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Dissertations / Theses on the topic 'Sovereign ratings'

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Published: 4 June 2021
Last updated: 26 July 2025

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1

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<br>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 sã
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2

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<br>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
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3

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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4

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 stu
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5

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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6

Pimentel, Diogo Januário. "Determinants of sovereign debt ratings in the OECD." Master's thesis, Instituto Superior de Economia e Gestão, 2021. http://hdl.handle.net/10400.5/22797.

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Mestrado Bolonha em Economia Monetária e Financeira<br>This dissertation studies the determinants of sovereign debt rating in the OECD from the two main rating agencies, Moody’s and S&P, between 1995-2019. The econometric model applied was the linear and ordered models to explain the explanatory variables. The results show that GDP per capita, Investment, General Public Debt, Unemployment, Government Revenue, and Governance may have a steady impact on sovereign ratings.<br>info:eu-repo/semantics/publishedVersion
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7

BOZIC, VANJA. "Sovereign ratings: fundamentals, macroeconomic: issues and territorial heterogeneity." Doctoral thesis, Università degli Studi di Roma "Tor Vergata", 2012. http://hdl.handle.net/2108/202677.

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8

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<br>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
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9

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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10

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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11

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 similarit
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12

Savadye, Laswet. "The impact of sovereign credit ratings on foreign exchange rate returns in Africa." Master's thesis, Faculty of Commerce, 2021. http://hdl.handle.net/11427/33955.

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This study investigates the impact of sovereign credit ratings on foreign exchange rate returns for a sample of 27 African countries over the period 2003–2018 to examine the response of the exchange rates around the time of sovereign rating announcements. The data consist of longterm foreign currency sovereign ratings, outlooks, watch lists and daily exchange rates. The study applies a combination of an event study methodology using both univariate and multivariate analyses and the Granger causality tests in a panel framework as well as impulse response tests. The results suggest that, in Afri
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13

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
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14

Sibanda, Michael. "Determinants of sovereign credit ratings in an emerging economy: A case of South Africa." Thesis, University of Cape Town, 2018. http://hdl.handle.net/11427/28373.

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The author attempts to identify and measure determinants of sovereign credit ratings for emerging markets as rated by the three leading ratings agencies, namely:- Fitch, Moody's, and Standard and Poor's. Sovereign credit ratings have a vital role in capital mobilisation and portfolio inflows as they dictate the cost and eligibility of borrowing in the global capital markets. The sovereign credit ratings also act as a ceiling for sub-sovereign borrowers’ foreign currency ratings, and as suggested by available literature and empirics, sub-sovereigns can never be rated above their sovereign. Emer
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15

MACHADO, RENATA MORAES. "BRAZILIAN SOVEREIGN RATINGS: AN ANALYSIS ABOUT THE IMPACTS OF THEIR CHANGES ON C-BOND SPREADS." PONTIFÍCIA UNIVERSIDADE CATÓLICA DO RIO DE JANEIRO, 2005. http://www.maxwell.vrac.puc-rio.br/Busca_etds.php?strSecao=resultado&nrSeq=7384@1.

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O rating soberano pode ser definido como uma nota dada pelas agências de risco às obrigações do governo central de um país. Apesar do primeiro rating atribuído ao país datar de 1986, percebe-se que sua importância cresceu muito a partir de 1994, com a emissão dos brady bonds. Em teoria, as agências de ratings teriam o papel de antever acontecimentos no mercado, e conseqüentemente, seriam suas análises que influenciariam o comportamento dos mesmos; no entanto, severas críticas vêm sendo feitas no sentido de que elas apenas reagem a acontecimentos já amplamente conhecidos. Este trabalho t
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16

Rocca, Nicolò. "The determinants of Brazilian corporate credit ratings: how did the market react to sovereign downgrades?" reponame:Repositório Institucional do FGV, 2017. http://hdl.handle.net/10438/17983.

