Emerging Market Risk and Sovereign Credit Ratings:
In principle, the sovereign credit rating industry could help mitigate the congestion externalities common to world capital markets that arise from the failure of market participants to internalise the social cost of external borrowings. This would require that modifications in ratings on government...
Gespeichert in:
| 1. Verfasser: | |
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| Weitere Verfasser: | , |
| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Paris
OECD Publishing
1997
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| Schriftenreihe: | OECD Development Centre Working Papers
|
| Schlagworte: | |
| Online-Zugang: | Volltext |
| Zusammenfassung: | In principle, the sovereign credit rating industry could help mitigate the congestion externalities common to world capital markets that arise from the failure of market participants to internalise the social cost of external borrowings. This would require that modifications in ratings on government bonds convey new information to market participants, with changes in credit ratings leading to changes in country risk premia. Using panel data analysis and event studies this paper presents econometric evidence that changes in credit rating have a significant impact on international financial markets. In line with earlier studies, our event study finds a highly significant announcement effect when emerging-market sovereign bonds are put on review with negative outlook. Our findings imply that the sovereign rating industry has the potential to help dampen excessive private capital inflows into the emerging markets with negative rating announcements ... |
| Beschreibung: | 1 Online-Ressource (28 Seiten) 21 x 29.7cm |
| DOI: | 10.1787/004352173554 |
Internformat
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| 520 | |a In principle, the sovereign credit rating industry could help mitigate the congestion externalities common to world capital markets that arise from the failure of market participants to internalise the social cost of external borrowings. This would require that modifications in ratings on government bonds convey new information to market participants, with changes in credit ratings leading to changes in country risk premia. Using panel data analysis and event studies this paper presents econometric evidence that changes in credit rating have a significant impact on international financial markets. In line with earlier studies, our event study finds a highly significant announcement effect when emerging-market sovereign bonds are put on review with negative outlook. Our findings imply that the sovereign rating industry has the potential to help dampen excessive private capital inflows into the emerging markets with negative rating announcements ... | ||
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Datensatz im Suchindex
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| illustrated | Not Illustrated |
| index_date | 2024-07-03T19:34:59Z |
| indexdate | 2024-12-18T19:03:15Z |
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| language | English |
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| spelling | Larraín, Guillermo Verfasser aut Emerging Market Risk and Sovereign Credit Ratings Guillermo Larraín, Helmut Reisen and Julia von Maltzan Paris OECD Publishing 1997 1 Online-Ressource (28 Seiten) 21 x 29.7cm txt rdacontent c rdamedia cr rdacarrier OECD Development Centre Working Papers In principle, the sovereign credit rating industry could help mitigate the congestion externalities common to world capital markets that arise from the failure of market participants to internalise the social cost of external borrowings. This would require that modifications in ratings on government bonds convey new information to market participants, with changes in credit ratings leading to changes in country risk premia. Using panel data analysis and event studies this paper presents econometric evidence that changes in credit rating have a significant impact on international financial markets. In line with earlier studies, our event study finds a highly significant announcement effect when emerging-market sovereign bonds are put on review with negative outlook. Our findings imply that the sovereign rating industry has the potential to help dampen excessive private capital inflows into the emerging markets with negative rating announcements ... Development Reisen, Helmut ctb von Maltzan, Julia ctb https://doi.org/10.1787/004352173554 Verlag kostenfrei Volltext |
| spellingShingle | Larraín, Guillermo Emerging Market Risk and Sovereign Credit Ratings Development |
| title | Emerging Market Risk and Sovereign Credit Ratings |
| title_auth | Emerging Market Risk and Sovereign Credit Ratings |
| title_exact_search | Emerging Market Risk and Sovereign Credit Ratings |
| title_exact_search_txtP | Emerging Market Risk and Sovereign Credit Ratings |
| title_full | Emerging Market Risk and Sovereign Credit Ratings Guillermo Larraín, Helmut Reisen and Julia von Maltzan |
| title_fullStr | Emerging Market Risk and Sovereign Credit Ratings Guillermo Larraín, Helmut Reisen and Julia von Maltzan |
| title_full_unstemmed | Emerging Market Risk and Sovereign Credit Ratings Guillermo Larraín, Helmut Reisen and Julia von Maltzan |
| title_short | Emerging Market Risk and Sovereign Credit Ratings |
| title_sort | emerging market risk and sovereign credit ratings |
| topic | Development |
| topic_facet | Development |
| url | https://doi.org/10.1787/004352173554 |
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