Narrow search
Showing 1 - 10 of 11,259
Cover Image
Why Is Sovereign Debt Restructuring a Challenge? The Case of Greece.
Dreger, Joanna - European Economic Studies, College of Europe - 2012
achieve its goals: to reduce the debt-to-GDP ratio to 120.5% in 2020 and to ensure the return of Greece to market financing by … restructuring process and (3) costs of restructuring; and applies them to the case of Greece. Based on this analysis, three policy … implications are formulated, with relevance to Greece and the wider eurozone. Firstly, the importance of increased policy effort by …
Persistent link: https://www.econbiz.de/10010737489
Cover Image
Global risk appetite and EMBI-Colombia: evidence on a structural break and the fiscal policy role
Julio, Juan Manuel; Lozano, Ignacio; Melo, Ligia Alba - In: ENSAYOS SOBRE POLÍTICA ECONÓMICA (2013)
This paper shows that the Colombian sovereign risk (EMBI?Colombia) is mainly determined by international investors’ risk appetite, whose response is non?linear and depends on the government fiscal stance. It is also shown that the relationship between these variables experienced an important...
Persistent link: https://www.econbiz.de/10011152863
Cover Image
Czynniki determinujace rating kredytowy krajow europejskich. (Determinants of credit ratings of European countries.)
Chodnicka, Patrycja; Jaworski, Piotr; Niewinska, Katarzyna - In: Problemy Zarzadzania 12 (2014) 48, pp. 111-131
The purpose of this article is to analyze factors that can influence the credit rating granted to European countries by rating agencies. The article analyzes the literature in this field. Methodology used for credit ratings assessment by individual agencies was analyzed, and then the results...
Persistent link: https://www.econbiz.de/10011272561
Cover Image
The Home Bias in Sovereign Ratings
Gehring, Kai; Fuchs, Andreas - Verein für Socialpolitik - VfS - 2014
Credit rating agencies are frequently criticized for producing sovereign ratings that do not accurately reflect the economic and political fundamentals of rated countries. This article discusses how the home country of rating agencies could affect rating decisions as a result of political...
Persistent link: https://www.econbiz.de/10011164025
Cover Image
Macroannouncements, bond auctions and rating actions in the European government bond spreads
Boffelli, Simona; Urga, Giovanni - In: Journal of International Money and Finance 53 (2015) C, pp. 148-173
This paper investigates the impact of macroannouncements, government bond auctions and rating actions on the 10-year government bond spreads for Belgium, France, Italy, the Netherlands, Spain with respect to Germany. Using a unique tick-by-tick dataset over 1/02/2009–05/31/2012, we identify...
Persistent link: https://www.econbiz.de/10011263951
Cover Image
Standards are Poor: On Competence and Professional Integrity at the Leading Rating Agency
Gaertner, Manfred - School of Economics and Political Science, Universität … - 2014
Competence behind the rating of sovereign countries is crucial, given that the market for government bonds may be vulnerable to multiple equilibria and self-fulfilling prophecies. With this in mind, this paper reviews and scrutinizes an official Standard and Poor’s (S&P) publication that...
Persistent link: https://www.econbiz.de/10010793626
Cover Image
Credit Ratings and the Pricing of Sovereign Debt during the Euro Crisis
Aizenman, Joshua; Binici, Mahir; Hutchison, Michael Mercier - Ekonomik Yaklasim Association - 2013
This paper investigates the impact of credit rating changes on the sovereign spreads in the European Union and investigates the macro and financial factors that account for the time varying effects of a given credit rating change. We find that changes of ratings are informative, economically...
Persistent link: https://www.econbiz.de/10010850465
Cover Image
Rating Sovereign Debt in a Monetary Union – Original Sin by Transnational Governance
Körner, Finn Marten; Trautwein, Hans-Michael - ZenTra - Center for Transnational Studies - 2014
It is frequently argued that credit rating agencies (CRAs) have acted procyclically in their rating of sovereign debt in the European Monetary Union (EMU). They are believed to have under-rated sovereign risk in the early years of EMU, when integrated financial markets provided easier access to...
Persistent link: https://www.econbiz.de/10010904547
Cover Image
Credit Ratings and the Pricing of Sovereign Debt during the Euro Crisis
Aizenman, Joshua; Hutchison, Michael Mercier; Binici, Mahir - National Bureau of Economic Research (NBER) - 2013
This paper investigates the impact of credit rating changes on the sovereign spreads in the European Union and investigates the macro and financial factors that account for the time varying effects of a given credit rating change. We find that changes of ratings are informative, economically...
Persistent link: https://www.econbiz.de/10010950758