Relevant bibliographies by topics / Sovereign ratings

Contents

  1. Journal articles
  2. Dissertations / Theses
  3. Books
  4. Book chapters
  5. Conference papers
  6. Reports

Academic literature on the topic 'Sovereign ratings'

Author: Grafiati
Published: 4 June 2021
Last updated: 1 February 2022

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Journal articles on the topic "Sovereign ratings"

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Botha, Ilse, and Marinda Pretorius. "The geographical and income differences in the determinants of African sovereign credit ratings." African Journal of Economic and Management Studies 11, no. 4 (May 13, 2020): 609–24. http://dx.doi.org/10.1108/ajems-08-2018-0228.

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PurposeThe importance of obtaining a sovereign credit rating from an agency is still underrated in Africa. Literature on the determinants of sovereign credit ratings in Africa is scarce. The purpose of this research is to determine what the determinants are for sovereign credit ratings in Africa and whether these determinants differ between regions and income groups.Design/methodology/approachA sample of 19 African countries' determinants of sovereign credit ratings are compared between 2007 and 2014 using a panel-ordered probit approach.FindingsThe findings indicated that the determinants of sovereign credit ratings differ between African regions and income groups. The developmental indicators were the most significant determinants across all income groups and regions. The results affirm that the identified determinants in the literature are not as applicable to African sovereigns, and that developmental variables and different income groups and regions are important determinants to consider for sovereign credit ratings in Africa.Originality/valueThe results affirm that the identified determinants in the literature are not as applicable to African sovereigns, and that developmental variables and different income groups and regions are important determinants to consider for sovereign credit ratings in Africa. Rating agencies follow the same rating assignment process for developed and developing countries, which means investors will have to supplement the allocated credit rating with additional information. Africa can attract more investment if African countries obtain formal, accurate sovereign credit ratings, which take the characteristics of the continent into consideration.
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van de Ven, Rick, Shaunak Dabadghao, and Arun Chockalingam. "Assigning Eurozone sovereign credit ratings using CDS spreads." Journal of Risk Finance 19, no. 5 (November 19, 2018): 478–512. http://dx.doi.org/10.1108/jrf-06-2017-0096.

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Purpose The credit ratings issued by the Big 3 ratings agencies are inaccurate and slow to respond to market changes. This paper aims to develop a rigorous, transparent and robust credit assessment and rating scheme for sovereigns. Design/methodology/approach This paper develops a regression-based model using credit default swap (CDS) data, and data on financial and macroeconomic variables to estimate sovereign CDS spreads. Using these spreads, the default probabilities of sovereigns can be estimated. The new ratings scheme is then used in conjunction with these default probabilities to assign credit ratings to sovereigns. Findings The developed model accurately estimates CDS spreads (based on RMSE values). Credit ratings issued retrospectively using the new scheme reflect reality better. Research limitations/implications This paper reveals that both macroeconomic and financial factors affect both systemic and idiosyncratic risks for sovereigns. Practical implications The developed credit assessment and ratings scheme can be used to evaluate the creditworthiness of sovereigns and subsequently assign robust credit ratings. Social implications The transparency and rigor of the new scheme will result in better and trustworthy indications of a sovereign’s financial health. Investors and monetary authorities can make better informed decisions. The episodes that occurred during the debt crisis could be avoided. Originality/value This paper uses both financial and macroeconomic data to estimate CDS spreads and demonstrates that both financial and macroeconomic factors affect sovereign systemic and idiosyncratic risk. The proposed credit assessment and ratings schemes could supplement or potentially replace the credit ratings issued by the Big 3 ratings agencies.
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Demoussis, Michael, Konstantinos Drakos, and Nicholas Giannakopoulos. "The impact of sovereign ratings on euro zone SMEs’ credit rationing." Journal of Economic Studies 44, no. 5 (October 9, 2017): 745–64. http://dx.doi.org/10.1108/jes-03-2016-0046.

