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Rating Agencies: Creating, Amplifying or Drawn by Events in the Sovereign Debt Crisis?

  • Thomas Url

    (WIFO)

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    Rating agencies transform information on a country's political, economic and financial situation into a summary indicator for investors. Thereby they mainly facilitate cross-border investment. In a number of empirical studies, ratings have been found to have been responsible for a widening of interest rate differentials vis-à-vis a reference country considered as a safe haven. The potential of triggering a vicious circle of interest rate increases and downgrades have put rating agencies into the focus of political interest in the context of the European sovereign debt crisis.

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    Article provided by WIFO in its journal Quarterly.

    Volume (Year): 17 (2012)
    Issue (Month): 2 (May)
    Pages: 108-121

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    Handle: RePEc:wfo:wquart:y:2012:i:2:p:108-121
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    1. Stock, James H. & Watson, Mark W., 1999. "Forecasting inflation," Journal of Monetary Economics, Elsevier, vol. 44(2), pages 293-335, October.
    2. Graciela Kaminsky & Sergio L. Schmukler, 2002. "Emerging Market Instability: Do Sovereign Ratings Affect Country Risk and Stock Returns?," World Bank Economic Review, World Bank Group, vol. 16(2), pages 171-195, August.
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    6. Carmen M. Reinhart & Kenneth S. Rogoff, 2011. "A Decade of Debt," Peterson Institute Press: All Books, Peterson Institute for International Economics, number 6222, March.
    7. Reisen, Helmut & von Maltzan, Julia, 1998. "Sovereign credit ratings, emerging market risk and financial market volatility," HWWA Discussion Papers 55, Hamburg Institute of International Economics (HWWA).
    8. Andrew Powell & Juan F. Martinez S., 2008. "On Emerging Economy Sovereign Spreads and Ratings," Research Department Publications 4565, Inter-American Development Bank, Research Department.
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