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Submitted by Nicolò Rocca (nicolo.rocca@outlook.com) on 2017-02-22T22:26:19Z No. of bitstreams: 1 FGV-EESP Dissertation Nicolò Rocca.pdf: 1754308 bytes, checksum: 9f5af21bb7819365b18cde149f924fff (MD5)<br>Rejected by Josineide da Silva Santos Locatelli (josineide.locatelli@fgv.br), reason: Dear Nicolo, Please, it’s necessary to correct some things in your thesis: • Withdraw the pages numbers before the introduction, but they must to be considered, the numbers need to start in the introduction and they must to be on the superior right side of the page; • At the Page 3 – You need to a
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Govender, Sharlene. "The impact of a change in sovereign credit ratings on stock market volatility: A comparison of emerging and developed countries." Master's thesis, University of Cape Town, 2018. http://hdl.handle.net/11427/28384.

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Sovereign credit ratings affect a country’s financial well-being. The financial markets, at large, have become quite topical within the public space, as well as policy makers and academics. This area has been examined in detail, especially after the global financial crisis of 2008. Rating agencies have been under great scrutiny against their issued ratings and accused of favouring developed economies over developing ones by providing higher ratings to the former. Using a panel of emerging and developed countries over a period of ten years (June 2007 – June 2017), this study examines whether a
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Valkiūnas, Eimantas, and Rūta Laurinavičiūtė. "Valstybės kredito reitingo modeliavimas Baltijos šalių pavyzdžiu." Master's thesis, Lithuanian Academic Libraries Network (LABT), 2013. http://vddb.laba.lt/obj/LT-eLABa-0001:E.02~2013~D_20130626_190909-34991.

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Magistro baigiamajame darbe išanalizuota ir įvertinta valstybių kredito reitingų suteikimo metodologija, šio proceso kritika, pateikti pasiūlymai esamoms problemoms spręsti. Atlikta koreliacinė, regresinė, pagrindinių komponenčių analizė ir pasinaudojus trijų Baltijos šalių – Lietuvos, Latvijos ir Estijos, pavyzdžiu surasti trys atskiri modeliai, tiksliausiai prognozuojantys minėtų valstybių kredito reitingus, remiantis makroekonominiais rodikliais. Pirmoje darbo dalyje teoriniu aspektu nagrinėjama kredito reitingo samprata, jo reikšmė finansų rinkoms, apibrėžiamos priežastys, lemiančios kredi
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Coelho, Miguel de Campos Pinto. "Credit ratings and government bonds: evidence before, during and after european debt crisis." Master's thesis, reponame:Repositório Institucional do FGV, 2016. http://hdl.handle.net/10362/120122.

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This project investigates if there was any influence of credit rating agencies and long-termgovernment bond yields on each other before, during and after Europe’s sovereign debt crisis. This is addressed by estimating the relationship and causality between sovereign debt ratings or bond yields and macroeconomic and structural variables following a different procedure to explain ratings and bond yields. It is found evidence that, in distressed periods, ratings and yields do affect one another. This suggests that a rating downgrade might create a self-fulfilling prophecy, leading relatively st
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Bagdonas, Valdemaras. "Valstybės kredito reitingų įtaka finansų sektoriaus vystymuisi ir užsienio investicijų srautams Baltijos šalyse." Master's thesis, Lithuanian Academic Libraries Network (LABT), 2012. http://vddb.laba.lt/obj/LT-eLABa-0001:E.02~2012~D_20120703_160300-10939.

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Darbo tema yra aktuali tuo, kad tarptautinės reitingų agentūros, įvertindamos skolų krizę Europoje, pastaruoju metu daugeliui šalių mažino valstybės kredito reitingus ar blogino jų perspektyvas. Nors po prieš trejus metus patirto nuosmukio Baltijos šalių reitingai ir stabilizavosi, jų aukštesnių reikšmių išlaikymas Baltijos valstybėms yra svarbus užsienio investicijų pritraukimo ir šių šalių finansų sektoriaus vystymosi veiksnys. Vis dėlto, reitingų gerėjimas gali turėti ir priešingą poveikį.Todėl svarbu išsiaiškinti situaciją Baltijos šalyse. Tiriamojo darbo objektas yra Baltijos šalių ilgala
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Pénet, Pierre. "Calculating and governing risk in times of crisis : the role of credit ratings in regulatory reasoning and legal change (1930s - 2010s)." Thesis, Paris, Institut d'études politiques, 2014. http://www.theses.fr/2014IEPP0053.

