Uribe, Martín (contributor); Yue, Vivian Z. (contributor) - 2003
higher
credit ratings translate into lower country spreads (Cantor and Packer, 1996; Eichengreen
and Mody, 1998). In turn …, credit ratings have been found to respond strongly to domestic
macroeconomic conditions. For example, Cantor and Packer (1996 …) estimate that about
80 percent of variations in credit ratings are explained by variations in per capita income,
external debt …