The political economy of sovereign rating criteria: what rating agencies demand from national governments
Gespeichert in:
| 1. Verfasser: | |
|---|---|
| Format: | Abschlussarbeit Buch |
| Sprache: | English |
| Veröffentlicht: |
2014
|
| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | 204 Bl. graph. Darst. |
Internformat
MARC
| LEADER | 00000nam a2200000 c 4500 | ||
|---|---|---|---|
| 001 | BV042365419 | ||
| 003 | DE-604 | ||
| 005 | 00000000000000.0 | ||
| 007 | t | ||
| 008 | 150217s2014 d||| m||| 00||| eng d | ||
| 035 | |a (OCoLC)904009940 | ||
| 035 | |a (DE-599)BSZ42045716X | ||
| 040 | |a DE-604 |b ger | ||
| 041 | 0 | |a eng | |
| 049 | |a DE-188 |a DE-739 | ||
| 082 | 0 | |a 332.7 |2 22/ger | |
| 100 | 1 | |a Cordes, Till |d 1986- |e Verfasser |0 (DE-588)1062803671 |4 aut | |
| 245 | 1 | 0 | |a The political economy of sovereign rating criteria |b what rating agencies demand from national governments |c Till Cordes |
| 264 | 1 | |c 2014 | |
| 300 | |a 204 Bl. |b graph. Darst. | ||
| 336 | |b txt |2 rdacontent | ||
| 337 | |b n |2 rdamedia | ||
| 338 | |b nc |2 rdacarrier | ||
| 502 | |a Berlin, Hertie School of Governance, Diss., 2014 | ||
| 650 | 0 | 7 | |a Ratingagentur |0 (DE-588)4276573-0 |2 gnd |9 rswk-swf |
| 650 | 0 | 7 | |a Regulierung |0 (DE-588)4201190-5 |2 gnd |9 rswk-swf |
| 650 | 0 | 7 | |a Wirtschaftspolitik |0 (DE-588)4066493-4 |2 gnd |9 rswk-swf |
| 650 | 0 | 7 | |a Kreditmarkt |0 (DE-588)4073788-3 |2 gnd |9 rswk-swf |
| 655 | 7 | |0 (DE-588)4113937-9 |a Hochschulschrift |2 gnd-content | |
| 689 | 0 | 0 | |a Ratingagentur |0 (DE-588)4276573-0 |D s |
| 689 | 0 | 1 | |a Kreditmarkt |0 (DE-588)4073788-3 |D s |
| 689 | 0 | 2 | |a Regulierung |0 (DE-588)4201190-5 |D s |
| 689 | 0 | 3 | |a Wirtschaftspolitik |0 (DE-588)4066493-4 |D s |
| 689 | 0 | |5 DE-604 | |
| 856 | 4 | 2 | |m Digitalisierung UB Passau - ADAM Catalogue Enrichment |q application/pdf |u http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=027801778&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |3 Inhaltsverzeichnis |
| 999 | |a oai:aleph.bib-bvb.de:BVB01-027801778 | ||
Datensatz im Suchindex
| _version_ | 1804152998995165184 |
|---|---|
| adam_text | Table of Contents
List of Tables
.....................................................................................................................................................5
List of Figures
....................................................................................................................................................7
List of Abbreviations
......................................................................................................................................8
Acknowledgments
...........................................................................................................................................9
Summary
..........................................................................................................................................................11
1
Introduction
.......................................................................................................................... 12
1.1
Rating Agencies in the Sovereign Debt Market
.............................................................14
1.2
Argument: Why Rating Agencies Take Political Factors into Account
................16
1.3
Contributions and Findings
..................................................................................................20
1.3.1
Promotion of Economic Liberalization Policies (Chapter
4)..................,....,..7,0
1.3.2
Rating Political Institutions (Chapter
5)................................................................21
1.3.3
The Enforcement of International Agreements (Chapter
6).........................22
1.4
The Structure of the Book
......................................................................................................22
2
A Primer on Sovereign Ratings: What They Are and Why They Matter
...........25
2.1
Rating Agencies and Their Sovereign Ratings: What They Are
.............................25
2.1.1
Rating Agencies: Three Dominant Companies
....................................................25
2.1.2
Sovereign Ratings: Definition and Types
...............................................................27
2.1.3
Who Pays for Sovereign Ratings?
.............................................................................31
2.2
Central Actors in the Debt Market: Why They Matter.............................
