Read Books Online and Download eBooks, EPub, PDF, Mobi, Kindle, Text Full Free.
Download Sovereign Risk Credit Ratings And The Recent Financial Crisis In Emerging Markets full books in PDF, epub, and Kindle. Read online Sovereign Risk Credit Ratings And The Recent Financial Crisis In Emerging Markets ebook anywhere anytime directly on your device. Fast Download speed and no annoying ads. We cannot guarantee that every ebooks is available!
Author : Roman Kräussl
Publisher :
ISBN 13 : 9783831426102
Total Pages : 220 pages
Book Rating : 4.4/5 (261 download)
Download or read book Sovereign Risk, Credit Ratings and the Recent Financial Crisis in Emerging Markets written by Roman Kräussl and published by . This book was released on 2003 with total page 220 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Laura Jaramillo
Publisher : International Monetary Fund
ISBN 13 : 1455218987
Total Pages : 19 pages
Book Rating : 4.4/5 (552 download)
Download or read book Sovereign Credit Ratings and Spreads in Emerging Markets written by Laura Jaramillo and published by International Monetary Fund. This book was released on 2011-03-01 with total page 19 pages. Available in PDF, EPUB and Kindle. Book excerpt: Sovereign investment grade status is often associated with lower spreads in international markets. Using a panel framework for 35 emerging markets between 1997 and 2010, thispaper finds that investment grade status reduces spreads by 36 percent, above and beyond what is implied by macroeconomic fundamentals. This compares to a 5-10 percent reduction in spreads following upgrades within the investment grade asset class, and no impact formovements within the speculative grade asset class, ceteris paribus. While global financial conditions play a central role in determining spreads, market sentiment improves with lower external public debt to GDP levels and higher domestic growth rates.
Author : Richard M. Levich
Publisher : Springer Science & Business Media
ISBN 13 : 1461509998
Total Pages : 380 pages
Book Rating : 4.4/5 (615 download)
Download or read book Ratings, Rating Agencies and the Global Financial System written by Richard M. Levich and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 380 pages. Available in PDF, EPUB and Kindle. Book excerpt: Ratings, Rating Agencies and the Global Financial System brings together the research of economists at New York University and the University of Maryland, along with those from the private sector, government bodies, and other universities. The first section of the volume focuses on the historical origins of the credit rating business and its present day industrial organization structure. The second section presents several empirical studies crafted largely around individual firm-level or bank-level data. These studies examine (a) the relationship between ratings and the default and recovery experience of corporate borrowers, (b) the comparability of credit ratings made by domestic and foreign rating agencies, and (c) the usefulness of financial market indicators for rating banks, among other topics. In the third section, the record of sovereign credit ratings in predicting financial crises and the reaction of financial markets to changes in credit ratings is examined. The final section of the volume emphasizes policy issues now facing regulators and credit rating agencies.
Author : N. Finch
Publisher : Springer
ISBN 13 : 1137450665
Total Pages : 438 pages
Book Rating : 4.1/5 (374 download)
Download or read book Emerging Markets and Sovereign Risk written by N. Finch and published by Springer. This book was released on 2014-12-09 with total page 438 pages. Available in PDF, EPUB and Kindle. Book excerpt: Emerging Markets and Sovereign Risk provides case studies, commentary and analysis on the financial risk management and measurement in the context of frontier and developing counties from international experts covering three key areas of emerging market investments, the rating sovereign risk and managing sovereign risk.
Author : Graciela Laura Kaminsky
Publisher : World Bank Publications
ISBN 13 :
Total Pages : 35 pages
Book Rating : 4./5 ( download)
Download or read book Emerging Markets Instability written by Graciela Laura Kaminsky and published by World Bank Publications. This book was released on 2001 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt: Changes in sovereign ratings affect country risk and stock returns. And these changes are transmitted across countries, with neighbor-country effects being more significant.
Author : Bertrand Candelon
Publisher : International Monetary Fund
ISBN 13 : 1455225061
Total Pages : 30 pages
Book Rating : 4.4/5 (552 download)
Download or read book Sovereign Rating News and Financial Markets Spillovers written by Bertrand Candelon and published by International Monetary Fund. This book was released on 2011-03-01 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the spillover effects of sovereign rating news on European financial markets during the period 2007-2010. Our main finding is that sovereign rating downgrades have statistically and economically significant spillover effects both across countries and financial markets. The sign and magnitude of the spillover effects depend both on the type of announcements, the source country experiencing the downgrade and the rating agency from which the announcements originates. However, we also find evidence that downgrades to near speculative grade ratings for relatively large economies such as Greece have a systematic spillover effects across Euro zone countries. Rating-based triggers used in banking regulation, CDS contracts, and investment mandates may help explain these results.