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Purpose The purpose of this paper is to investigate credit rationing across firms in euro zone countries, as it relates to its own sovereign credit ratings. Design/methodology/approach The authors utilize firm-level data from the Survey on Access to Finance of Enterprises for the period 2009-2013 conducted by the European Central Bank. Findings A negative association between the rating of sovereign creditworthiness and credit rationing is identified, while credit rationing varies substantially even among countries with the highest quality of sovereign bonds. Credit rationing is lower in sovereigns with high-quality ratings and higher in sovereigns near default. These results remain intact when fundamental firm characteristics (e.g. firm’s age and size, sector of economic activity, financial situation, etc.) are taken into consideration. This indicates that the interconnection of sovereign debt risk with domestic credit market outcomes is robust. Originality/value The present study contributes to the relevant literature by performing a detailed analysis of credit rationing for euro zone SMEs and by exploring the link between sovereign credit rating and credit rationing during the sovereign debt crisis period.
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Takawira, Oliver, and John W. Muteba Mwamba. "DETERMINANTS OF SOVEREIGN CREDIT RATINGS: AN APPLICATION OF THE NAÏVE BAYES CLASSIFIER." Eurasian Journal of Economics and Finance 8, no. 4 (2020): 279–99. http://dx.doi.org/10.15604/ejef.2020.08.04.008.

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This is an analysis of South Africa’s (SA) sovereign credit rating (SCR) using Naïve Bayes, a Machine learning (ML) technique. Quarterly data from 1999 to 2018 of macroeconomic variables and categorical SCRs were analyzed and classified to predict and compare variables used in assigning SCRs. A sovereign credit rating (SCR) is a measurement of a sovereign government’s ability to meet its financial debt obligations. The differences by Credit Rating Agencies (CRA) on rating grades on similar firms and sovereigns have raised questions on which elements truly determine credit ratings. Sovereign ratings were split into two (2) categories that is less stable and more stable. Through data cross-validation for supervised learning, the study compared variables used in assessing sovereign rating by the major rating agencies namely Fitch, Moody’s and Standard and Poor’s. Cross-validation splits the dataset into train set and test set. The research applied cross-validation to reduce the effects of overfitting on the Naïve Bayes Classification model. Naïve Bayes Classification is a Machine-learning algorithm that utilizes the Bayes theorem in classification of objects by following a probabilistic approach. All variables in the data were split in the ratio of 80:20 for the train set and test set respectively. Naïve Bayes managed to classify the given variables using the two SCR categories that is more stable and less stable. Variables classified under more stable indicates that ratings are high or favorable and those for less stable show unfavorable or low ratings. The findings show that CRAs use different macroeconomic variables to assess and assign sovereign ratings. Household debt to disposable income, exchange rates and inflation were the most important variables for estimating and classifying ratings.
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Ntsalaze, Zuziwe, Gideon Boako, and Paul Alagidede. "The impact of sovereign credit ratings on corporate credit ratings in South Africa." African Journal of Economic and Management Studies 8, no. 2 (June 12, 2017): 126–46. http://dx.doi.org/10.1108/ajems-07-2016-0100.

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Purpose The purpose of this paper is to examine the impact of sovereign credit ratings on corporations in South Africa by assessing whether the sovereign rating assigned to South Africa by credit rating agencies acts as a ceiling/constraint for credit ratings assigned to corporations that operate within the country. The question of whether sovereign ratings are significant in determining corporate ratings was also explored. Design/methodology/approach To test the hypothesis regarding the rating of corporates relative to sovereigns, a longitudinal panel design was followed. The analysis employed fixed effects and generalized method of moments techniques. Findings The main findings are that sovereign ratings both act as a ceiling for corporate ratings and are important determinants of corporate ratings in South Africa. The findings however indicated that company specific variables (accounting variables) are not significant in explaining credit risk ratings assigned to corporates. Research limitations/implications This study only looked at the rating activity done by Standard and Poor’s (S&P). A possible further study could explore the hypothesis tested in this research using data from multiple rating agencies and contrast the results across different agencies. Future studies could also look at crisis periods and how the transfer risk discussed in this paper manifests during the transfer period. Practical implications The results have implications for the borrowing costs incurred by corporates in South Africa when participating in the international debt market. The implication is that if the sovereign is poorly rated, the corporates may be limited in their ability to secure investor funding at competitive rates from the international financial markets. Thus, should South Africa be downgraded to non-investment grade by S&P, the implications may be that South African corporates on average may suffer the same fate. Originality/value Extant literature predominantly utilizes foreign currency ratings. To the extent that this study uses local currency ratings, it adds a new dimension in the body of related studies.
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Gaillard, Norbert. "What Is the Value of Sovereign Ratings?" German Economic Review 15, no. 1 (February 1, 2014): 208–24. http://dx.doi.org/10.1111/geer.12018.

