The Relative Importance Of Political And Economic Variables In Creditworthiness Ratings

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The Relative Importance of Political and Economic Variables in Creditworthiness Ratings

Author : International Monetary Fund
Publisher : International Monetary Fund
ISBN 13 : 1451846525
Total Pages : 14 pages
Book Rating : 4.4/5 (518 download)

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Book Synopsis The Relative Importance of Political and Economic Variables in Creditworthiness Ratings by : International Monetary Fund

Download or read book The Relative Importance of Political and Economic Variables in Creditworthiness Ratings written by International Monetary Fund and published by International Monetary Fund. This book was released on 1998-04-01 with total page 14 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study examines the relative importance of political and economic variables in the determination of a country’s standing in credit ratings provided by commercial rating agencies. It finds that creditworthiness appears to be determined primarily by economic variables. While including political events can improve the explanatory power of the regressions, the exclusion of political variables does not bias the parameter estimates for the effects of economic variables.

The Relative Importance of Political and Economic Variables in Creditworthiness Ratings

Author : Nadeem Ul Haque
Publisher :
ISBN 13 :
Total Pages : 13 pages
Book Rating : 4.:/5 (129 download)

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Book Synopsis The Relative Importance of Political and Economic Variables in Creditworthiness Ratings by : Nadeem Ul Haque

Download or read book The Relative Importance of Political and Economic Variables in Creditworthiness Ratings written by Nadeem Ul Haque and published by . This book was released on 2006 with total page 13 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study examines the relative importance of political and economic variables in the determination of a country`s standing in credit ratings provided by commercial rating agencies. It finds that creditworthiness appears to be determined primarily by economic variables. While including political events can improve the explanatory power of the regressions, the exclusion of political variables does not bias the parameter estimates for the effects of economic variables.

The Relative Importanceof Political and Economic Variables in Creditworthiness Ratings

Author : Nadeem Ul Haque
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (848 download)

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Book Synopsis The Relative Importanceof Political and Economic Variables in Creditworthiness Ratings by : Nadeem Ul Haque

Managing the Sovereign-Bank Nexus

Author : Mr.Giovanni Dell'Ariccia
Publisher : International Monetary Fund
ISBN 13 : 1484359623
Total Pages : 54 pages
Book Rating : 4.4/5 (843 download)

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Book Synopsis Managing the Sovereign-Bank Nexus by : Mr.Giovanni Dell'Ariccia

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.

Rating Politics

Author : Zsófia Barta
Publisher : Oxford University Press
ISBN 13 : 0198878192
Total Pages : 225 pages
Book Rating : 4.1/5 (988 download)

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Book Synopsis Rating Politics by : Zsófia Barta

Download or read book Rating Politics written by Zsófia Barta and published by Oxford University Press. This book was released on 2023-04-03 with total page 225 pages. Available in PDF, EPUB and Kindle. Book excerpt: How do countries' political and policy choices affect the credit ratings they receive? Sovereign ratings influence countries' cost of funding, and observers have long worried that rating agencies - these unelected, unappointed, unaccountable, for-profit organizations - can interfere with democratic sovereignty if they assign lower ratings to certain political and policy choices. The questions of whether, how, and why ratings react to policy and politics, however, remain unexplored. Rating Politics opens the black box of sovereign ratings to uncover the logic that drives rating responses to political and policy factors. Relying on statistical analysis of rating scores, interviews with sovereign rating analysts, and a close reading of the official communications of rating agencies about their decisions, Zsófia Barta and Alison Johnston show that ratings penalize center-left governments and many (though not all) policies associated with the center-left agenda. The motivation for such penalties is not rooted in assumptions about how those political and policy features affect growth and debt servicing capacity. Instead, ratings are lower in the presence of those features because they are expected to make a country more vulnerable to market panics whenever the economy is hit by unforeseen shocks, as they signal insufficient willingness and/or ability to engage in determined austerity for the sake of reassuring markets. Since market panics and the resulting "sudden stops" of funding lead to humiliating collapses of ratings, rating agencies attempt to insure themselves against "rating failures" by pre-emptively assigning lower ratings to countries with the "wrong" political and policy mix.