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Située à l’articulation de la sociologie de l’économie, de l’histoire de la finance et de la sociologie de la connaissance, cette thèse présente donc une analyse du rôle de la notation du crédit dans la régulation financière, et plus largement, du rôle de l’incertitude et de l’incomplétude juridiques sur les anticipations économiques des acteurs financiers. Le cadre d’analyse de la recherche se résume en quatre points : Premièrement, la thèse rompt avec une lecture strictement intellectualiste de l’action publique et présente une approche de la régulation financière par ses instruments, emprun
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MARKOSKI, ANGELA SILVA. "EFFECTS OF SOVEREIGN RATING CHANGES OVER BRAZILIAN STOCK MARKET." PONTIFÍCIA UNIVERSIDADE CATÓLICA DO RIO DE JANEIRO, 2004. http://www.maxwell.vrac.puc-rio.br/Busca_etds.php?strSecao=resultado&nrSeq=6098@1.

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COORDENAÇÃO DE APERFEIÇOAMENTO DO PESSOAL DE ENSINO SUPERIOR<br>A crescente integração econômica e financeira mundial vem continuamente intensificando a demanda por informações visando subsidiar a tomada de decisões de um investidor global, geralmente baseada em dois fatores primordiais: risco e retorno. Nesse contexto, tornam-se extremamente interessantes as informações produzidas pelas agências de classificação de risco. Tais agências representam, através de notas, o risco de uma determinada nação não arcar com suas dívidas. Conseqüentemente, ao classificar o risco soberano de um país,
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Búry, Jan. "Význam investičního ratingu a mezinárodních ratingových agentur pro stabilitu mezinárodních finančních trhů." Master's thesis, Vysoká škola ekonomická v Praze, 2010. http://www.nusl.cz/ntk/nusl-75407.

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Credit rating agencies judge the creditworthiness of the debtors and debt obligations and the relative probability of their default. Credit rating plays a very important role in the financial markets. It influences the behavior of all participants (investors, debtors and regulators) of the market transactions. The first part of the thesis deals with definition and function of the credit rating. The main controversial points in the activity of the credit rating agencies will be discussed, as well as how the industry is regulated. In the second part it is claimed that the opinions of the credit
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Müller, Lukáš. "Problém černého pasažera při ratingu eurozóny - případ Řecka." Master's thesis, Vysoká škola ekonomická v Praze, 2015. http://www.nusl.cz/ntk/nusl-205128.

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This thesis examines an impact of Greek membership in eurozone on a trustworthiness of Greek economy. In order to do that, it uses a methodology of rating agency Moody´s, on which it applies macroeconomic data. The goal is to identify key factor, which caused the discrepancy between awarded rating and real economic stability. The text itself is divided into two thematic parts. The first introduces an institution of rating Agency and explains the Sovereign Rating Methodology 2013. The second than analyze Greek economy using this methodology and applies findings on the causes of Greek debt crisi
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Matelis, Skirmantas. "How do sovereign debt yields respond to credit rating announcements." Thesis, Internationella Handelshögskolan, Högskolan i Jönköping, IHH, Economics, Finance and Statistics, 2012. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-18333.

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The concept of asymmetric information is probably best described by medieval idiom to buy a pig in a poke or to buy a cat in a sack, and is a long standing issue in a market economy. A solution to this predicament, is thought to be an objective third party certifier who would provide true information for the market participants. Credit Rating Agencies (CRAs) by all definitions act as such certifiers within financial markets and have been on the public spotlight for the last years. In both cases, the US subprime mortgage crisis and the EU sovereign debt crisis, the agencies were charged for mis
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Johnson, James. "Lost in Translation: Rethinking the Politics of Sovereign Credit Rating." Thesis, University of Canterbury. Social and Political Science, 2013. http://hdl.handle.net/10092/8684.

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Our current understanding of credit rating agencies’ influence on national sovereignty relies on a dichotomised and highly antagonistic view of the relationship between states and the global economy. This perspective is locked into the discursive confines of the structuralist-sceptics debate within the field of international political economy. CRAs are said to either erode state sovereignty or represent a manifestation of it. By abandoning the state-market, public-private and national-global dichotomies embedded within this debate, and the zero-sum mentality they are predicated upon, this thes
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Leturia, Saldaña Fabiola, Villegas Roderick Paredes, Salazar Luis Romaní, and Ruiz Raúl Sotelo. "Sovereign credit default swap vs. credit rating: un modelo empírico." Master's thesis, Pontificia Universidad Católica del Perú, 2013. http://hdl.handle.net/20.500.12404/13631.

