Gärtner, Manfred; Griesbach, Björn; Jung, Florian - 2011
: Sovereign debt ratings, sovereign default, debt crisis, budget deficit, rating agencies, PIGS, risk premiums, government bond …This paper asks whether rating agencies played a passive role or were an active driving force during Europe's sovereign … debt crisis. We address this by estimating relationships between sovereign debt ratings and macroeconomic and structural …