IMF Staff papers, Volume 45 No. 3

Author : International Monetary Fund. Research Dept.
Publisher : International Monetary Fund
ISBN 13 : 1451973608
Total Pages : 168 pages
Book Rating : 4.4/5 (519 download)

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Book Synopsis IMF Staff papers, Volume 45 No. 3 by : International Monetary Fund. Research Dept.

Download or read book IMF Staff papers, Volume 45 No. 3 written by International Monetary Fund. Research Dept. and published by International Monetary Fund. This book was released on 1998-01-01 with total page 168 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper presents international evidence on the determinants of trade dynamics. It provides some new empirical perspectives on the relationship between international trade and macroeconomic fluctuations in industrial economies. A comprehensive set of stylized facts concerning fluctuations in trade variables and their determinants is presented. A measure of the quantitative importance of international trade for the propagation of domestic business cycles is then constructed, focusing on the role of external trade as a catalyst for cyclical recoveries.

Political Economy Perspectives on the Greek Crisis

Author : Ioannis Bournakis
Publisher : Springer
ISBN 13 : 3319637061
Total Pages : 397 pages
Book Rating : 4.3/5 (196 download)

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Book Synopsis Political Economy Perspectives on the Greek Crisis by : Ioannis Bournakis

Download or read book Political Economy Perspectives on the Greek Crisis written by Ioannis Bournakis and published by Springer. This book was released on 2017-11-27 with total page 397 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book offers a comprehensive guide to the on-going Greek debt crisis. It identifies and explains Greece’s idiosyncratic weaknesses, and highlights the existing rigidities in the EU architecture that make the recovery prospects of the Greek economy challenging. Chapters from expert contributors highlight aspects of the performance of the Greek economy with focus on export performance, labour market conditions, political cycles and regional income disparities. The book then goes on to outline the banking system in Greece in the post-crisis era, and includes analysis that explains how the credit rating score affected Greece’s borrowing capacity prior to the start of the insolvency crisis. The final part analyses and compares alternative scenarios of fiscal consolidation, seeking to identify whether there are alternatives to fiscal austerity and the impact of each one of them. This section also clarifies various misconceptions about the significant determinants of international competitiveness. Despite the focus of the book, the lessons drawn from the chapters are not limited to Greece. This volume will be of interest to academics, practitioners and policy makers who wish to take a closer look at the Greek debt crisis and learn more about the challenges the Greek economy is currently facing.

An Econometric Analysis of IBRD Creditworthiness

Author : David McKenzie
Publisher : World Bank Publications
ISBN 13 :
Total Pages : 38 pages
Book Rating : 4./5 ( download)

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Book Synopsis An Econometric Analysis of IBRD Creditworthiness by : David McKenzie

Download or read book An Econometric Analysis of IBRD Creditworthiness written by David McKenzie and published by World Bank Publications. This book was released on 2002 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Country Risk Assessment

Author : Michel Henry Bouchet
Publisher : John Wiley & Sons
ISBN 13 : 047086818X
Total Pages : 286 pages
Book Rating : 4.4/5 (78 download)

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Book Synopsis Country Risk Assessment by : Michel Henry Bouchet

Download or read book Country Risk Assessment written by Michel Henry Bouchet and published by John Wiley & Sons. This book was released on 2003-10-31 with total page 286 pages. Available in PDF, EPUB and Kindle. Book excerpt: One of the few books on the subject, Country Risk Assessment combines the theoretical and practical tools for managing international country risk exposure. - Offers a comprehensive discussion of the specific mechanisms that apply to country risk assessment. - Discusses various techniques associated with global investment strategy. - Presents and analyses the various sources of country risk. - Provides an in depth coverage of information sources and country risk service providers. - Gives techniques for forecasting country financial crises. - Includes practical examples and case studies. - Provides a comprehensive review of all existing methods including the techniques on the cutting-edge Market Based Approaches such as KMV, CreditMetrics, CountryMetrics and CreditRisk+.