.................. 31
2.2.1
The Resurgence of Sovereign Ratings
.......................,.............................................32
2.2.2
Regulatory Endorsements
...........................................................................................35
2.2.3
Impact on Government Bond Prices and the
Domestic
Economy,......,...,...
39
2.3
Descriptive Statistics: Stability and Performance of Sovereign Ratings
............43
3
Sovereign Rating Criteria: What We Know and How to Find Out More
..„..„.... 48
3.1
Literature on Sovereign Rating Criteria
..........................................................................48
3.1.1
Claims on Political Criteria
..........................................................................................48
3.1.2
Limited Empirical Evidence
........................................................................................49
3.2
Research Question
....................................................................................................................53
3.3
Evidence from Rating Methodologies and Quantitative Handbooks
................... 54
3.4
Overview of Data and Methods
...........................................................................................56
3.4.1
Panel Data
...........................................................................................................................56
3.4.2
Sovereign Rating Announcements
...........................................................................62
4
The Promotion of Economic Liberalization Policies
..............................................71
4.1
Literature on Sovereign Ratings and Economic Liberalization
.............................72
4.2
Argument: Economic Liberalization Policies as Signals
...........................................73
4.3
The Independent Variable: Economic Liberalization Policies
................................74
4.3.1
Defining Economic Liberalization
............................................................................74
4.3.2
Measuring Economic Liberalization Policies
.......................................................75
4.4
Panel Econometric Analysis of Sovereign Ratings
......................................................77
4.4.1
Results for Economic Liberalization Indices
........................................................78
4.4.2
Results for Specific Liberalization Policies
...........................................................80
4.5
Content Analysis of Sovereign Rating Announcements
............................................84
4.5.1
Coding Liberalization Policies
.............................................................,......................85
4.5.2
Findings
...............................................................................................................................88
4.6
Summary
.......................................................................................................................................92
4.7
Appendix
.......................................................................................................................................94
5
Rating Political Institutions: Where is the Democratic Advantage?
...............
Ill
5.1
Literature on the Democratic Advantage
......................................................................112
5.2
Argument: Constraints on the Executive, Not Electoral Competitiveness
......115
5.2.1
Constraints on the Executive.
..................................................................................115
5.2.2
Regimes with Electoral Competitiveness
...........................................................119
5.3
A Review of Historical Cases
..............................................................................................121
5.4
Empirical Evidence for Sovereign Ratings
....................................................................124
5.4.1
Evidence from Rating Methodologies
.....................................,............................124
S.4.7, Panel Econometric Evidence
.............„................................................................... 175
5.4.3
Evidence from Sovereign Rating Announcements
......................................... 130
5.5
Summary
.....................................................................................................................................136
5.6
Appendix
.....................................................................................................................................138
6
Rating Agencies and the Enforcement of International Agreements
............. 144
6.1
Literature on Sovereign Ratings and International Agreements
........................146
6.1.1
Claims on Market Enforcement and Rating Agencies
....................................146
6.1.2
Limited Empirical Evidence
.....................................................................................147
6.2
Argument and Hypotheses
..................................................................................................150
6.2.1
Argument: International Agreements as Signals
.............................................151
6.2.2
Hypotheses: Which International Agreements Matter?
...............................152
6.3
Content Analysis of Sovereign Rating Announcements
..........................................154
6.3.1
International Financial
Standards.........................................................................156
6.3.2
IMF Programs
.................................................................................................................158
6.3.3
Membership
of International
Organizations
.....................................................162
6.3.4 EU
and EMU Membership and Accession Process
..........................................163
6.4
Summary
.....................................................................................................................................167
7
Conclusion
............................................................................................................................169
7.1
Political Factors as Key Rating Determinants
.............................................................169
7.2
Implications for Rated Countries and Regulators
.....................................................173
7.3
Reactions to the European Sovereign Debt Crisis since
2011..............................174
7.3.1
Rating Agencies Response
.......................................................................................174
7.3.2
Regulators Response..
