of Sovereign Credit Ratings
SSRN Electronic Journal, 2001The sovereign credit rating is a key determinant of the cost and availability of international financing for an economy. This paper models ratings as a function of expected repayment capacity, derives testable hypotheses, and conducts a statistical analysis based of the ratings awarded by Institutional Investor.
openaire +1 more source
The Procyclicality of African Sovereign Credit Ratings
2017Credit rating agencies are supposed to have a long-term outlook when assigning credit ratings to sovereign states. It is unwarranted to assign high (low) ratings to sovereigns that are experiencing momentary successes (impediments). Ratings should therefore be assigned without taking the business cycle into account.
Marinda Pretorius, Ilsé Botha
openaire +1 more source
Determinants of sovereign credit rating and credit rating agencies faults
Sarajevo business and economics review, 2014Credit rating agencies are prominent actors on world financial market, as they make decisions on country’s credit rating which determines general investment climate and influences economic progress and general economic stability of a country. The aim of this paper is to determine key factors in defining country’s credit rating in the period before ...
openaire +1 more source
The informational value of sovereign credit ratings
2012This paper examines the impact of rating actions by Moody’s Investor Service on European long-term government bonds. First, it introduces credit rating agencies with special emphasize on their development and history. To understand their role in modern financial markets it is necessary to highlight the current market situation, especially peculiarities
openaire +1 more source