From Convergence to Crisis

Author : Alison Johnston
Publisher : Cornell University Press
ISBN 13 : 1501703765
Total Pages : 248 pages
Book Rating : 4.5/5 (17 download)

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Book Synopsis From Convergence to Crisis by : Alison Johnston

Download or read book From Convergence to Crisis written by Alison Johnston and published by Cornell University Press. This book was released on 2016-06-16 with total page 248 pages. Available in PDF, EPUB and Kindle. Book excerpt: What explains Eurozone member-states’ divergent exposure to Europe’s sovereign debt crisis? Deviating from current fiscal and financial views, From Convergence to Crisis focuses on labor markets in a narrative that distinguishes the winners from the losers in the euro crisis. Alison Johnston argues that Europe’s monetary union was structured in a way that advantaged the corporatist labor markets of its northern economies in external trade and financial lending. Northern Europe’s distinct economic advantage lay not with its fiscal capabilities, which were not that different from those of southern Eurozone countries, but with its wage-setting institutions. Through highly coordinated collective bargaining, the euro North persistently undercut the inflation performance of southern trading partners, destining them to a perpetual cycle of competitive decline and external borrowing. While northern Europe’s corporatist labor markets were always low inflation performers, monetary union ultimately made their wage-setting institutions toxic for the South. The euro’s institutional predecessor, the European Monetary System, included economic and institutional mechanisms that facilitated macroeconomic adjustment and convergence between the common currency’s corporatist and noncorporatist economies. Combining cross-national statistical analysis with detailed qualitative case studies of Denmark, Germany, Italy, Ireland, the Netherlands, and Spain, Johnston reveals that monetary union’s removal of these mechanisms allowed external imbalances between these two blocs to grow unchecked, underpinning the crisis in which Europe currently finds itself. Rather than achieving the EU’s goal of an ever-closer union, the common currency produced a monetary environment that destabilized the economic integration of its diverse labor markets.

Political Instability and Economic Vulnerability

Author : Mr. Christian B. Mulder
Publisher : International Monetary Fund
ISBN 13 : 145189371X
Total Pages : 38 pages
Book Rating : 4.4/5 (518 download)

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Book Synopsis Political Instability and Economic Vulnerability by : Mr. Christian B. Mulder

Download or read book Political Instability and Economic Vulnerability written by Mr. Christian B. Mulder and published by International Monetary Fund. This book was released on 1999-04-01 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper analyzes and tests the influence of political instability on economic vulnerability in the context of the 1994 and 1997 crises episodes. It constructs four political variables that aim at quantifying political instability. The paper finds that for countries with weak economic fundamentals and low reserves, political instability has a strong impact on economic vulnerability. The estimation results suggest that including political variables in economic models does improve their power to explain and predict economic crises. The paper concludes that countries are more economically vulnerable during and especially following election periods, and when election results are less stable than at other times.

Political Instability and Economic Vulnerability

Author : Mr.Christian B. Mulder
Publisher : International Monetary Fund
ISBN 13 : 1451846533
Total Pages : 37 pages
Book Rating : 4.4/5 (518 download)

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Book Synopsis Political Instability and Economic Vulnerability by : Mr.Christian B. Mulder

Download or read book Political Instability and Economic Vulnerability written by Mr.Christian B. Mulder and published by International Monetary Fund. This book was released on 1999-04-01 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper analyzes and tests the influence of political instability on economic vulnerability in the context of the 1994 and 1997 crises episodes. It constructs four political variables that aim at quantifying political instability. The paper finds that for countries with weak economic fundamentals and low reserves, political instability has a strong impact on economic vulnerability. The estimation results suggest that including political variables in economic models does improve their power to explain and predict economic crises. The paper concludes that countries are more economically vulnerable during and especially following election periods, and when election results are less stable than at other times.

Credit Risk Management

Author : Tony Van Gestel
Publisher : Oxford University Press
ISBN 13 : 0199545111
Total Pages : 552 pages
Book Rating : 4.1/5 (995 download)

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Book Synopsis Credit Risk Management by : Tony Van Gestel

Download or read book Credit Risk Management written by Tony Van Gestel and published by Oxford University Press. This book was released on 2009 with total page 552 pages. Available in PDF, EPUB and Kindle. Book excerpt: This first of three volumes on credit risk management, providing a thorough introduction to financial risk management and modelling.