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Abstract This article gives a fresh analysis of sovereign ratings, including the recent default of Greece. Section 1 studies the evolution of the sovereign rating business, and Section 2 explains how credit ratings are assigned. Section 3 focuses on sovereign rating methodologies and identifies the key determinants of sovereign ratings. Section 4 measures the accuracy of these ratings between 1 January 2001 and 1 January 2013. Section 5 compares credit ratings to market-based indicators, and Section 6 concludes.
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Afonso, António, and André Albuquerque. "Sovereign Credit Rating Mismatches." Notas Económicas, no. 46 (July 1, 2018): 49–70. http://dx.doi.org/10.14195/2183-203x_46_3.

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We study the factors behind ratings mismatches in sovereign credit ratings from different agencies, for the period 1980‑‑2015. Using random effects ordered and simple probit approaches, we find that structural balances and the existence of a default in the last ten years were the least significant variables. In addition, the level of net debt, budget balances, GDP per capita and the existence of a default in the last five years were found to be the most relevant variables for rating mismatches across agencies. For speculative‑‑grade ratings, a default in the last two or five years decreases the rating difference between S&P and Fitch. For the positive rating difference between S&P and Moody’s, and for investment‑‑grade ratings, an increase in external debt leads to a smaller rating gap between the two agencies.
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Bartels, Bernhard. "Why rating agencies disagree on sovereign ratings." Empirical Economics 57, no. 5 (June 25, 2018): 1677–703. http://dx.doi.org/10.1007/s00181-018-1503-y.

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Oskonbaeva, Zamira. "Determinants of credit ratings: evidence from panel discrete model." Economics and Business Letters 9, no. 3 (December 8, 2020): 240–47. http://dx.doi.org/10.17811/ebl.9.3.2020.240-247.

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This study aims to explore how changes in explanatory variables may affect the probability of sovereign credit ratings assigned by Fitch, which is assumed to be a binary choice variable. For this purpose annual data of selected developed and developing countries for the period 2000-2016 have been used. All the data have been collected from World Bank database and Fitch website. In the empirical analysis the binary logit model has been applied. It can be concluded that the determinants of sovereign credit ratings can help sovereigns to better understand the drivers of their credit rating.
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Mutize, Misheck, and Virimai V. Mugobo. "An analysis of Granger causality between sovereign credit rating and economic growth in Sub-Saharan Africa." Investment Management and Financial Innovations 17, no. 4 (November 9, 2020): 85–93. http://dx.doi.org/10.21511/imfi.17(4).2020.08.

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Interest in the relationship between credit rating and economic growth is growing as emerging economies increasingly integrate into international financial markets. Without credit ratings, developing economies would not have been able to successfully issue their sovereign bonds to support economic growth. Therefore, this paper examines a causality relationship between Standard & Poor’s long-term foreign currency sovereign credit ratings and economic growth in 19 Sub-Saharan countries over the period from 2003 to 2018. The results of the Granger causality tests show a unidirectional causality from sovereign credit ratings to economic growth, not vice versa. This implies that economic growth is not significant in determining sovereign credit ratings. It can thus be concluded from these findings that sovereign credit ratings are proactive actions by rating agencies that are relevant in determining future economic growth. Thus, investors benefit from utilizing credit ratings to prevent inherent information asymmetry in fundamental economic factors. Therefore, it is important for policy makers to pay attention to sovereign credit ratings when formulating macroeconomic policies.
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Dissertations / Theses on the topic "Sovereign ratings"

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Albuquerque, André Massena de. "Sovereign credit rating mismatches." Master's thesis, Instituto Superior de Economia e Gestão, 2016. http://hdl.handle.net/10400.5/12629.

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Mestrado em Economia Monetária e Financeira
Este trabalho analisa que fatores, entre os determinantes de ratings soberanos encontrados na literatura, são responsáveis pelas diferenças entre os ratings de crédito soberanos de diferentes agências de rating, no período 1980-2015. Para tal, utilizaram-se modelos probit ordenados e simples de efeitos aleatórios com o objetivo de avaliar o poder explicativo de um conjunto de variáveis macroeconómicas e governamentais. Os resultados obtidos com os modelos estimados indicam que o saldo estrutural e a existência de um default nos últimos dez anos são as variáveis menos significativas enquanto o nível de dívida líquida, o saldo orçamental, o PIB per capita e a existência de um default nos últimos cinco anos são as variáveis que mais explicam as diferenças entre ratings de agências distintas.
In this work we study the factors, among the determinants of sovereign ratings found in the literature, leading to differences in sovereign credit ratings from different agencies, for the period 1980-2015. We employ random effects ordered and simple probit approaches to assess the explanatory power of different macroeconomic and government variables. Our results point to an average performance of the estimated models. Structural balance and the existence of a default in the last ten years were the least significant variables whereas the level of net debt, budget balance, GDP per capita and the existence of a default in the last five years were found to be the most relevant variables explaining the rating differences across agencies.
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Paineli, Grazielli Angelucci. "EU sovereign ratings lags prior and after the great recession." Master's thesis, Instituto Superior de Economia e Gestão, 2019. http://hdl.handle.net/10400.5/18858.