................................................................................................ 1/7
7.4
Avenues for Further Research
...........................................................................................179
8
Bibliography
........................................................................................................................182
|
| any_adam_object | 1 |
| author | Cordes, Till 1986- |
| author_GND | (DE-588)1062803671 |
| author_facet | Cordes, Till 1986- |
| author_role | aut |
| author_sort | Cordes, Till 1986- |
| author_variant | t c tc |
| building | Verbundindex |
| bvnumber | BV042365419 |
| ctrlnum | (OCoLC)904009940 (DE-599)BSZ42045716X |
| dewey-full | 332.7 |
| dewey-hundreds | 300 - Social sciences |
| dewey-ones | 332 - Financial economics |
| dewey-raw | 332.7 |
| dewey-search | 332.7 |
| dewey-sort | 3332.7 |
| dewey-tens | 330 - Economics |
| discipline | Wirtschaftswissenschaften |
| format | Thesis Book |
| fullrecord | <?xml version="1.0" encoding="UTF-8"?><collection xmlns="http://www.loc.gov/MARC21/slim"><record><leader>01658nam a2200397 c 4500</leader><controlfield tag="001">BV042365419</controlfield><controlfield tag="003">DE-604</controlfield><controlfield tag="005">00000000000000.0</controlfield><controlfield tag="007">t</controlfield><controlfield tag="008">150217s2014 d||| m||| 00||| eng d</controlfield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(OCoLC)904009940</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(DE-599)BSZ42045716X</subfield></datafield><datafield tag="040" ind1=" " ind2=" "><subfield code="a">DE-604</subfield><subfield code="b">ger</subfield></datafield><datafield tag="041" ind1="0" ind2=" "><subfield code="a">eng</subfield></datafield><datafield tag="049" ind1=" " ind2=" "><subfield code="a">DE-188</subfield><subfield code="a">DE-739</subfield></datafield><datafield tag="082" ind1="0" ind2=" "><subfield code="a">332.7</subfield><subfield code="2">22/ger</subfield></datafield><datafield tag="100" ind1="1" ind2=" "><subfield code="a">Cordes, Till</subfield><subfield code="d">1986-</subfield><subfield code="e">Verfasser</subfield><subfield code="0">(DE-588)1062803671</subfield><subfield code="4">aut</subfield></datafield><datafield tag="245" ind1="1" ind2="0"><subfield code="a">The political economy of sovereign rating criteria</subfield><subfield code="b">what rating agencies demand from national governments</subfield><subfield code="c">Till Cordes</subfield></datafield><datafield tag="264" ind1=" " ind2="1"><subfield code="c">2014</subfield></datafield><datafield tag="300" ind1=" " ind2=" "><subfield code="a">204 Bl.</subfield><subfield code="b">graph. Darst.</subfield></datafield><datafield tag="336" ind1=" " ind2=" "><subfield code="b">txt</subfield><subfield code="2">rdacontent</subfield></datafield><datafield tag="337" ind1=" " ind2=" "><subfield code="b">n</subfield><subfield code="2">rdamedia</subfield></datafield><datafield tag="338" ind1=" " ind2=" "><subfield code="b">nc</subfield><subfield code="2">rdacarrier</subfield></datafield><datafield tag="502" ind1=" " ind2=" "><subfield code="a">Berlin, Hertie School of Governance, Diss., 2014</subfield></datafield><datafield tag="650" ind1="0" ind2="7"><subfield code="a">Ratingagentur</subfield><subfield code="0">(DE-588)4276573-0</subfield><subfield code="2">gnd</subfield><subfield code="9">rswk-swf</subfield></datafield><datafield tag="650" ind1="0" ind2="7"><subfield code="a">Regulierung</subfield><subfield code="0">(DE-588)4201190-5</subfield><subfield code="2">gnd</subfield><subfield code="9">rswk-swf</subfield></datafield><datafield tag="650" ind1="0" ind2="7"><subfield code="a">Wirtschaftspolitik</subfield><subfield code="0">(DE-588)4066493-4</subfield><subfield code="2">gnd</subfield><subfield code="9">rswk-swf</subfield></datafield><datafield tag="650" ind1="0" ind2="7"><subfield code="a">Kreditmarkt</subfield><subfield code="0">(DE-588)4073788-3</subfield><subfield code="2">gnd</subfield><subfield code="9">rswk-swf</subfield></datafield><datafield tag="655" ind1=" " ind2="7"><subfield code="0">(DE-588)4113937-9</subfield><subfield code="a">Hochschulschrift</subfield><subfield code="2">gnd-content</subfield></datafield><datafield tag="689" ind1="0" ind2="0"><subfield code="a">Ratingagentur</subfield><subfield code="0">(DE-588)4276573-0</subfield><subfield code="D">s</subfield></datafield><datafield