Handbook of Quantitative Finance and Risk Management

Author : Cheng-Few Lee
Publisher : Springer Science & Business Media
ISBN 13 : 0387771174
Total Pages : 1700 pages
Book Rating : 4.3/5 (877 download)

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Book Synopsis Handbook of Quantitative Finance and Risk Management by : Cheng-Few Lee

Download or read book Handbook of Quantitative Finance and Risk Management written by Cheng-Few Lee and published by Springer Science & Business Media. This book was released on 2010-06-14 with total page 1700 pages. Available in PDF, EPUB and Kindle. Book excerpt: Quantitative finance is a combination of economics, accounting, statistics, econometrics, mathematics, stochastic process, and computer science and technology. Increasingly, the tools of financial analysis are being applied to assess, monitor, and mitigate risk, especially in the context of globalization, market volatility, and economic crisis. This two-volume handbook, comprised of over 100 chapters, is the most comprehensive resource in the field to date, integrating the most current theory, methodology, policy, and practical applications. Showcasing contributions from an international array of experts, the Handbook of Quantitative Finance and Risk Management is unparalleled in the breadth and depth of its coverage. Volume 1 presents an overview of quantitative finance and risk management research, covering the essential theories, policies, and empirical methodologies used in the field. Chapters provide in-depth discussion of portfolio theory and investment analysis. Volume 2 covers options and option pricing theory and risk management. Volume 3 presents a wide variety of models and analytical tools. Throughout, the handbook offers illustrative case examples, worked equations, and extensive references; additional features include chapter abstracts, keywords, and author and subject indices. From "arbitrage" to "yield spreads," the Handbook of Quantitative Finance and Risk Management will serve as an essential resource for academics, educators, students, policymakers, and practitioners.

Journal of Applied Economics

Author :
Publisher :
ISBN 13 :
Total Pages : 400 pages
Book Rating : 4.:/5 (318 download)

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Book Synopsis Journal of Applied Economics by :

Download or read book Journal of Applied Economics written by and published by . This book was released on 2001 with total page 400 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Punishing the Prince

Author : Fiona McGillivray
Publisher : Princeton University Press
ISBN 13 : 0691190372
Total Pages : pages
Book Rating : 4.6/5 (911 download)

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Book Synopsis Punishing the Prince by : Fiona McGillivray

Download or read book Punishing the Prince written by Fiona McGillivray and published by Princeton University Press. This book was released on 2018-06-26 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: When the United States invaded Iraq, President Bush made it clear: the U.S. was not fighting the Iraqi people. Rather, all quarrels were solely with Iraq's leadership. This kind of assertion remains frequent in foreign affairs--sanctions or military actions are imposed on a nation not because of its people, but because of its misguided leaders. Although the distinction might seem pedantic since the people suffer regardless, Punishing the Prince reveals how targeting individual leaders for punishment rather than the nations they represent creates incentives for cooperation between nations and leaves room for future relations with pariah states. Punishing the Prince demonstrates that theories of leader punishment explain a great deal about international behavior and interstate relations. The book examines the impact that domestic political institutions have on whether citizens hold their leaders accountable for international commitments and shows that the degrees to which citizens are able to remove leaders shape the dynamics of interstate relations and leader turnover. Through analyses of sovereign debt, international trade, sanctions, and crisis bargaining, Fiona McGillivray and Alastair Smith also uncover striking differences in patterns of relations between democratic and autocratic states. Bringing together a vast body of information, Punishing the Prince offers new ways of thinking about international relations.

From Capital Surges to Drought

Author : R. Ffrench-Davis
Publisher : Springer
ISBN 13 : 1403990093
Total Pages : 354 pages
Book Rating : 4.4/5 (39 download)

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Book Synopsis From Capital Surges to Drought by : R. Ffrench-Davis

Download or read book From Capital Surges to Drought written by R. Ffrench-Davis and published by Springer. This book was released on 2003-10-23 with total page 354 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book analyzes the new trends in capital flows to emerging markets since the Asian crisis, their determinants and policy implications. It explains why such flows have declined so dramatically in recent years, emphasising both structural and cyclical factors. Senior bankers, regulators, and well-known academics explain the behaviour of different players. The book breaks new ground by showing in detail how such behaviour has contributed to the decline of flows and their volatility. The book suggests what coping mechanisms developing countries could adopt to deal with crisis situations; what measures should be taken at the national and international levels to make recipient countries less vulnerable to international financial instability; how such instability can be reduced; and what can be done on the source countries to encourage larger more stable capital flows to developing countries.