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Mestrado em Economia Monetária e Financeira
Estudamos as variáveis que mais afetam a alteração dos ratings soberanos na UE para as agências de classificação de crédito Fitch e S&P. Utilizando um modelo de painel probit, avaliamos o impacto de diferentes variáveis econômicas e políticas nas mudanças gerais dos ratings soberanos, aumentamos e diminuímos antes e depois da Grande Recessão. Mais importante, também analisamos o tempo de espera para cada agência de classificação nesses dois períodos, cobrindo especificamente 1997: 12-2018: 12. Nossos resultados mostram que as variáveis econômicas e políticas são consideradas diferentemente nos dois períodos e que o atraso na liderança das mudanças de rating diminui após a crise, especialmente quando essa mudança é uma diminuição no rating. Ainda, trazemos alguns conceitos comportamentais para o raciocínio dessa mudança nas variáveis e comportamento nos lags.
We study the variables that most affect the sovereign ratings change in the EU for Credit Rating Agencies Fitch and S&P. Using a panel probit model we assess the impact of different economic and political variables on sovereign ratings general change, increase and decrease before and after the Great Recession. Most importantly, we also analyse the lead lag time for each rating agency in these two periods, covering specifically 1997:12-2018:12. Our results show that economic and political variables are considered differently in both periods and that the lead lag for rating changes decreases after the crisis, especially when this change is a decrease in the rating. We then enrich the discussion by bringing some behavioural concepts into the reasoning of that change in the variables and lead lag behaviour.
info:eu-repo/semantics/publishedVersion
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Lubig, Beena. "Bedeutung von sovereign credit ratings für die internationalen Finanzmärkte eine ökonometrische Bewertung des Informationsgehaltes von sovereign credit ratings." Frankfurt, M. Berlin Bern Bruxelles New York, NY Oxford Wien Lang, 2008. http://d-nb.info/994166907/04.

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Ioannou, Stefanos. "The political economy of credit rating agencies : the case of sovereign ratings." Thesis, University of Leeds, 2016. http://etheses.whiterose.ac.uk/12327/.

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This thesis investigates the social and economic importance of Credit Rating Agencies (CRAs), concentrating on the case of sovereign ratings. By viewing CRAs as an influential institution within the context of neoliberalism and financialization, the thesis offers some new insights regarding the way sovereign ratings are formed and the way they come to affect macroeconomic processes and outcomes. The experience of the European Monetary Union (Eurozone) serves as the case study. The recent and still ongoing European crisis and the flawed institutional structure of the Eurozone make this case study to be of special interest. The thesis consists of three broad parts. The first part sets the background of the thesis. As such it contains some analytical reflections on how to conceptualize CRAs. It also includes a chapter that discusses in detail the institutional arrangements of the Eurozone and the associated stylized facts. The second part consists of two econometric chapters. By employing a dataset based on the original twelve Eurozone countries and on the period from 1999 to 2012, the first chapter decomposes the determinants of sovereign ratings and seeks for evidence of systematically panicked reactions from CRAs. In turn, the second chapter utilizes a panel probit model and investigates the statistical and economic significance of sovereign ratings in explaining episodes of extreme capital flow movements. The third part establishes a two country stock flow consistent model and explores the linkages between sovereign rating movements, the financial market and the constraints for fiscal policy. By separating between a weak country and a strong country, the model shows how following a recessionary shock, the rating downgrade of the weak country can affect the liquidity preference of investors. Such influence deepens the already ongoing recession by amplifying the financial constraints the weak government faces and by forcing it to implement fiscal austerity.
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Trevino, Villarreal Maria de Lourdes. "Modelling the information content of sovereign credit ratings." Thesis, University of Southampton, 1999. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.299284.

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BITTENCOURT, ANA CAROLINA MINSKY. "EFFECTS OF LATIN AMERICA SOVEREIGN RATINGS CHANGES OVER THE BRAZILIAN STOCK MARKET." PONTIFÍCIA UNIVERSIDADE CATÓLICA DO RIO DE JANEIRO, 2008. http://www.maxwell.vrac.puc-rio.br/Busca_etds.php?strSecao=resultado&nrSeq=12441@1.

