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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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    References listed on IDEAS

    1. Paul Krugman & Anthony J. Venables, 1995. "Globalization and the Inequality of Nations," The Quarterly Journal of Economics, Oxford University Press, vol. 110(4), pages 857-880.
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    5. Maurseth, Per Botolf, 2001. "Convergence, geography and technology," Structural Change and Economic Dynamics, Elsevier, vol. 12(3), pages 247-276, September.
    6. Redding, Stephen & Schott, Peter K., 2003. "Distance, skill deepening and development: will peripheral countries ever get rich?," Journal of Development Economics, Elsevier, vol. 72(2), pages 515-541, December.
    7. Enrique López-Bazo & Esther Vayá & Manuel Artís, 2004. "Regional Externalities And Growth: Evidence From European Regions," Journal of Regional Science, Wiley Blackwell, vol. 44(1), pages 43-73.
    8. Michael Roos, "undated". "Wages and Market Potential in Germany," Discussion Papers in Economics 00_09, University of Dortmund, Department of Economics.
    9. repec:hhs:iuiwop:430 is not listed on IDEAS
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    More about this item


    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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