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Sovereign Credit Ratings Before and After Financial Crises

Citations

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Cited by:

  1. Rosati, Nicoletta & Bellia, Mario & Matos, Pedro Verga & Oliveira, Vasco, 2020. "Ratings matter: Announcements in times of crisis and the dynamics of stock markets," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 64(C).
  2. Bruno Ferreira Frascaroli & Luciano da Costa Silva & Osvaldo Cândido da Silva Filho, 2009. "Ratings of Sovereign Risk and the Macroeconomics Fundamentals of the countries: a Study Using Artificial Neural Networks," Brazilian Review of Finance, Brazilian Society of Finance, vol. 7(1), pages 73-106.
  3. Aleksandra Zdzienicka, 2009. "Vulnerabilities in Central and Eastern Europe : Credit Growth," Working Papers 0912, Groupe d'Analyse et de Théorie Economique Lyon St-Étienne (GATE Lyon St-Étienne), Université de Lyon.
  4. Ashoka Mody & Mark P. Taylor, 2013. "International capital crunches: the time-varying role of informational asymmetries," Applied Economics, Taylor & Francis Journals, vol. 45(20), pages 2961-2973, July.
  5. Carmen M. Reinhart, 2002. "Default, Currency Crises, and Sovereign Credit Ratings," The World Bank Economic Review, World Bank, vol. 16(2), pages 151-170, August.
  6. Mora, Nada, 2006. "Sovereign credit ratings: Guilty beyond reasonable doubt?," Journal of Banking & Finance, Elsevier, vol. 30(7), pages 2041-2062, July.
  7. Patrick Bolton & Xavier Freixas & Joel Shapiro, 2012. "The Credit Ratings Game," Journal of Finance, American Finance Association, vol. 67(1), pages 85-112, February.
  8. Jeon, Doh-Shin & Lovo, Stefano, 2011. "Reputation as an Entry Barrier in the Credit Rating Industry," IDEI Working Papers 675, Institut d'Économie Industrielle (IDEI), Toulouse, revised 25 May 2012.
  9. Reinhart, Carmen & Reinhart, Vincent, 2000. "What does a G-3 target zone mean for emerging-market economies?," MPRA Paper 14099, University Library of Munich, Germany.
  10. Majnoni, Giovanni & Miller, Margaret & Powell, Andrew, 2004. "Bank capital and loan loss reserves under Basel II - implications for emerging countries," Policy Research Working Paper Series 3437, The World Bank.
  11. Marco Sorge, 2004. "Stress-testing financial systems: an overview of current methodologies," BIS Working Papers 165, Bank for International Settlements.
  12. Buerhan Saiti & Obiyathulla Ismath Bacha & Mansur Masih, 2016. "Testing the Conventional and Islamic Financial Market Contagion: Evidence from Wavelet Analysis," Emerging Markets Finance and Trade, Taylor & Francis Journals, vol. 52(8), pages 1832-1849, August.
  13. Guillermo A. Calvo & Carmen M. Reinhart, 2002. "Fear of Floating," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 117(2), pages 379-408.
  14. Fasten, Erik R. & Hofmann, Dirk, 2010. "Two-sided Certification: The market for Rating Agencies," Discussion Paper Series of SFB/TR 15 Governance and the Efficiency of Economic Systems 338, Free University of Berlin, Humboldt University of Berlin, University of Bonn, University of Mannheim, University of Munich.
  15. Guglielmo Maria Caporale & Roman Matousek & Chris Stewart, 2011. "EU Banks Rating Assignments: Is There Heterogeneity between New and Old Member Countries?," Review of International Economics, Wiley Blackwell, vol. 19(1), pages 189-206, February.
  16. Mary Eschelbach Hansen, 2014. "Sources of Credit and the Extent of the Credit Market: A View from Bankruptcy Records, Mississippi 1929-1936," Working Papers 2014-09, American University, Department of Economics.
  17. Block, Steven A. & Vaaler, Paul M., 2004. "The price of democracy: sovereign risk ratings, bond spreads and political business cycles in developing countries," Journal of International Money and Finance, Elsevier, vol. 23(6), pages 917-946, October.