tag="689" ind1="0" ind2="1"><subfield code="a">Kreditmarkt</subfield><subfield code="0">(DE-588)4073788-3</subfield><subfield code="D">s</subfield></datafield><datafield tag="689" ind1="0" ind2="2"><subfield code="a">Regulierung</subfield><subfield code="0">(DE-588)4201190-5</subfield><subfield code="D">s</subfield></datafield><datafield tag="689" ind1="0" ind2="3"><subfield code="a">Wirtschaftspolitik</subfield><subfield code="0">(DE-588)4066493-4</subfield><subfield code="D">s</subfield></datafield><datafield tag="689" ind1="0" ind2=" "><subfield code="5">DE-604</subfield></datafield><datafield tag="856" ind1="4" ind2="2"><subfield code="m">Digitalisierung UB Passau - ADAM Catalogue Enrichment</subfield><subfield code="q">application/pdf</subfield><subfield code="u">http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=027801778&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA</subfield><subfield code="3">Inhaltsverzeichnis</subfield></datafield><datafield tag="999" ind1=" " ind2=" "><subfield code="a">oai:aleph.bib-bvb.de:BVB01-027801778</subfield></datafield></record></collection> |
| genre | (DE-588)4113937-9 Hochschulschrift gnd-content |
| genre_facet | Hochschulschrift |
| id | DE-604.BV042365419 |
| illustrated | Illustrated |
| indexdate | 2024-07-10T01:19:37Z |
| institution | BVB |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-027801778 |
| oclc_num | 904009940 |
| open_access_boolean | |
| owner | DE-188 DE-739 |
| owner_facet | DE-188 DE-739 |
| physical | 204 Bl. graph. Darst. |
| publishDate | 2014 |
| publishDateSearch | 2014 |
| publishDateSort | 2014 |
| record_format | marc |
| spelling | Cordes, Till 1986- Verfasser (DE-588)1062803671 aut The political economy of sovereign rating criteria what rating agencies demand from national governments Till Cordes 2014 204 Bl. graph. Darst. txt rdacontent n rdamedia nc rdacarrier Berlin, Hertie School of Governance, Diss., 2014 Ratingagentur (DE-588)4276573-0 gnd rswk-swf Regulierung (DE-588)4201190-5 gnd rswk-swf Wirtschaftspolitik (DE-588)4066493-4 gnd rswk-swf Kreditmarkt (DE-588)4073788-3 gnd rswk-swf (DE-588)4113937-9 Hochschulschrift gnd-content Ratingagentur (DE-588)4276573-0 s Kreditmarkt (DE-588)4073788-3 s Regulierung (DE-588)4201190-5 s Wirtschaftspolitik (DE-588)4066493-4 s DE-604 Digitalisierung UB Passau - ADAM Catalogue Enrichment application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=027801778&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Cordes, Till 1986- The political economy of sovereign rating criteria what rating agencies demand from national governments Ratingagentur (DE-588)4276573-0 gnd Regulierung (DE-588)4201190-5 gnd Wirtschaftspolitik (DE-588)4066493-4 gnd Kreditmarkt (DE-588)4073788-3 gnd |
| subject_GND | (DE-588)4276573-0 (DE-588)4201190-5 (DE-588)4066493-4 (DE-588)4073788-3 (DE-588)4113937-9 |
| title | The political economy of sovereign rating criteria what rating agencies demand from national governments |
| title_auth | The political economy of sovereign rating criteria what rating agencies demand from national governments |
| title_exact_search | The political economy of sovereign rating criteria what rating agencies demand from national governments |
| title_full | The political economy of sovereign rating criteria what rating agencies demand from national governments Till Cordes |
| title_fullStr | The political economy of sovereign rating criteria what rating agencies demand from national governments Till Cordes |
| title_full_unstemmed | The political economy of sovereign rating criteria what rating agencies demand from national governments Till Cordes |
| title_short | The political economy of sovereign rating criteria |
| title_sort | the political economy of sovereign rating criteria what rating agencies demand from national governments |
| title_sub | what rating agencies demand from national governments |
| topic | Ratingagentur (DE-588)4276573-0 gnd Regulierung (DE-588)4201190-5 gnd Wirtschaftspolitik (DE-588)4066493-4 gnd Kreditmarkt (DE-588)4073788-3 gnd |
| topic_facet | Ratingagentur Regulierung Wirtschaftspolitik Kreditmarkt Hochschulschrift |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=027801778&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
| work_keys_str_mv | AT cordestill thepoliticaleconomyofsovereignratingcriteriawhatratingagenciesdemandfromnationalgovernments |