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What Is the Value of Sovereign Ratings?
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Norbert Gaillard
Published/Copyright:
November 30, 2019
Abstract
This article gives a fresh analysis of sovereign ratings, including the recent default of Greece. Section 1 studies the evolution of the sovereign rating business, and Section 2 explains how credit ratings are assigned. Section 3 focuses on sovereign rating methodologies and identifies the key determinants of sovereign ratings. Section 4 measures the accuracy of these ratings between 1 January 2001 and 1 January 2013. Section 5 compares credit ratings to market-based indicators, and Section 6 concludes.
Published Online: 2019-11-30
Published in Print: 2014-02-01
© 2019 by Walter de Gruyter Berlin/Boston
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- Editorial
- Fiscal Stability of High-Debt Nations under Volatile Economic Conditions
- Sovereign Default Risk and Banks in a Monetary Union
- Public Debt and Price Stability
- Public Debt in Post-1850 German Economic Thought vis-à-vis the Pre-1850 British Classical School
- Budget Rules and Fiscal Policy: Ten Lessons from Theory and Evidence
- Balanced Budget Requirements and Debt Brakes Feasibility and Enforcement
- On the Political Economy of Public Deficits and Debt
- Democracy, Elections and Government Budget Deficits
- The Politics of Public Debt: Neoliberalism, Capitalist Development and the Restructuring of the State
- It Is Private, Not Public Finances that Are Out of Whack
- Public and Private Debt: The Historical Record (1870–2010)
- What Is the Value of Sovereign Ratings?
Articles in the same Issue
- Editorial
- Fiscal Stability of High-Debt Nations under Volatile Economic Conditions
- Sovereign Default Risk and Banks in a Monetary Union
- Public Debt and Price Stability
- Public Debt in Post-1850 German Economic Thought vis-à-vis the Pre-1850 British Classical School
- Budget Rules and Fiscal Policy: Ten Lessons from Theory and Evidence
- Balanced Budget Requirements and Debt Brakes Feasibility and Enforcement
- On the Political Economy of Public Deficits and Debt
- Democracy, Elections and Government Budget Deficits
- The Politics of Public Debt: Neoliberalism, Capitalist Development and the Restructuring of the State
- It Is Private, Not Public Finances that Are Out of Whack
- Public and Private Debt: The Historical Record (1870–2010)
- What Is the Value of Sovereign Ratings?