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PONTIFÍCIA UNIVERSIDADE CATÓLICA DO RIO DE JANEIRO
O papel deste estudo foi investigar se as alterações de ratings de países da América Latina produzem impactos significativos no mercado acionário brasileiro. Por ser tratar de teste de hipótese semiforte de eficiência de mercado, o estudo foi conduzido através de teste estatístico paramétrico. Os resultados encontrados corroboram com hipótese de efeito contágio no mercado acionário brasileiro, através do índice IBX. O estudo também conclui que a intensidade do impacto também depende do tipo de informação incorporada nos anúncios de mudanças de classificações soberanas.
The objective of this study was to investigate if sovereign rating changes for Latin America affect the Brazilian stock market. To measure this potential impact, the parametrical statistical test of event study was adopted, commonly used in semi-strong market efficiency tests. The results support the idea of contagion effects in the Brazilian Market through the IBX index. This study also concludes that the impact depends on the type of announcement of ratings changes.
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Vu, Huong Thi. "Split sovereign credit ratings : the causes and implications for the financial markets." Thesis, Bangor University, 2014. https://research.bangor.ac.uk/portal/en/theses/split-sovereign-credit-ratings--the-causes-and-implications-for-the-financial-markets(45ced77d-5ed4-4869-aa97-65329fc7400e).html.

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Lee, Eog-Weon. "Sovereign rating changes and financial markets during the Asian crisis /." free to MU campus, to others for purchase, 2003. http://wwwlib.umi.com/cr/mo/fullcit?p3091943.

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Kim, Jung Yeon. "Currency crisis contagion, capital flows, and sovereign ratings : empirical studies of emerging markets." Thesis, University of Warwick, 2001. http://wrap.warwick.ac.uk/3095/.

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Followed by the introduction, we begin the thesis by focusing on providing a quantitative indicator of the currency crisis contagion during the 1997-98 East Asian crisis. The severity of contagion is measured using a state-space model and a technical apparatus known as the Kalman filter. The results show that the contagion level is exceptionally high during the peak of the Asian crisis from June 1997 to January 1998. Further econometric tests were carried out to identify whether the crisis is transmitted to countries linked through trade or to countries characterized by macroeconomic similarities. The results indicate that the macroeconomic similarity dominates trade linkage as the major crisis transmission channel. Further, the high level of domestic claims which were financed by foreign capital inflows were shown to be the most significant factor in explaining crisis contagion in 1997-98. The next part of the thesis develops and implements a method for fore-casting capital flows to emerging markets. We provide capital flow forecasts to thirty-two developing countries using a vector autoregressive (VAR) framework based on the underlying fundamental factors driving capital flows. We also use our estimated models to carry out simulation exercises for the behaviour of capital flows under various economic scenarios. In the following part of thesis, using an unobserved components model and maximum likelihood Kalman filtering estimation, we separate out permanent and temporary components of capital flows. Based on these models, and using monthly data up to December 2000, forecasts of various capital flows are presented for the period January 2001 to December 2003. The results of the time series-based forecasts are then compared to those obtained using the fundamentals-based approach.
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Tran, Vu. "Sovereign credit ratings and financial market volatility : bi-directional relationships and heterogeneous impact." Thesis, Bangor University, 2015. https://research.bangor.ac.uk/portal/en/theses/sovereign-credit-ratings-and-financial-market-volatility--bidirectional-relationships-and-heterogeneous-impact(ccca6f4a-fcfb-4acc-95eb-d6c7acff063f).html.