Author : Norbert Gaillard
Publisher : Springer Science & Business Media
ISBN 13 : 1461405238
Total Pages : 200 pages
Book Rating : 4.4/5 (614 download)
Download or read book A Century of Sovereign Ratings written by Norbert Gaillard and published by Springer Science & Business Media. This book was released on 2011-09-21 with total page 200 pages. Available in PDF, EPUB and Kindle. Book excerpt: The financial difficulties experienced by Greece since 2009 serve as a reminder that countries (i.e., sovereigns) may default on their debt. Many observers considered the financial turmoil was behind us because major advanced countries had adopted stimulus packages to prevent banks from going bankrupt. However, there are rising doubts about the creditworthiness of several advanced countries that participated in the bailouts. In this uncertain context, it is particularly crucial to be knowledgeable about sovereign ratings. This book provides the necessary broad overview, which will be of interest to both economists and investors alike. Chapter 1 presents the main issues that are addressed in this book. Chapters 2, 3, and 4 provide the key notions to understand sovereign ratings. Chapter 2 presents an overview of sovereign rating activity since the first such ratings were assigned in 1918. Chapter 3 analyzes the meaning of sovereign ratings and the significance of rating scales; it also describes the refinement of credit rating policies and tools. Chapter 4 focuses on the sovereign rating process. Chapters 5 and 6 open the black box of sovereign ratings. Chapter 5 compares sovereign rating methodologies in the interwar years with those in the modern era. After examining how rating agencies have amended their methodologies since the 1990s, Chapter 6 scrutinizes rating disagreements between credit rating agencies (CRAs). Chapters 7 and 8 measure the performances of sovereign ratings by computing default rates and accuracy ratios: Chapter 7 looks at the interwar years and Chapter 8 at the modern era. The two chapters assess which CRA assigns the most accurate ratings during the respective periods. Chapters 9 and 10 compare the perception of sovereign risk by the CRAs and market participants. Chapter 9 focuses on the relation between JP Morgan Emerging Markets Bond Index Global spreads and emerging countries’ sovereign ratings for the period 1993–2007. Chapter 10 compares the eurozone members’ sovereign ratings with Credit Default Swap-Implied Ratings (CDS-IRs) during the Greek debt crisis of November 2009–May 2010.
Author : Michael Frenkel
Publisher : Springer Science & Business Media
ISBN 13 : 3662099500
Total Pages : 263 pages
Book Rating : 4.6/5 (62 download)
Download or read book Sovereign Risk and Financial Crises written by Michael Frenkel and published by Springer Science & Business Media. This book was released on 2013-03-14 with total page 263 pages. Available in PDF, EPUB and Kindle. Book excerpt: Sovereign risk and financial crises play a key role in current international economic developments, particularly in the case of economic downturns. As the Asian economic crisis in the late 1990s revealed once again, financial crises are the rule rather than the exception in capitalist economies. The event also revealed that international public debt agreements are contingent claims. In a world of increasing economic interdependencies, the issues of financial crises and country defaults are of critical importance. This volume goes to the heart of the academic discussion on sovereign risk and financial crises by centering on quantitative-empirical aspects, evaluating prominent approaches, and by proposing new methods. Part I of the volume identifies key factors and processes that are central in analyzing sovereign risk while Part II focuses on the determinants and effects of financial crises.
Author : Mr.Giovanni Dell'Ariccia
Publisher : International Monetary Fund
ISBN 13 : 1484359623
Total Pages : 54 pages
Book Rating : 4.4/5 (843 download)
Download or read book Managing the Sovereign-Bank Nexus written by Mr.Giovanni Dell'Ariccia and published by International Monetary Fund. This book was released on 2018-09-07 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper reviews empirical and theoretical work on the links between banks and their governments (the bank-sovereign nexus). How significant is this nexus? What do we know about it? To what extent is it a source of concern? What is the role of policy intervention? The paper concludes with a review of recent policy proposals.
Author : Mr.Udaibir S. Das
Publisher : International Monetary Fund
ISBN 13 : 1451961944
Total Pages : 40 pages
Book Rating : 4.4/5 (519 download)
Download or read book Sovereign Default Risk and Private Sector Access to Capital in Emerging Markets written by Mr.Udaibir S. Das and published by International Monetary Fund. This book was released on 2010-01-01 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: Top down spillovers of sovereign default risk can have serious consequences for the private sector in emerging markets. This paper analyzes the effects of these spillovers using firm-level data from 31 emerging market economies. We assess how sovereign risk affects corporate access to international capital markets, in the form of external credit (loans and bond issuances) and equity issuances. The study first analyzes the impact of sovereign debt crises during the 1980s and 1990s. It goes on to examine the 1993 to 2007 period, using additional measures of sovereign risk-sovereign bond spreads and sovereign ratings-as explanatory variables. Overall, we find that sovereign default risk is a crucial determinant of private sector access to capital, be it external debt or equity. We also find that crisis resolution patterns matter and that defaults towards private creditors have stronger adverse consequences than defaults to official creditors.
Author : B. Paudyn
Publisher : Springer
ISBN 13 : 1137302771
Total Pages : 233 pages
Book Rating : 4.1/5 (373 download)
Download or read book Credit Ratings and Sovereign Debt written by B. Paudyn and published by Springer. This book was released on 2014-06-19 with total page 233 pages. Available in PDF, EPUB and Kindle. Book excerpt: Bartholomew Paudyn investigates how governments across the globe struggle to constitute the authoritative knowledge underpinning the political economy of creditworthiness and what the (neoliberal) 'fiscal normality' means for democratic governance.
