Reinhart, Carmen; Goldstein, Morris; Kaminsky, Graciela - Volkswirtschaftliche Fakultät, … - 2000
In this study, we begin by assessing the ability of sovereign credit ratings to anticipate crises. In addition, given … the wave of sovereign credit ratings downgrades that have followed the crises in Asia, we investigate formally the extent … to which credit ratings are reactive. Along the way, we discuss a small but growing literature that examines to what …