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Los últimos eventos de crisis financieras han generado muchas controversias sobre el rol que han presentado las clasificadoras de riesgo en los mercados financieros debido a la poca precisión de sus evaluaciones expost y sus cuestionados indicadores de riesgo los cuales son empleados por inversionistas e instituciones financieras en la toma de decisiones al momento de adquirir instrumentos de deuda emitidos por determinado país o corporación. Este contexto ha generado la búsqueda de herramientas alternativas como es el caso de las primas de credit default swap (CDS) cuya evidencia empír
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Cai, Peilin. "The Impact of Sovereign Credit Rating on International Capital Investment." Thesis, The University of Sydney, 2017. http://hdl.handle.net/2123/17967.

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The three standalone empirical studies that comprise this thesis examine the relationship between sovereign credit ratings and international capital movements. The first two studies (Chapters 2 and 3) focus on foreign direct investments (FDIs), whilst the third study (Chapter 4) examines the use of sovereign credit ratings in global banking regulation and their impact on international capital flows. Study one explores how sovereign credit ratings affect FDIs from developed countries. Study two analyses the impact of sovereign credit ratings as determinants of FDIs from emerging market countrie
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Orpiszewski, Tomasz. "Le marché des dettes souveraines dans la globalisation financière." Thesis, Paris 9, 2015. http://www.theses.fr/2015PA090052/document.

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Cette thèse met en avant l’analyse du lien entre le marché de la dette de gouvernement, le risque souverain, la stabilité du système financier et le développement des marchés de la dette locale dans les pays émergents. Afin de remplir l’espace vide dans la littérature académique sur les flux obligataires j’ai construit une nouvelle base des données sur les détentions des obligations souveraines par les investisseurs domestiques et étrangers et, par conséquence, j’ai effectué une analyse empirique des déterminants des flux entrants et sortants par type d’investisseur et pays. Ainsi la thèse pro
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Berglund, Axel, and Carl Fransson. "Sovereign Credit Rating effects on equity markets: Applied on US Data." Thesis, Högskolan i Halmstad, Sektionen för hälsa och samhälle (HOS), 2012. http://urn.kb.se/resolve?urn=urn:nbn:se:hh:diva-18959.

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This paper is a study on how U.S stock market reacts on sovereign credit rating announcements, and if there is a significant difference between low or high debt firms. We have used an event study based on historical stock prices from 30 companies, 15 with high debt and 15 with low debt. All companies are taken from the S&amp;P`s 500 index which we also use as a market index. We use a regression model with 10 % significance level to see if there is a significant impact on high debt firms. Our result shows that the market will be affected by the downgrade. We also conclude that there was a signi
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TAVARES, RAFAEL MENDES SOUZA. "EFFECTS OF SOVEREIGN RATING CHANGES OF EMERGING COUNTRIES OVER BRAZILIAN STOCK MARKET." PONTIFÍCIA UNIVERSIDADE CATÓLICA DO RIO DE JANEIRO, 2006. http://www.maxwell.vrac.puc-rio.br/Busca_etds.php?strSecao=resultado&nrSeq=8264@1.

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O objetivo do presente estudo foi investigar a possibilidade de alterações de ratings soberanos de países emergentes produzirem efeitos no mercado acionário brasileiro. Para tanto, adotou-se o teste estatístico paramétrico de estudo de evento, amplamente utilizado para testes de eficiência semi-forte de mercado. Os resultados sugerem que alterações de ratings soberanos de países emergentes produzem efeitos no comportamento dos preços do mercado acionário brasileiro, ainda que sua intensidade esteja associada ao tipo de informação que foi incorporada. Notícias negativas, principalmente o
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Vasická, Lucie. "Srovnání sovereign ratingu a rizikové kategorizace zemí a jejich změny po finanční krizi." Master's thesis, Vysoká škola ekonomická v Praze, 2010. http://www.nusl.cz/ntk/nusl-75284.

