Credit Ratings Documents

30.06.2016 | M. Hanusch, S. Hassan, Y. Algu et al. | The World Bank

Since the global financial crisis and the end of the commodity super-cycle, weak growth and countercyclical fiscal policy have contributed to deteriorating public finances in many countries across the globe. As public debt burdens rose, credit...

30.04.2016 | CRSD | FSB

This report provides an update on the supervision of credit rating agencies (CRAs) operating in South Africa. It includes the outcomes of the onside reviews conducted by the Credit Rating Services Department (CRSD), and work plan for the 2016/2017...

31.12.2015 | UNCTAD | UNCTAD

Risk assessment is critical to well-functioning capital markets. Yet reliance on the “big three” credit rating agencies has increased with the rise of international capital flows. Their assessments have been strongly procyclical and have missed...

30.06.2015 | M. Hanusch, P. Vaaler | The World Bank

In this study, the authors investigate whether and how private, for profit credit rating agencies (CRAs) influence the fiscal policy of national governments. Fiscal policy is a key instrument for national authorities to provide key public services...

30.06.2014 | J. Fedderke | South African Reserve Bank

Credit rating agency assessments of sovereign risk bear weak statistical association with the quality of country policies. This paper demonstrates that where endogenous responses by policy makers to credit rating outcomes, and the degree of...

31.05.2014 | Financial Stability Board (FSB) | Financial Stability Board (FSB)

At the St Petersburg G20 Summit, and subsequent meetings, the G20 has called on national authorities to accelerate progress in reducing mechanistic reliance on credit rating agency (CRA)ratings in accordance with the FSB roadmap agreed in October...

01.07.2013 | M. Hanusch, P.M. Vaaler | The World Bank

This paper presents evidence that credit rating agencies regularly anticipate and deter governments in emerging democracies from opportunistic borrowing and potential financial crises related to elections and the political budget cycle behavior they...

01.03.2011 | M. Tejada, L. Jaramillo | IMF

This paper, using a panel framework for 35 emerging markets between 1997 and 2010, finds that investment grade status reduces spreads by 36 percent, above and beyond what is implied by macroeconomic fundamentals. While global financial conditions...

01.06.2010 | C.A. Gueye, A.N.R. Sy | IMF

This paper proposes a two-step approach to estimate the sovereign credit rating and interest rate cost of a country considering borrowing externally. Estimates can be used to assess the costs and benefits of different financing options. The method...

31.08.2009 | L. Liu, K.S. Tan | The World Bank

This paper surveys methodological issues in subnational credit ratings and highlights key challenges for developing countries. Subnational borrowing from capital markets has been on the rise owing to fiscal decentralization and demand for...

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