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This thesis examines the bi-directional relationship between sovereign credit ratings and financial market volatility. Prior literature focuses on one aspect of the relationship which is the impact of credit rating actions on financial assets’ returns, whereas the links between rating actions and market volatility have attracted little attention. Based on a comprehensive dataset of rating events from the three largest credit rating agencies (CRAs) i.e. S&P, Moody’s, and Fitch, this thesis presents unique evidence of (i) inter-relationships between sovereign rating information and equity market volatility dynamics; (ii) heterogeneous effects of sovereign rating actions on equity and foreign exchange market volatilities; (iii) volatility spill-over effects of rating actions. Several methodologies are employed in order to confirm the robustness of the findings, including event study, multivariate regressions, non-parametric tests, Vector Autoregressive models, probit analyses, and Monte Carlo experiments. The findings reveal that certain types of rating news play an important “confirmation role” whereby rating actions can reduce market ex-post volatility and ex-ante uncertainty. Also, there is evidence of differences in rating policies and timeliness across CRAs which provides some explanation for the heterogeneous effects of rating actions. Rating news which incorporates new information, either negative or positive, is associated with elevated ex-ante market uncertainty and ex-post volatility, while additional rating news which is not new to the public can lead to reduced market uncertainty and volatility. The contribution of this thesis is threefold. First, the findings contribute significantly to the debate on the information content of rating news and highlight the importance of multiple ratings in coordinating investors’ heterogeneous beliefs. Second, the thesis provides valuable insights for the debate on the role and regulation of CRAs since the global financial crisis. Third, the findings offer practical implications for option traders, international investors, financial institutions, and portfolio managers.
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Books on the topic "Sovereign ratings"

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Gaillard, Norbert. A Century of Sovereign Ratings. New York, NY: Springer New York, 2012. http://dx.doi.org/10.1007/978-1-4614-0523-8.

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Paudyn, Bartholomew. Credit Ratings and Sovereign Debt. London: Palgrave Macmillan UK, 2014. http://dx.doi.org/10.1057/9781137302779.

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Bhatia, Ashok Vir. Sovereign credit ratings methodology: An evaluation. [Washington, D.C.]: International Monetary Fund, Treasurer's Department, 2002.

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Reisen, Helmut. Boom and bust and sovereign ratings. [Paris]: OECD Development Centre, 1999.

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Cantor, Richard. Determinants and impacts of sovereign credit ratings. New York, NY: Public Information Dept., Federal Researve Bank of New York, 1996.

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Larraín, Guillermo, and Guillermo Larraín. Emerging market risk and sovereign credit ratings. Paris: Organisation for Economic Co-operation and Development, 1997.

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Reinhart, Carmen M. Default, currency crises and sovereign credit ratings. Cambridge, MA: National Bureau of Economic Research, 2002.

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Kaminsky, Graciela Laura. Emerging markets instability: Do sovereign ratings affect country risk and stock returns? Washington, D.C: World Bank, Development Research Group, Macroeconomics and Growth, 2001.

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Sy, Amadou N. R. Emerging market bond spreads and sovereign credit ratings: Reconciling market views with economic fundamentals. [Washington, D.C.]: International Monetary Fund, International Capital Markets Department, 2001.

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Guo jia feng xian yu zhu quan ping ji: Country risk and sovereign ratings. aBeijing Shi: She hui ke xue wen xian chu ban she, 2004.

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Book chapters on the topic "Sovereign ratings"

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Depken, Craig A., Courtney L. Lafountain, and Roger B. Butters. "Corruption and Creditworthiness: Evidence from Sovereign Credit Ratings." In Sovereign Debt, 79–87. Hoboken, NJ, USA: John Wiley & Sons, Inc., 2011. http://dx.doi.org/10.1002/9781118267073.ch9.

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Gaillard, Norbert. "How Are Sovereign Ratings Assigned?" In A Century of Sovereign Ratings, 31–38. New York, NY: Springer New York, 2011. http://dx.doi.org/10.1007/978-1-4614-0523-8_4.

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Sy, Amadou N. R. "Sovereign Ratings and Financial Crises." In Sovereign Risk and Financial Crises, 75–88. Berlin, Heidelberg: Springer Berlin Heidelberg, 2004. http://dx.doi.org/10.1007/978-3-662-09950-6_4.

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de Souza, Lúcio Vinhas. "Travels in the Ratings Space: Developed and Developing Countries’ Sovereign Ratings." In Emerging Markets and Sovereign Risk, 109–17. London: Palgrave Macmillan UK, 2015. http://dx.doi.org/10.1057/9781137450661_6.

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Ferreira, Miguel A., and Paulo M. Gama. "The International Stock Market Impact of Sovereign Debt Ratings News." In Sovereign Debt, 361–67. Hoboken, NJ, USA: John Wiley & Sons, Inc., 2011. http://dx.doi.org/10.1002/9781118267073.ch40.

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Paudyn, Bartholomew. "Conclusion: Problematizing the Ratings Space." In Credit Ratings and Sovereign Debt, 203–13. London: Palgrave Macmillan UK, 2014. http://dx.doi.org/10.1057/9781137302779_6.

