Political institutions, economic uncertainty and sovereign credit ratings

被引：1

作者：

Ramirez-Rondan, Nelson R. ^{[1
]}

Rojas-Rojas, Renato M. ^{[2
]}

Villavicencio, Julio A. ^{[2
]}

机构：

[1] CEMLA, Mexico City, Mexico

[2] Pontif Catholic Univ Peru, Lima, Peru

来源：

FINANCE RESEARCH LETTERS | 2023年 / 53卷

关键词：

Credit rating; Political institutions; Economic uncertainty; Panel data; DEMOCRATIC ADVANTAGE;

D O I：

10.1016/j.frl.2023.103656

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

Sovereign credit rating is an important factor for countries to access funds in the international bond market. First, we jointly analyzed political institutions and uncertainty as determinants of sovereign credit ratings; and second, we test whether the interaction between them matters. Using a sample of 71 countries from 2003 to 2020 for the major agencies Moody's, Standard & Poor's, and Fitch, we find that political institutions have a positive effect, whereas uncertainty has a negative effect, and their interaction is systematically negative. These results indicate that lower uncertainty could strengthen the positive effect of political institutions on sovereign credit ratings.

引用

页数：10

共 29 条

[1] SHORT- AND LONG-RUN DETERMINANTS OF SOVEREIGN DEBT CREDIT RATINGS [J].