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In the first chapter the paper is focused on sovereign rating, it describes the history and explains the basic characteristics in the context of its usual usage. In the second chapter the basics behind the Arrangement on Officially Supported Export Credits are explained. Because the main purpose of this paper is to compare sovereign rating and the country risk classification based on the Arrangement, the chapter focuses especially on the Knaepen Package that introduced country risk classification to the Arrangement. In the chapter there is also the introduction to the Malzkuhn-Drysdale Package
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Pereira, Sara Maria Vinhas Maia. "The sovereign CDS-Bond basis: from a crisis perspective." Master's thesis, NSBE - UNL, 2012. http://hdl.handle.net/10362/9564.

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A Work Project, presented as part of the requirements for the Award of a Masters Degree in Finance from the NOVA – School of Business and Economics<br>This work studies the determinants of the sovereign CDS-bond basis distortions, in the Euro area, during the last crises period. Regression analysis showed four relevant conclusions. Credit rating and credit outlook downgrades have a huge impact on the sovereign credit instruments premiums, although not originating arbitrage opportunities. Moreover, the ECB rate has a smoother effect on the sovereign debt markets’ functioning and the risk-trans
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Bartels, Bernhard [Verfasser]. "Essays on credit rating agencies and the assessment of sovereign risk / Bernhard Bartels." Mainz : Universitätsbibliothek Mainz, 2015. http://d-nb.info/1071065726/34.

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Mutize, Misheck. "The impact of sovereign credit rating changes on financial market returns in Africa." Doctoral thesis, University of Cape Town, 2018. http://hdl.handle.net/11427/29252.

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In both developed and developing countries, the extent to which sovereign credit rating announcements bridge the information gap between investors and issuers of securities is debatable. Thus, this thesis investigates the effects of the information provided by credit rating agencies on financial markets in 30 African countries during the period of 1994 to 2014 in order to determine whether long-term foreign currency sovereign credit rating announcements contain material information that influences the secondary market stock and bond returns. The analyses draws the following findings. First, Af
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Svačina, Lubomír. "Ratingové agentury a jejich význam pro rozhodování finančních trhů a hospodářskou politiku." Master's thesis, Vysoká škola ekonomická v Praze, 2013. http://www.nusl.cz/ntk/nusl-199240.

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This paper performs an analysis of rating agencies and evaluates their importance for financial markets and economic policy. The importance of rating agencies and their ratings is assessed based on two criteria -- independence and accuracy of ratings, both criteria are analysed in detail from different views throughout this paper. Independence of rating agencies is considered in terms of historical context and the most important development milestones and trends, in terms of market positioning and demand for services of rating agencies, in terms of ownership structures and financing models. Ac
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Balima, Weneyam Hippolyte. "Essays on economic policies and economy of financial markets in developing and emerging countries." Thesis, Université Clermont Auvergne‎ (2017-2020), 2017. http://www.theses.fr/2017CLFAD024/document.

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Cette thèse s'intéresse aux questions d'accès aux marchés financiers dans les économies émergentes et en développement. La première partie donne un aperçu général des conséquences macroéconomiques de l'un des régimes de politique monétaire le plus favorable au marché - le ciblage d'inflation - en utilisant le cadre d'analyse de la méta-analyse. La deuxième partie analyse le risque et la stabilité des marchés obligataires des États. La troisième et dernière partie examine les effets disciplinaires résultant de la participation aux marchés obligataires souverains. Plusieurs résultats émergent. A
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38

Martell, Rodolfo. "Three essays in international finance." Connect to this title online, 2005. http://rave.ohiolink.edu/etdc/view?acc%5Fnum=osu1111754376.

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Thesis (Ph. D.)--Ohio State University, 2005.<br>Title from first page of PDF file. Document formatted into pages; contains xiv, 147 p.; also includes graphics (some col.) Includes bibliographical references (p. 91-98). Available online via OhioLINK's ETD Center
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39

LIMA, MARIANO VIEIRA. "CORPORATE CREDIT AND SOVEREIGN RISK: ASYMMETRIES IN PRICE REACTION TO RATING REVIEWS AND TO EARNINGS RELEASES." PONTIFÍCIA UNIVERSIDADE CATÓLICA DO RIO DE JANEIRO, 2017. http://www.maxwell.vrac.puc-rio.br/Busca_etds.php?strSecao=resultado&nrSeq=33195@1.