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Paudyn, Bartholomew. "Rating Performativity." In Credit Ratings and Sovereign Debt, 135–82. London: Palgrave Macmillan UK, 2014. http://dx.doi.org/10.1057/9781137302779_4.

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Mellios, Constantin, and Eric Paget-blanc. "The Impact of Economic and Political Factors on Sovereign Credit Ratings." In Sovereign Debt, 325–33. Hoboken, NJ, USA: John Wiley & Sons, Inc., 2011. http://dx.doi.org/10.1002/9781118267073.ch36.

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Paudyn, Bartholomew. "Introduction: Credit Rating Crisis." In Credit Ratings and Sovereign Debt, 1–29. London: Palgrave Macmillan UK, 2014. http://dx.doi.org/10.1057/9781137302779_1.

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Paudyn, Bartholomew. "Crisis and Control." In Credit Ratings and Sovereign Debt, 30–82. London: Palgrave Macmillan UK, 2014. http://dx.doi.org/10.1057/9781137302779_2.

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Conference papers on the topic "Sovereign ratings"

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Tufaner, Mustafa Batuhan, Sıtkı Sönmezer, and Ahmet Alkan Çelik. "Impact of Sovereign Credit Ratings on Capital Markets." In International Conference on Eurasian Economies. Eurasian Economists Association, 2017. http://dx.doi.org/10.36880/c08.01914.

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Sovereign credit ratings are of great importance in terms of country's economy in recent years. Sovereign credit ratings can greatly affect both financial markets and macroeconomic balances. On the other hand, these credit ratings are closely related to the political situation of the countries. Therefore, all factors behind the credit rating announcements operating in global markets needs to be put forward. The content of this paper is to identify policy interest reaction towards sovereign credit ratings and examine of countries that experienced severe rating changes. In this bulletin, big three credit rating agencies are compared and critically assessed various credit rating of Turkey. The analyzed dataset covers sovereign rating announcements released by reputable rating agencies, stock price, Dollar / TL exchange rate, Dollar / Euro exchange rate and benchmark bond.
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Gibson, Heather D., Stephen G. Hall, and George S. Tavlas. "Spreads and bank ratings in the Euro area sovereign debt crises." In Conference on Global Economic Modeling. WORLD SCIENTIFIC, 2018. http://dx.doi.org/10.1142/9789813220447_0006.

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LEÓN, RAÚL, and MARÍA JESÚS MUÑOZ. "USING NEURAL NETWORKS TO MODEL SOVEREIGN CREDIT RATINGS: APPLICATION TO THE EUROPEAN UNION." In Proceedings of the XVII SIGEF Congress. WORLD SCIENTIFIC, 2012. http://dx.doi.org/10.1142/9789814415774_0024.

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Çağlayan Akay, Ebru, and Zamira Oskonbaeva. "An Application of Panel Ordered Probit Model to Credit Scoring." In International Conference on Eurasian Economies. Eurasian Economists Association, 2018. http://dx.doi.org/10.36880/c10.02052.

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Ratings are important in attracting foreign capital so they play a great role in the financial system of a country. The aim of the study is to investigate the impact of macroeconomic indicators on sovereign credit ratings assigned by Fitch. For this aim Panel ordered probit model was applied to the annual data from 2000 to 2011. The analysis rests on panel of 44 countries. According to the results obtained it can be concluded that gross domestic product growth rate , per capita gross domestic product, unemployment, export, default history and the level of economic development significantly affect ratings.
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Vidovics-Dancs, Agnes, Peter Juhasz, Nora Szucs, and Gabor Hajnal. "How To Improve Your Sovereign Rating? – A Case Study On Hungary." In 33rd International ECMS Conference on Modelling and Simulation. ECMS, 2019. http://dx.doi.org/10.7148/2019-0109.

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Topçu, Güneş. "SOVEREIGN CREDIT RATING CHANGES AND STOCK MARKET PERFORMANCES: EVIDENCE FROM THE BALKANS." In 33rd International Academic Conference, Vienna. International Institute of Social and Economic Sciences, 2017. http://dx.doi.org/10.20472/iac.2017.33.069.

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Tsintsadze, Asie, Irina Vashakmadze, Irina Tavadze, and Lilit Meloyan-Phutkaradze. "Analysis of the Financial Market as a Driving Force of the Regional Economy in the Conditions of pre- and post – Pandemic." In 22nd International Scientific Conference. “Economic Science for Rural Development 2021”. Latvia University of Life Sciences and Technologies. Faculty of Economics and Social Development, 2021. http://dx.doi.org/10.22616/esrd.2021.55.025.

