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The Company States Keep

Author

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  • Gray,Julia

Abstract

This book argues that investor risk in emerging markets hinges on the company a country keeps. When a country signs on to an economic agreement with states that are widely known to be stable, it looks less risky. Conversely, when a country joins a group with more unstable members, it looks more risky. Investors use the company a country keeps as a heuristic in evaluating that country's willingness to honor its sovereign debt obligations. This has important implications for the study of international cooperation as well as of sovereign risk and credibility at the domestic level.

Suggested Citation

  • Gray,Julia, 2013. "The Company States Keep," Cambridge Books, Cambridge University Press, number 9781107030886.
    • Handle: RePEc:cup:cbooks:9781107030886
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    Citations

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    Cited by:

    1. Layna Mosley & Victoria Paniagua & Erik Wibbels, 2020. "Moving markets? Government bond investors and microeconomic policy changes," Economics and Politics, Wiley Blackwell, vol. 32(2), pages 197-249, July.
    2. Barta, Zsófia & Baccaro, Lucio & Johnston, Alison, 2022. "Signaling virtue or vulnerability? The changing impact of exchange rate regimes on government bond yields," MPIfG Discussion Paper 22/5, Max Planck Institute for the Study of Societies.
    3. Steven Liao & Daniel McDowell, 2022. "Closing time: Reputational constraints on capital account policy in emerging markets," The Review of International Organizations, Springer, vol. 17(3), pages 543-568, July.
    4. Bodea, Cristina & Hicks, Raymond, 2015. "Price Stability and Central Bank Independence: Discipline, Credibility, and Democratic Institutions," International Organization, Cambridge University Press, vol. 69(1), pages 35-61, January.
    5. Christina L. Davis & Tyler Pratt, 2021. "The forces of attraction: How security interests shape membership in economic institutions," The Review of International Organizations, Springer, vol. 16(4), pages 903-929, October.
    6. Cristina Bodea & Raymond Hicks, 2018. "Sovereign credit ratings and central banks: Why do analysts pay attention to institutions?," Economics and Politics, Wiley Blackwell, vol. 30(3), pages 340-365, November.
    7. Gehring, Kai & Lang, Valentin, 2020. "Stigma or cushion? IMF programs and sovereign creditworthiness," Journal of Development Economics, Elsevier, vol. 146(C).
    8. Timm Betz & Amy Pond & Weiwen Yin, 2021. "Investment agreements and the fragmentation of firms across countries," The Review of International Organizations, Springer, vol. 16(4), pages 755-791, October.
    9. Ana Garriga, 2015. "Leonardo Baccini and Johannes Urpelainen. 2014. Cutting the Gordian Knot of Economic Reform. When and How International Institutions Help (New York: Oxford University Press)," The Review of International Organizations, Springer, vol. 10(3), pages 409-412, September.
    10. Matthew DiGiuseppe & Patrick E. Shea, 2016. "Borrowed Time: Sovereign Finance, Regime Type, and Leader Survival," Economics and Politics, Wiley Blackwell, vol. 28(3), pages 342-367, November.
    11. Nadezhda Filimonova & Anastassia Obydenkova & Vinicius G. Rodrigues Vieira, 2023. "Geopolitical and economic interests in environmental governance: explaining observer state status in the Arctic Council," Climatic Change, Springer, vol. 176(5), pages 1-25, May.
    12. Naqvi, Natalya, 2018. "Manias, panics and crashes in emerging markets: an empirical investigation of the post-2008 crisis period," LSE Research Online Documents on Economics 90368, London School of Economics and Political Science, LSE Library.
    13. Dasgupta, Aditya & Ziblatt, Daniel, 2021. "Capital Meets Democracy: The Impact of Franchise Extension on Sovereign Bond Markets," SocArXiv s2pqn, Center for Open Science.
    14. Raphael Cunha & Andreas Kern, 2022. "Global banking and the spillovers from political shocks at the core of the world economy," The Review of International Organizations, Springer, vol. 17(4), pages 717-749, October.
    15. Inken Borzyskowski & Felicity Vabulas, 2019. "Hello, goodbye: When do states withdraw from international organizations?," The Review of International Organizations, Springer, vol. 14(2), pages 335-366, June.
    16. Bodea, Cristina & Kerner, Andrew, 2022. "Fear of inflation and gender representation in central banking," European Journal of Political Economy, Elsevier, vol. 74(C).
    17. Takaaki Masaki & Bradley C. Parks, 2020. "When do performance assessments influence policy behavior? Micro-evidence from the 2014 Reform Efforts Survey," The Review of International Organizations, Springer, vol. 15(2), pages 371-408, April.
    18. Allison Carnegie & Lindsay R. Dolan, 2021. "The effects of rejecting aid on recipients’ reputations: Evidence from natural disaster responses," The Review of International Organizations, Springer, vol. 16(3), pages 495-519, July.

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