Use este identificador para citar ou linkar para este item: http://rebacc.crcrj.org.br/handle/123456789/7245
Título: SOVEREIGN RISK RATINGS, MACROECONOMIC FUNDAMENTALS AND ACCOUNTABILITY: EVIDENCE FROM DEVELOPING COUNTRIES
Palavras-chave: Sovereign Risk Ratings; Macroeconomic Fundamentals; Accountability
Editora / Evento / Instituição: AnpCONT
Descrição: One of the most important devices used in the international financial market to reduce information asymmetry is sovereign risk rating. It plays a key role in determining the conditions of credit markets, an issue that is fundamental, especially for the development of emerging countries. Therefore, the main purpose of this study is to examine the determinants of sovereign risk ratings produced by rating agencies. The macroeconomic fundamentals of the countries were considered as instruments of accountability: solvency, liquidity, economic development, and economic stability. They were used as input information to estimate a panel data model. Our main results are focused on the relationship between countries’ rating classifications and their respective macroeconomic fundamentals, to examine whether a close causal link between the former and the latter truly exists. Besides, they indicated that promoting income growth (GDP per capita) and controlling inflation (the evolution of the CP level), which is associated with discipline in fiscal policy, are important to maintaining low levels of country risk and thus strengthen its development. The accountability and discipline of fiscal policy indicates a country’s ability to honor its financial commitments. In addition, ratings in the current period are influenced by previous ratings, indicating the agencies’ conservative behavior.
URI: http://rebacc.crcrj.org.br/handle/123456789/7245
Outros identificadores: http://asaa.anpcont.org.br/index.php/asaa/article/view/332
Aparece nas coleções:Revista ASAA

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