دانلود مقاله ISI انگلیسی شماره 45500
عنوان فارسی مقاله

درک رتبه بندی اعتباری مستقل بازارهای نوظهور

کد مقاله سال انتشار مقاله انگلیسی ترجمه فارسی تعداد کلمات
45500 2014 16 صفحه PDF سفارش دهید محاسبه نشده
خرید مقاله
پس از پرداخت، فوراً می توانید مقاله را دانلود فرمایید.
عنوان انگلیسی
Understanding the sovereign credit ratings of emerging markets
منبع

Publisher : Elsevier - Science Direct (الزویر - ساینس دایرکت)

Journal : Emerging Markets Review, Volume 20, September 2014, Pages 42–57

کلمات کلیدی
اعتبار مستقل - استاندارد و فقیر - شاخص های اقتصاد کلان - داده های پانل - مدل های پاسخ سفارشی - بازارهای نوظهور
پیش نمایش مقاله
پیش نمایش مقاله درک رتبه بندی اعتباری مستقل بازارهای نوظهور

چکیده انگلیسی

This paper identifies the macroeconomic factors behind the sovereign credit ratings of global emerging markets assigned by Standard and Poor's (S&P). The financial integration and globalization of capital markets have facilitated the capital inflows/outflows among countries. Sovereign credit ratings have served as a signal for countries' economic, financial and political situations. Ratings are very important in the sense that they attract capital inflow and investments. This is especially vital for emerging markets. Although the rating agencies do not explicitly reveal their methodologies, it is possible to guess the effects of several variables on ratings by using various econometric models. Concerning the heavy criticisms on rating agencies' performances, we wish to examine the sovereign credit ratings within a specific country-category. In this essay, we study the effects of macroeconomic factors on the sovereign ratings of emerging markets. Using several approaches, we find that the most relevant factors are Budget Balance/GDP, GDP per capita, Governance Indicators and Reserves/GDP. Moreover, our model predicts up to 93% of all credit rating levels. Interestingly, we obtain that S&P's evaluation of the sovereign credit rating for Turkey performs poorly, especially in the highest rating levels.

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