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The Sovereign Rating Regulatory Dilemma

In: Emerging Markets and Sovereign Risk

Author

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  • Jeffrey Manns

Abstract

Rating agencies have long served as convenient scapegoats for sovereign downgrades that reflect years of fiscal mismanagement and growing economic and political risks.1 The irony is that the existence of sovereign ratings reflects the need for external accountability of governments’ fiscal management.2 Politicians in both the developed and developing world have repeatedly demonstrated a remarkable ability to ignore fiscal realities and dissemble until a crisis is at their doorstep. For this reason markets value sovereign ratings both as proxies on how close governments are to the precipice of a default and as a tool of public pressure for fiscal restraint.3

Suggested Citation

  • Jeffrey Manns, 2015. "The Sovereign Rating Regulatory Dilemma," Palgrave Macmillan Books, in: Nigel Finch (ed.), Emerging Markets and Sovereign Risk, chapter 7, pages 118-152, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-45066-1_7
    DOI: 10.1057/9781137450661_7
    as

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