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        Credit Rating Agencies in Emerging Democracies
        Credit Rating Agencies in Emerging Democracies
        Credit Rating Agencies in Emerging Democracies
        Credit Rating Agencies in Emerging Democracies
        Credit Rating Agencies in Emerging Democracies
        Credit Rating Agencies in Emerging Democracies
        Credit Rating Agencies in Emerging Democracies
        Credit Rating Agencies in Emerging Democracies
        Credit Rating Agencies in Emerging Democracies
        Credit Rating Agencies in Emerging Democracies
        Credit Rating Agencies in Emerging Democracies
        Credit Rating Agencies in Emerging Democracies
        Credit Rating Agencies in Emerging Democracies

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        Credit Rating Agencies in Emerging Democracies

        ABSTRACT

        Credit rating agencies have drawn criticism for failing to anticipate and deter root causes of the 2008-2009 financial crisis in the United States However, 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 encourage The paper considers a sample of 18 such countries holding 32 presidential elections from 1989 to 2004 The analysis shows that credit rating agencies induced greater fiscal discipline during election periods when governments had incentives to borrow opportunisticy for short-term electoral gain ....read more

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        DOCUMENT INFO

        • TypeReport, Research Paper
        • PriceFree
        • FormatPDF
        • Size296 KB
        • LanguageEnglish
        • Stacks0
        • Postedalmost 4 years ago
        • Authored-
        • Added byHashdoc Content Review
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