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Evaluation of regional debt ratings through discriminant analysis


  • Fernández Llera, Roberto

    () (Universidad de Oviedo)


Transparency is a necessary condition in order to financial market could exert an adequate discipline over public agents’ borrowing policy. In federal and decentralized countries, the risk of insolvency is bigger, given that expenditure and revenue policies are shared among several tiers of government. In this article we analyze the determinants of ratings as an instrument that can contribute to improve transparency in borrowing operations. Discriminant analysis is used and the Autonomous Communities in Spain are the core of the investigation.

Suggested Citation

  • Fernández Llera, Roberto, 2006. "Evaluation of regional debt ratings through discriminant analysis," INVESTIGACIONES REGIONALES - Journal of REGIONAL RESEARCH, Asociación Española de Ciencia Regional, issue 8, pages 105-122.
  • Handle: RePEc:ris:invreg:0155

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    Ratings; Debt; Regions; Discriminant Analysis;

    JEL classification:

    • G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation
    • H74 - Public Economics - - State and Local Government; Intergovernmental Relations - - - State and Local Borrowing


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