  18. Miloš Božovic & Branko Uroševic & Boško Živkovic, 2011. "Credit Rating Agencies and Moral Hazard," Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, vol. 58(2), pages 219-227, June.
  19. Becker, Bo & Milbourn, Todd, 2011. "How did increased competition affect credit ratings?," Journal of Financial Economics, Elsevier, vol. 101(3), pages 493-514, September.
  20. Daniel Cohen, 2011. "La crise grecque. Leçons pour l'Europe," Revue économique, Presses de Sciences-Po, vol. 62(3), pages 383-394.
  21. Graciela Kaminsky & Sergio L. Schmukler, 2002. "Emerging Market Instability: Do Sovereign Ratings Affect Country Risk and Stock Returns?," The World Bank Economic Review, World Bank, vol. 16(2), pages 171-195, August.
  22. Beynon, Malcolm J. & Peel, Michael J., 2001. "Variable precision rough set theory and data discretisation: an application to corporate failure prediction," Omega, Elsevier, vol. 29(6), pages 561-576, December.
  23. Bo Becker & Todd Milbourn, 2008. "Reputation and competition: evidence from the credit rating industry," Harvard Business School Working Papers 09-051, Harvard Business School, revised Sep 2010.
  24. Bussière, M. & Ristiniemi, A., 2012. "Credit Ratings and Debt Crises," Working papers 396, Banque de France.
  25. Malcolm J. Beynon, 2005. "Optimizing object classification under ambiguity/ignorance: application to the credit rating problem," Intelligent Systems in Accounting, Finance and Management, John Wiley & Sons, Ltd., vol. 13(2), pages 113-130, June.
  26. Carmen M. Reinhart & Vincent Raymond Reinhart, 2002. "What Hurts Emerging Markets Most? G3 Exchange Rate or Interest Rate Volatility?," NBER Chapters, in: Preventing Currency Crises in Emerging Markets, pages 133-170, National Bureau of Economic Research, Inc.
  27. Felton, Andrew & Reinhart, Carmen M. (ed.), 2009. "The First Global Financial Crisis of the 21st Century Part II: June–December, 2008," Vox eBooks, Centre for Economic Policy Research, number p199.
  28. Caporale, Guglielmo Maria & Matousek, Roman & Stewart, Chris, 2012. "Ratings assignments: Lessons from international banks," Journal of International Money and Finance, Elsevier, vol. 31(6), pages 1593-1606.
  29. Canuto, Otaviano & Mohapatra, Sanket & Dilip Ratha, 2011. "Shadow Sovereign Ratings," World Bank - Economic Premise, The World Bank, issue 63, pages 1-6, August.
  30. Irène Andreou & Aleksandra Zdzienicka, 2009. "Financial Vulnerability in the Central and Eastern European Countries," Working Papers 0907, Groupe d'Analyse et de Théorie Economique Lyon St-Étienne (GATE Lyon St-Étienne), Université de Lyon.
  31. Reinhart, Carmen, 2008. "Reflections on the International Dimensions and Policy Lessons of the U.S. Subprime Crisis," MPRA Paper 11863, University Library of Munich, Germany.
  32. Daryl Koehn & Joe Ueng, 2005. "Evaluating the Evaluators: Should Investors Trust Corporate Governance Metrics Ratings?," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 9(2), pages 111-128, June.
  33. Ribes-Giner, G. & Moya-Clemente, I. & Cervelló-Royo, R. & Perello-Marin, M.R., 2018. "Domestic economic and social conditions empowering female entrepreneurship," Journal of Business Research, Elsevier, vol. 89(C), pages 182-189.
  34. Hammer, P.L. & Kogan, A. & Lejeune, M.A., 2006. "Modeling country risk ratings using partial orders," European Journal of Operational Research, Elsevier, vol. 175(2), pages 836-859, December.
  35. António Afonso & André Albuquerque, 2018. "Sovereign Credit Rating Mismatches," Notas Económicas, Faculty of Economics, University of Coimbra, issue 46, pages 49-70, July.