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The pandemic has negatively affected the financial sector, as well as the real sector of the economy, both losses and credit risks in the financial market have increased on the background of the economic activity slowed-down. In 2019, the credit activity was high, however after the spread of the virus the activity slowed down significantly. This is natural, as due to the suspension of production –organizing, the unemployment has increased. Volume of the direct foreign investments has decreased by 42 %. Government of Georgia has developed an anti-crisis plan, important part of which is about the mitigation of deteriorated living conditions caused by the unemployment, whereas the National Bank of Georgia has pursued monetary and fiscal policies for the purpose of mitigation of negative influence of COVID-19 on the country’s financial sector and for the stimulation of the country's economy. In general, saving the business is considered as a priority. The current situation in the banking, insurance and stock markets and their role in the fight for maintaining the economic stability are analysed in the present article. It is important to note that, the insurance sector is the part of the economic, which did not need financial assistance in a difficult situation, but due to the common socio-economic situation, diseases caused by the stressful conditions of the population, it was necessary to make significant changes in the list of the insurance services. This, to the extent had led to some unforeseen costs, which had affected the financial conditions of the companies. According to the evaluation of the credit rating company -Fitch, the trustworthy policy implemented by the National Bank of Georgia, had played an important role in the maintenance of the financial stability and Georgian sovereign rating remained unchanged, at BB level, however, what parameters and in what area was the rating maintained and how the positions of the main players in the financial market have been changed, are the main directions of the article's research.
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Reports on the topic "Sovereign ratings"

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Reinhart, Carmen. Default, Currency Crises and Sovereign Credit Ratings. Cambridge, MA: National Bureau of Economic Research, January 2002. http://dx.doi.org/10.3386/w8738.

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Panizza, Ugo. The Use of Corruption Indicators in Sovereign Ratings. Inter-American Development Bank, October 2017. http://dx.doi.org/10.18235/0000849.

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Andrade-Pardo, Laura, Oscar Mauricio Valencia-Arana, Diego Mauricio Vásquez, and Mauricio Villamizar-Villegas. Uncovering the portfolio balance channel with the use of sovereign credit ratings. Bogotá, Colombia: Banco de la República, May 2016. http://dx.doi.org/10.32468/be.941.

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Aizenman, Joshua, Mahir Binici, and Michael Hutchison. Credit Ratings and the Pricing of Sovereign Debt during the Euro Crisis. Cambridge, MA: National Bureau of Economic Research, June 2013. http://dx.doi.org/10.3386/w19125.

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Rowland, Peter. Determinants of spread, credit ratings and creditworthiness for emerging market sovereign debt: a follow-up study using pooled data analysis. Bogotá, Colombia: Banco de la República, July 2004. http://dx.doi.org/10.32468/be.296.

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Rodrigo, Maria Fernanda, Claudia Figueroa, Oliver Peña-Habib, Xiomara Rojas-Asqui, and Melanie Putic. OVE's Review of Project Completion Reports (PCRs) and Expanded Supervision Reports (XSRs): The 2020 Validation Cycle. Inter-American Development Bank, November 2020. http://dx.doi.org/10.18235/0002944.

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This report summarizes the results of the Office of Evaluation and Oversight's (OVE) annual validation of the self-assessments of project performance and results completed by the Inter-American Development Bank (IDB) and IDB Invest in 2019-2020. The IDB and IDB Invest have systems in place to measure the development effectiveness of their operations. These systems use a number of instruments to assess projects at the design, implementation, and completion phases. The design-phase assessment uses a “Development Effectiveness Matrix” (DEM) for sovereign guaranteed (SG) operations. The effectiveness of non-sovereign guaranteed (NSG) operations is measured with a “Development Effectiveness Learning, Tracking, and Assessment tool” (DELTA). Implementation-phase assessments measure SG operations with “Project Monitoring Reports,” while NSG operations are assessed with “Project Supervision Reports.” Upon completion, SG projects are self-evaluated with “Project Completion Reports,” or PCRs. NSG operations, use “Expanded Supervision Reports,” or XSRs when they reach early operation maturity (EOM). OVE validates Managements self-evaluations (PCRs and XSRs) and assigns a final project performance rating to each operation. As part of the 2020 validation cycle, OVE reviewed PCRs for 63 operations, 62 with operational closure (CO fully justified) in 2018 and one in 2013. XSRs were reviewed for 36 IDB Invest operations that had reached early operating maturity (EOM) in 2018.
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