Gärtner, Manfred; Griesbach, Bjoern; Jung, Florian - School of Economics and Political Science, Universität … - 2011
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 … explained by observed previous procedures of rating agencies. Next, we check whether both systematic and arbitrary parts of …