  36. Giovanni Ferri, 2004. "More Analysts, Better Ratings: Do Rating Agencies Invest Enough in Less Developed Countries?," Journal of Applied Economics, Taylor & Francis Journals, vol. 7(1), pages 77-98, May.
  37. Lu s Pacheco, 2012. "Moody S Credit Ratings And The Stock Market Performance Of Portuguese Rated Firms," Journal of Advanced Studies in Finance, ASERS Publishing, vol. 3(1), pages 58-83.
  38. Ashcraft, Adam B. & Schuermann, Til, 2008. "Understanding the Securitization of Subprime Mortgage Credit," Foundations and Trends(R) in Finance, now publishers, vol. 2(3), pages 191-309, June.
  39. Schaetzle, Dominik, 2011. "Ökonomische Funktionen von Ratingagenturen: Ratingagenturen in der neoinstitutionalistischen Finanzierungstheorie," Arbeitspapiere 113, University of Münster, Institute for Cooperatives.
  40. Mr. Luis Catão & Sandeep Kapur, 2004. "Missing Link: Volatility and the Debt Intolerance Paradox," IMF Working Papers 2004/051, International Monetary Fund.
  41. Lawrence White, 2005. "Good Intentions Gone Awry: A Policy Analysis of the SEC's Regulation of the Bond Rating Industry," Working Papers 05-16, New York University, Leonard N. Stern School of Business, Department of Economics.
  42. Jacob A. Bikker & Paul A. J. Metzemakers, 2007. "Is Bank Capital Procyclical? A Cross-Country Analysis," Credit and Capital Markets, Credit and Capital Markets, vol. 40(2), pages 225-264.
  43. Flandreau, Marc & Gaillard, Norbert & Packer, Frank, 2011. "To err is human: US rating agencies and the interwar foreign government debt crisis," European Review of Economic History, Cambridge University Press, vol. 15(3), pages 495-538, December.
  44. Mutti, Antonio, 2004. "The resiliency of systemic trust," economic sociology. perspectives and conversations, Max Planck Institute for the Study of Societies, vol. 6(1), pages 13-19.
  45. Mario Quagliariello, 2006. "Banks� Riskiness Over the Business Cicle: a Panel Analysis on Italian Intermediaries," Temi di discussione (Economic working papers) 599, Bank of Italy, Economic Research and International Relations Area.
  46. Linda Allen & Anthony Saunders, 2004. "Incorporating Systemic Influences Into Risk Measurements: A Survey of the Literature," Journal of Financial Services Research, Springer;Western Finance Association, vol. 26(2), pages 161-191, October.
  47. Johannes W. Fedderke, 2013. "Promotion and Relegation between Country Risk Classes as Maintained by Country Risk Rating Agencies," Working Papers 376, Economic Research Southern Africa.
  48. Körner, Finn Marten & Trautwein, Hans-Michael, 2015. "Sovereign credit ratings and the transnationalization of finance: Evidence from a gravity model of portfolio investment," Economics - The Open-Access, Open-Assessment E-Journal (2007-2020), Kiel Institute for the World Economy (IfW Kiel), vol. 9, pages 1-54.
  49. Borensztein, Eduardo & Cowan, Kevin & Valenzuela, Patricio, 2013. "Sovereign ceilings “lite”? The impact of sovereign ratings on corporate ratings," Journal of Banking & Finance, Elsevier, vol. 37(11), pages 4014-4024.
  50. Flandreau, Marc & Packer, Frank & Gaillard, Norbert, 2009. "Ratings Performance, Regulation and the Great Depression: Lessons from Foreign Government Securities," CEPR Discussion Papers 7328, C.E.P.R. Discussion Papers.
  51. Allen, Franklin, et al., 2010. "How Important Historically Were Financial Systems for Growth in the U.K., U.S., Germany, and Japan?," Working Papers 10-27, University of Pennsylvania, Wharton School, Weiss Center.
  52. Rojas-Suarez, Liliana, 2002. "Can international capital standards strengthen banks in emerging markets?," Journal of Financial Transformation, Capco Institute, vol. 5, pages 51-63.