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O presente trabalho analisa o movimento recente nos preços de eurobonds emitidos por empresas brasileiras e a sua relação com a evolução do risco soberano brasileiro. Com o objetivo de verificar possíveis assimetrias na reação dos preços desses títulos a novas informações sobre as empresas emissoras em diferentes níveis do CDS associado à dívida soberana brasileira, testamos o comportamento dos preços dos eurobonds à divulgação de informações indicadoras dos fundamentos específicos das firmas emissoras de dívida, a saber: (i) alterações do rating atribuído por agências especializadas e (ii) an
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40

Restrepo, Gomez Felipe. "Essays on the Effects of Financing Frictions." Thesis, Boston College, 2014. http://hdl.handle.net/2345/bc-ir:101437.

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Thesis advisor: Philip E. Strahan<br>In the first essay of this dissertation I examine the bank credit supply and industry growth effects stemming from the introduction of bank account debit (BAD) taxes using a sample of Latin American countries between 1986 and 2005. I first show that the introduction of BAD taxes is followed by a reduction in the provision of bank credit to the private sector. I identify that a key channel through which these taxes affect credit is by creating a strong incentive to hold cash and reduce the use of bank deposits. I also provide evidence that their implementati
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41

Karpava, Marharyta. "Determinants of forex market movements during the European sovereign debt crisis: The role of credit rating agencies." Thesis, Internationella Handelshögskolan, Högskolan i Jönköping, IHH, Economics, Finance and Statistics, 2012. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-18398.

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The purpose of this thesis is to identify key factors underlying exchange rate developments during the European sovereign debt crisis by examining the impact of credit rating news, published by the three leading credit rating agencies, on conditional returns and volatility of EUR/USD (direct quotation) exchange rate. Empirical results highlight the importance of interest rate differential and volatility index of options exchange in explaining EUR/USD exchange rate volatilities. Downgrade announcements by Standard &amp; Poor’s as well as watch revisions by Fitch Ratings had a detrimental impact
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42

Cüppers, Laura Natalie [Verfasser], Heinz-Dieter [Gutachter] Smeets, and Ulrike [Gutachter] Neyer. "Financial Markets, Sovereign Default and Credit Rating Agencies / Laura Natalie Cüppers ; Gutachter: Heinz-Dieter Smeets, Ulrike Neyer." Düsseldorf : Universitäts- und Landesbibliothek der Heinrich-Heine-Universität Düsseldorf, 2016. http://d-nb.info/1114884936/34.

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43

Šlachtičová, Zuzana. "Predikcia postavenia ratingových agentúr na finančných trhoch." Master's thesis, Vysoká škola ekonomická v Praze, 2011. http://www.nusl.cz/ntk/nusl-124901.

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The thesis is devoted to the position of rating agencies in the financial markets. The main aim is to predict the position of these companies, which is currently mainly influenced by the European politicians. Politicians criticize them and try to limit their power. The essence of this thesis is to summarize the reasons for their criticism, focusing on reduction of sovereign ratings. Then it's discussed a downgrading the USA and France. For the first time in a history they lost their AAA rating. The last chapter is devoted to the possible position of rating agencies. The first option is the est
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44

Navrátil, Jan. "Suverénní entity - financování, kreditní riziko a rating." Master's thesis, Vysoká škola ekonomická v Praze, 2015. http://www.nusl.cz/ntk/nusl-207035.

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The echoes of Eurozone debt crisis brought into question the sovereign risk of advanced economies. Understanding factors that influence this risk is key to avoid similar crisis of public debt financing in the future. The main aim of this thesis is to identify which factors influence sovereign entity financing and how the problems of public debt financing arise. This is reached through analysis of debt crisis development and its causes in the GIPS economies.
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Cibulka, Jakub. "Analýza vztahu mezi změnou ratingu vládních dluhopisů a tržním chováním." Master's thesis, Vysoká škola ekonomická v Praze, 2011. http://www.nusl.cz/ntk/nusl-113549.

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This master thesis analyzes the relationship between the change of sovereign rating and market behaviour. The first part is devoted to rating itself. I present the various types of the rating, development, structure and risks of the market for credit rating agencies. The second part focuses on the nature of government bonds and the methodology for determining credit rating. The third part contains an analysis of market indicators in selected countries, econometric analysis of the relationship between credit ratings and risk perception in the market and comparison with other indicators of poten
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Horáková, Eva. "Analýza změn k přístupu ratingu státu po finanční krizi." Master's thesis, Vysoká škola ekonomická v Praze, 2017. http://www.nusl.cz/ntk/nusl-359563.