Author : Mr.Amadou N. R. Sy
Publisher : INTERNATIONAL MONETARY FUND
ISBN 13 : 9781451858051
Total Pages : 0 pages
Book Rating : 4.8/5 (58 download)
Download or read book Emerging Market Bond Spreads and Sovereign Credit Ratings written by Mr.Amadou N. R. Sy and published by INTERNATIONAL MONETARY FUND. This book was released on 2001-10-01 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper uses a panel data estimation of a simple univariate model of sovereign spreads on ratings to analyze statistically significant deviations from the estimated relationship. We find evidence of an asymmetric adjustment of spreads and ratings when such deviations are significant. In addition, the paper illustrates how significant disagreements between market and rating agencies' views can be used as a signal that further technical and sovereign analysis is warranted. For instance, we find that spreads were "excessively low" for most emerging markets before the Asian crisis. More recently, spreads were "excessively high" for a number of emerging markets.
Author : Mr.John Kiff
Publisher : International Monetary Fund
ISBN 13 : 1463931859
Total Pages : 35 pages
Book Rating : 4.4/5 (639 download)
Download or read book Are Rating Agencies Powerful? An Investigation Into the Impact and Accuracy of Sovereign Ratings written by Mr.John Kiff and published by International Monetary Fund. This book was released on 2012-01-01 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt: We find that Credit Rating Agencies (CRA)'s opinions have an impact in the cost of funding of sovereign issuers and consequently ratings are a concern for financial stability. While ratings produced by the major CRAs perform reasonably well when it comes to rank ordering default risk among sovereigns, there is evidence of rating stability failure during the recent global financial crisis. These failures suggest that ratings should incorporate the obligor's resilience to stress scenarios. The empirical evidence also supports: (i) reform initiatives to reduce the impact of CRAs' certification services; (ii) more stringent validation requirements for ratings if they are to be used in capital regulations; and (iii) more transparency with regard to the quantitative parameters used in the rating process.
Author : B. Paudyn
Publisher : Springer
ISBN 13 : 1137302771
Total Pages : 245 pages
Book Rating : 4.1/5 (373 download)
Download or read book Credit Ratings and Sovereign Debt written by B. Paudyn and published by Springer. This book was released on 2014-06-19 with total page 245 pages. Available in PDF, EPUB and Kindle. Book excerpt: Bartholomew Paudyn investigates how governments across the globe struggle to constitute the authoritative knowledge underpinning the political economy of creditworthiness and what the (neoliberal) 'fiscal normality' means for democratic governance.
Author : Mr.Amadou N. R. Sy
Publisher : International Monetary Fund
ISBN 13 : 145185451X
Total Pages : 27 pages
Book Rating : 4.4/5 (518 download)
Download or read book Rating the Rating Agencies written by Mr.Amadou N. R. Sy and published by International Monetary Fund. This book was released on 2003-06-01 with total page 27 pages. Available in PDF, EPUB and Kindle. Book excerpt: In contrast to the early-warning system literature, we find that currency and debt crises are not closely linked in emerging markets. We find that after 1994, credit ratings predict debt crises but fail to anticipate currency crises. When debt crises are defined as sovereign distress-when spreads are higher than 1,000 basis points-we find that countries experience reduced capital market access and high interest rates on their external debt for typically more than two quarters. We also find that lagged ratings and ratings changes, including negative outlooks and credit watches, anticipate such debt crises.
Author : Sergio L. Schmukler
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (913 download)
Download or read book Emerging Markets Instability: Do Sovereign Ratings Affect Country Risk and Stock Returns? written by Sergio L. Schmukler and published by . This book was released on 1999 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: September 2001 Changes in sovereign ratings affect country risk and stock returns. And these changes are transmitted across countries, with neighbor-country effects being more significant. Financial market instability has received attention from both academic and policy circles. Rating agencies have been under particular scrutiny lately as promoters of financial excesses, upgrading countries in good times and downgrading them in bad. Using a panel of emerging economies, Kaminsky and Schmukler examine whether sovereign ratings affect financial markets. The authors find that changes in sovereign ratings affect country risk and stock returns. They also find that these changes are transmitted across countries, with neighbor-country effects being more significant. Rating upgrades tend to follow market rallies; downgrades tend to follow market downturns. Countries with more vulnerable economies, as measured by low ratings, are more sensitive to changes in U.S. interest rates. This paper--a product of Macroeconomics and Growth, Development Research Group--is part of a larger effort in the group to understand how financial markets work in developing countries. The authors may be contacted at [email protected] or [email protected].
Author : Morris Goldstein
Publisher : Peterson Institute
ISBN 13 : 9780881322378
Total Pages : 166 pages
Book Rating : 4.3/5 (223 download)
Download or read book Assessing Financial Vulnerability written by Morris Goldstein and published by Peterson Institute. This book was released on 2000 with total page 166 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study reviews the literature on the origins of currency and banking crises. It presents empirical tests on the performance of alternative early-warning indicators for emerging-market economies. The book also identifies crisis-threshold values for early-warning indicators.