  53. Mr. Eduardo Borensztein & Mr. Patricio A Valenzuela & Kevin Cowan, 2007. "Sovereign Ceilings “Lite”? The Impact of Sovereign Ratings on Corporate Ratings in Emerging Market Economies," IMF Working Papers 2007/075, International Monetary Fund.
  54. Alexander Karminsky, 2016. "Rating models: emerging market distinctions," Papers 1607.02422, arXiv.org.
  55. Monica Dudian, 2009. "Credit Risk Assessment By Rating Agencies: Standardization Versus Subjectivity," Studies in Business and Economics, Lucian Blaga University of Sibiu, Faculty of Economic Sciences, vol. 4(4), pages 52-65, december.
  56. Schaetzle, Dominik, 2011. "Ratingagenturen in der neoklassischen Finanzierungstheorie: Eine Auswertung empirischer Studien zum Informationsgehalt von Ratings," Arbeitspapiere 110, University of Münster, Institute for Cooperatives.
  57. Andrés Leal Marcos & Julio López Laborda, 2009. "Efectos externos del endeudamiento sobre la calificación crediticia de las Comunidades Autónomas," Hacienda Pública Española / Review of Public Economics, IEF, vol. 189(2), pages 81-106, June.
  58. Yalta, A. Talha & Yalta, A. Yasemin, 2018. "Are credit rating agencies regionally biased?," Economic Systems, Elsevier, vol. 42(4), pages 682-694.
  59. Ratha, Dilip & De, Prabal K. & Mohapatra, Sanket, 2011. "Shadow Sovereign Ratings for Unrated Developing Countries," World Development, Elsevier, vol. 39(3), pages 295-307, March.
  60. repec:hum:wpaper:sfb649dp2010-007 is not listed on IDEAS
  61. Prati, Alessandro & Schindler, Martin & Valenzuela, Patricio, 2012. "Who benefits from capital account liberalization? Evidence from firm-level credit ratings data," Journal of International Money and Finance, Elsevier, vol. 31(6), pages 1649-1673.
  62. Brooks, Robert & Faff, Robert W. & Hillier, David & Hillier, Joseph, 2004. "The national market impact of sovereign rating changes," Journal of Banking & Finance, Elsevier, vol. 28(1), pages 233-250, January.
  63. Chakraborty, Suparna & Allen, Linda, 2007. "Revisiting the Level Playing Field: International Lending Responses to Divergences in Japanese Bank Capital Regulations from the Basel Accord," MPRA Paper 1805, University Library of Munich, Germany.
  64. Rosemarie Bröker Bone, 2005. "A Importância Dos Fundamentos Nos Ratings Soberanos Brasileiros, 1994-2002," Anais do XXXIII Encontro Nacional de Economia [Proceedings of the 33rd Brazilian Economics Meeting] 037, ANPEC - Associação Nacional dos Centros de Pós-Graduação em Economia [Brazilian Association of Graduate Programs in Economics].
  65. Fasten, Erik R. & Hofmann, Dirk, 2010. "Two-sided certification: The market for rating agencies," SFB 649 Discussion Papers 2010-007, Humboldt University Berlin, Collaborative Research Center 649: Economic Risk.
  66. Nuno Ferreira & Rui Menezes & Sónia Bentes, 2013. "Globalization, Regime-Switching, and EU Stock Markets: the Impact of the Sovereign Debt Crises," International Journal of Finance, Insurance and Risk Management, International Journal of Finance, Insurance and Risk Management, vol. 3(3), pages 556-556.
  67. Cervelló-Royo, R. & Moya-Clemente, I. & Perelló-Marín, M.R. & Ribes-Giner, G., 2020. "Sustainable development, economic and financial factors, that influence the opportunity-driven entrepreneurship. An fsQCA approach," Journal of Business Research, Elsevier, vol. 115(C), pages 393-402.
  68. Fausto Hernández-Trillo & Ricardo Smith-Ramírez, 2009. "Credit Ratings in the Presence of Bailout: The Case of Mexican Subnational Government Debt," Economía Journal, The Latin American and Caribbean Economic Association - LACEA, vol. 0(Fall 2009), pages 45-79, August.
