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Sovereign Credit Ratings in Developing Economies: New Empirical Assessment

机译:发展中经济体的主权信用评级:新的经验评估

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摘要

This study contributes to understanding the main determinants of sovereign ratings for developing countries making use of information from Standard & Poor's, Moody's, and Fitch. Based on a sample of 40 countries for the period 1994 to 2013 and panel data approach, we extended previous works in the literature by including new economic aspects, as well as, new institutional and governance variables (e.g. inflation targeting, financial openness, democracy, corruption, etc.). The findings denote that, besides the traditional macroeconomic variables, adoption of inflation targeting, financial openness, democracy, law and order, and less corruption are important to improve the sovereign ratings. Copyright (c) 2016 John Wiley & Sons, Ltd.
机译:这项研究有助于利用标准普尔,穆迪和惠誉的信息来理解发展中国家主权评级的主要决定因素。根据1994年至2013年期间40个国家/地区的样本数据和面板数据方法,我们通过包括新的经济方面以及新的制度和治理变量(例如,通胀目标,金融开放性,民主,腐败等)。研究结果表明,除了传统的宏观经济变量外,采用通货膨胀目标制,金融开放性,民主,法律和秩序以及减少腐败对提高主权评级也很重要。版权所有(c)2016 John Wiley&Sons,Ltd.

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