A Century of Sovereign Ratings

Business & Finance, Economics, Macroeconomics, Finance & Investing, Finance
Cover of the book A Century of Sovereign Ratings by Norbert Gaillard, Springer New York
View on Amazon View on AbeBooks View on Kobo View on B.Depository View on eBay View on Walmart
Author: Norbert Gaillard ISBN: 9781461405238
Publisher: Springer New York Publication: September 21, 2011
Imprint: Springer Language: English
Author: Norbert Gaillard
ISBN: 9781461405238
Publisher: Springer New York
Publication: September 21, 2011
Imprint: Springer
Language: English

The financial difficulties experienced by Greece since 2009 serve as a reminder that countries (i.e., sovereigns) may default on their debt. Many observers considered the financial turmoil was behind us because major advanced countries had adopted stimulus packages to prevent banks from going bankrupt. However, there are rising doubts about the creditworthiness of several advanced countries that participated in the bailouts. In this uncertain context, it is particularly crucial to be knowledgeable about sovereign ratings. This book provides the necessary broad overview, which will be of interest to both economists and investors alike.

Chapter 1 presents the main issues that are addressed in this book. Chapters 2, 3, and 4 provide the key notions to understand sovereign ratings. Chapter 2 presents an overview of sovereign rating activity since the first such ratings were assigned in 1918. Chapter 3 analyzes the meaning of sovereign ratings and the significance of rating scales; it also describes the refinement of credit rating policies and tools. Chapter 4 focuses on the sovereign rating process. Chapters 5 and 6 open the black box of sovereign ratings. Chapter 5 compares sovereign rating methodologies in the interwar years with those in the modern era. After examining how rating agencies have amended their methodologies since the 1990s, Chapter 6 scrutinizes rating disagreements between credit rating agencies (CRAs). Chapters 7 and 8 measure the performances of sovereign ratings by computing default rates and accuracy ratios: Chapter 7 looks at the interwar years and Chapter 8 at the modern era. The two chapters assess which CRA assigns the most accurate ratings during the respective periods. Chapters 9 and 10 compare the perception of sovereign risk by the CRAs and market participants. Chapter 9 focuses on the relation between JP Morgan Emerging Markets Bond Index Global spreads and emerging countries’ sovereign ratings for the period 1993–2007. Chapter 10 compares the eurozone members’ sovereign ratings with Credit Default Swap-Implied Ratings (CDS-IRs) during the Greek debt crisis of November 2009–May 2010.

View on Amazon View on AbeBooks View on Kobo View on B.Depository View on eBay View on Walmart

The financial difficulties experienced by Greece since 2009 serve as a reminder that countries (i.e., sovereigns) may default on their debt. Many observers considered the financial turmoil was behind us because major advanced countries had adopted stimulus packages to prevent banks from going bankrupt. However, there are rising doubts about the creditworthiness of several advanced countries that participated in the bailouts. In this uncertain context, it is particularly crucial to be knowledgeable about sovereign ratings. This book provides the necessary broad overview, which will be of interest to both economists and investors alike.

Chapter 1 presents the main issues that are addressed in this book. Chapters 2, 3, and 4 provide the key notions to understand sovereign ratings. Chapter 2 presents an overview of sovereign rating activity since the first such ratings were assigned in 1918. Chapter 3 analyzes the meaning of sovereign ratings and the significance of rating scales; it also describes the refinement of credit rating policies and tools. Chapter 4 focuses on the sovereign rating process. Chapters 5 and 6 open the black box of sovereign ratings. Chapter 5 compares sovereign rating methodologies in the interwar years with those in the modern era. After examining how rating agencies have amended their methodologies since the 1990s, Chapter 6 scrutinizes rating disagreements between credit rating agencies (CRAs). Chapters 7 and 8 measure the performances of sovereign ratings by computing default rates and accuracy ratios: Chapter 7 looks at the interwar years and Chapter 8 at the modern era. The two chapters assess which CRA assigns the most accurate ratings during the respective periods. Chapters 9 and 10 compare the perception of sovereign risk by the CRAs and market participants. Chapter 9 focuses on the relation between JP Morgan Emerging Markets Bond Index Global spreads and emerging countries’ sovereign ratings for the period 1993–2007. Chapter 10 compares the eurozone members’ sovereign ratings with Credit Default Swap-Implied Ratings (CDS-IRs) during the Greek debt crisis of November 2009–May 2010.

More books from Springer New York

Cover of the book Graphs on Surfaces by Norbert Gaillard
Cover of the book Classical and Spatial Stochastic Processes by Norbert Gaillard
Cover of the book The Real Issues of the Middle East and the Arab Spring by Norbert Gaillard
Cover of the book Genes, Memes, Culture, and Mental Illness by Norbert Gaillard
Cover of the book Advanced Web Services by Norbert Gaillard
Cover of the book Pathology of Challenging Melanocytic Neoplasms by Norbert Gaillard
Cover of the book Earth System Monitoring by Norbert Gaillard
Cover of the book Duplex Sonography by Norbert Gaillard
Cover of the book Combinatorial and Additive Number Theory by Norbert Gaillard
Cover of the book Cannulated Screw Fixation by Norbert Gaillard
Cover of the book Introduction to Corrosion Science by Norbert Gaillard
Cover of the book Global Report on Student Well-Being by Norbert Gaillard
Cover of the book Otoplasty by Norbert Gaillard
Cover of the book Understanding Theology and Homosexuality in African American Communities by Norbert Gaillard
Cover of the book Mediterranean Wild Edible Plants by Norbert Gaillard
We use our own "cookies" and third party cookies to improve services and to see statistical information. By using this website, you agree to our Privacy Policy