  69. Lawrence J. White, 2013. "Credit Rating Agencies: An Overview," Annual Review of Financial Economics, Annual Reviews, vol. 5(1), pages 93-122, November.
  70. Mr. Andrew J Tiffin & Mr. Christian B. Mulder & Mr. Charalambos Christofides, 2003. "The Link Between Adherence to International Standards of Good Practice, Foreign Exchange Spreads, and Ratings," IMF Working Papers 2003/074, International Monetary Fund.
  71. Dr Dilruba Karim & Dr Tatiana Fic & Ray Barrell & Professor E. Philip Davis, 2011. "TIER 2 Capital and Bank Behaviour," National Institute of Economic and Social Research (NIESR) Discussion Papers 375, National Institute of Economic and Social Research.
  72. Paul J.J Welfens, 2010. "Rating, Kapitalmarktsignale und Risikomanagement: Reformansätze nach der Transatlantischen Bankenkrise," EIIW Discussion paper disbei175, Universitätsbibliothek Wuppertal, University Library.
  73. Yilmaz Bayar, 2014. "Recent Financial Crises and Regulations on the Credit Rating Agencies," Research in World Economy, Research in World Economy, Sciedu Press, vol. 5(1), pages 49-58, March.
  74. Theurl, Theresia & Schaetzle, Dominik, 2011. "Ratingagenturen in der Kritik: Eine Analyse der Reformforderungen und -vorschläge," Arbeitspapiere 116, University of Münster, Institute for Cooperatives.
  75. Bego�a Guti�rrez Nieto & Carlos Serrano Cinca, 2006. "Factors explaining the rating of Microfinance Institutions," Documentos de Trabajo dt2006-03, Facultad de Ciencias Económicas y Empresariales, Universidad de Zaragoza.
  76. Ke Chen & Cheng Cheng & Shenggang Yang, 2011. "Are China’s sovereign credit ratings underestimated?," Journal of Economic Policy Reform, Taylor & Francis Journals, vol. 14(4), pages 313-320, December.
  77. Richard Portes & Grant Spencer, 2008. "Discussion of 'The Unfolding Turmoil of 2007–2008: Lessons and Responses'," RBA Annual Conference Volume (Discontinued), in: Paul Bloxham & Christopher Kent (ed.),Lessons from the Financial Turmoil of 2007 and 2008, Reserve Bank of Australia.
  78. Paula Hill & Robert Faff, 2010. "The Market Impact of Relative Agency Activity in the Sovereign Ratings Market," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 37(9‐10), pages 1309-1347, November.
  79. Fausto Hernández-Trillo & Ricardo Smith, 2006. "Rating Sub-National Government Debt in LDCs: Does size matter?," Working Papers DTE 370, CIDE, División de Economía.
  80. Murray Petrie, 2003. "Promoting Fiscal Transparency the Complementary Roles of the Imf, Financial Markets and Civil Society," IMF Working Papers 2003/199, International Monetary Fund.
  81. Daoud Barkat Daoud, 2003. "Quelle réglementation du capital bancaire pour les pays en développement ?," Revue d'Économie Financière, Programme National Persée, vol. 73(4), pages 311-323.
  82. Paul M. Vaaler & Gerry McNamara, 2004. "Crisis and Competition in Expert Organizational Decision Making: Credit-Rating Agencies and Their Response to Turbulence in Emerging Economies," Organization Science, INFORMS, vol. 15(6), pages 687-703, December.
  83. Bruno Ferreira Frascaroli & Jailson Da Conceição Teixeira De Oliveira, 2014. "A Performance Das Agências De Ratings De Risco Soberano E Os Fundamentos Macroeconômicos Dos Países: Um Estudo Sobre As Atribuições De Risco," Anais do XLI Encontro Nacional de Economia [Proceedings of the 41st Brazilian Economics Meeting] 121, ANPEC - Associação Nacional dos Centros de Pós-Graduação em Economia [Brazilian Association of Graduate Programs in Economics].
  84. A. Talha Yalta & Yasemin Yalta, 2018. "Are the Credit Rating Agencies Biased Against MENA Countries?," Working Papers 1274, Economic Research Forum, revised 19 Dec 2018.
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