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This thesis deals with globalisation of markets. It focuses on examining the economic crisis of 2008 and 2010 and on how individual countries can cope with deteriorating of macroeconomic values, especially with financial implications of this situation. The thesis also examines credit rating agencies as indicators of financial soundness of investment instruments, to which is often reffered as to culprits of the crisis for their reaction to the development of the mortgage market. The thesis defines the rating in the concept of sovereign states and describes the market of credit rating agencies.
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BRANDAO, FREDERICO RENAN SIMOES. "IMPACTS OF SOVEREIGN RATING CHANGES TO BRAZIL ON THE SHARES OF STATE-OWNED COMPANIES TRADED ON THE BRAZILIAN STOCK MARKET." PONTIFÍCIA UNIVERSIDADE CATÓLICA DO RIO DE JANEIRO, 2015. http://www.maxwell.vrac.puc-rio.br/Busca_etds.php?strSecao=resultado&nrSeq=29480@1.

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PONTIFÍCIA UNIVERSIDADE CATÓLICA DO RIO DE JANEIRO<br>Atualmente, com a intensificação da integração econômica e financeira dos mercados, o enfraquecimento das fronteiras nacionais e o significativo crescimento do comércio internacional, os investidores estão direcionando cada vez mais seus fluxos de capitais para os mercados externos, de forma a promover a diversificação internacional de suas carteiras, reduzindo o risco ao mesmo nível de retorno aos apresentados por carteiras puramente nacionais. É neste contexto de expansão internacional dos mercados e de elaboração de carteiras internacion
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48

Mandon, Pierre. "New empirics on transdisciplinary political economics : essays on the economics of democratic modalities." Thesis, Université Clermont Auvergne‎ (2017-2020), 2017. http://www.theses.fr/2017CLFAD021.

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L'objet de la présente thèse concerne l'étude de l'impact économique de trois modalités démocratiques, à savoir (i) l'agenda électoral, (ii) l'affiliation partisane des dirigeants en place dans un cadre de multipartisme, et (iii) les changements de gouvernance constitutionnellement définis. Afin d'introduire notre étude, nous décrivons la relation qui existe entre les modalités démocratiques et la démocratie directe d'une part et la politique budgétaire d'autre part, aux Etats-Unis sur la période 1790-2014 dans l'Introduction Générale. Dans le Chapitre 2 nous étudions l'effet authentique et po
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49

Scarabel, Mirela Virginia Perrella. "O impacto de mudanças de rating soberano sobre a taxa de câmbio em países emergentes." Universidade de São Paulo, 2010. http://www.teses.usp.br/teses/disponiveis/12/12138/tde-29112010-183257/.

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O objetivo desta dissertação é avaliar o impacto de mudanças de rating soberano sobre a taxa de câmbio de países emergentes. Embora a literatura relacionada já tenha estudado o impacto de mudanças de rating soberano sobre ações, títulos e até fluxo de capital, nada foi feito sobre taxas de câmbio. Todavia, taxas de câmbio devem responder de maneira interessante a mudanças de rating, pois além de serem ativos financeiros, as moedas desempenham a função de intermediar o investimento estrangeiro nos demais ativos domésticos. Empregamos a metodologia de estudo de evento acrescentando a ela uma mod
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50

Haas, Jakub. "Fiskální pravidla a jejich efektivita ? anglofonní země a EMU." Master's thesis, Vysoká škola ekonomická v Praze, 2008. http://www.nusl.cz/ntk/nusl-4232.

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Diplomová práce se zaměřuje na zkoumání fiskálních pravidel - omezení fiskální politiky, která byla přijata v průběhu devadesátých let 20. století. Zkoumané země se dělí na dvě skupiny. Zaprvé se jedná o anglofonní země (Spojené království, Austrálie, Nový Zéland) s odlišným právním a politickým systémem než země druhé skupiny - Evropské měnové unie, které musely akceptovat tzv. Maastrichtská kritéria a Pakt stability a růstu. Analýza efektivnosti fiskální pravidel, která zahrnují pravidla numerická, procesní i transparentnostní, se zaměří na rizikovou prémii u úrokových sazeb finančního trhu
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