메뉴 건너뛰기




Volumn 9, Issue 1, 2008, Pages 17-39

Sovereign credit ratings, capital flows and financial sector development in emerging markets

Author keywords

Capital flows and sovereign risk; Credit ratings; Emerging markets; Financial development; Transparency

Indexed keywords


EID: 39449111664     PISSN: 15660141     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.ememar.2007.06.001     Document Type: Article
Times cited : (114)

References (38)
  • 1
    • 11144332149 scopus 로고    scopus 로고
    • Understanding the determinants of sovereign debt ratings: evident for the two leading agencies
    • Afonso A. Understanding the determinants of sovereign debt ratings: evident for the two leading agencies. Journal of Economics and Finance 27 1 (2003) 56-74
    • (2003) Journal of Economics and Finance , vol.27 , Issue.1 , pp. 56-74
    • Afonso, A.1
  • 3
    • 0003898440 scopus 로고    scopus 로고
    • A new database on financial development and structure
    • World Bank
    • Beck T., Demirguc-Kunt A., and Levine R. A new database on financial development and structure. Policy Research Paper vol. 2147 (2000), World Bank
    • (2000) Policy Research Paper , vol.2147
    • Beck, T.1    Demirguc-Kunt, A.2    Levine, R.3
  • 4
    • 0003093394 scopus 로고    scopus 로고
    • Financial intermediation and growth: causality and causes
    • Beck T., Levine R., and Loyaza N. Financial intermediation and growth: causality and causes. Journal of Monetary Economics 46 (2000) 31-77
    • (2000) Journal of Monetary Economics , vol.46 , pp. 31-77
    • Beck, T.1    Levine, R.2    Loyaza, N.3
  • 5
    • 34248225915 scopus 로고    scopus 로고
    • Global growth opportunities and market integration
    • Bekaert G., Harvey C., Lundblad C., and Siegel S. Global growth opportunities and market integration. Journal of Finance 62 3 (2007) 1081-1137
    • (2007) Journal of Finance , vol.62 , Issue.3 , pp. 1081-1137
    • Bekaert, G.1    Harvey, C.2    Lundblad, C.3    Siegel, S.4
  • 8
    • 0032219892 scopus 로고    scopus 로고
    • The evolution of debt and equity markets in economic development
    • Boyd J., and Smith B. The evolution of debt and equity markets in economic development. Economic Theory 12 (1998) 519-560
    • (1998) Economic Theory , vol.12 , pp. 519-560
    • Boyd, J.1    Smith, B.2
  • 9
    • 84993921339 scopus 로고
    • What moves the stock and bond markets? A variance decomposition for long-term asset returns
    • Campbell J.Y., and Ammer J. What moves the stock and bond markets? A variance decomposition for long-term asset returns. Journal of Finance 48 1 (1993) 3-37
    • (1993) Journal of Finance , vol.48 , Issue.1 , pp. 3-37
    • Campbell, J.Y.1    Ammer, J.2
  • 12
    • 33747358345 scopus 로고    scopus 로고
    • What matters for financial development? Capital controls, institutions, and interactions
    • Chinn M.D., and Ito H. What matters for financial development? Capital controls, institutions, and interactions. Journal of Development Economics 81 1 (2006) 163-192
    • (2006) Journal of Development Economics , vol.81 , Issue.1 , pp. 163-192
    • Chinn, M.D.1    Ito, H.2
  • 13
    • 0013152548 scopus 로고    scopus 로고
    • Financial development, property rights and growth
    • Claessens S., and Laeven L. Financial development, property rights and growth. Journal of Finance 58 (2003) 2401-2436
    • (2003) Journal of Finance , vol.58 , pp. 2401-2436
    • Claessens, S.1    Laeven, L.2
  • 14
    • 27944481715 scopus 로고    scopus 로고
    • Time-varying market integration and expected returns in emerging markets
    • De Jong F., and De Roon F.A. Time-varying market integration and expected returns in emerging markets. Journal of Financial Economics 78 3 (2005) 583-613
    • (2005) Journal of Financial Economics , vol.78 , Issue.3 , pp. 583-613
    • De Jong, F.1    De Roon, F.A.2
  • 15
    • 24644440526 scopus 로고    scopus 로고
    • Financial development and stock returns: a cross-country analysis
    • Dellas H., and Hess M.K. Financial development and stock returns: a cross-country analysis. Journal of International Money and Finance 24 (2005) 891-912
    • (2005) Journal of International Money and Finance , vol.24 , pp. 891-912
    • Dellas, H.1    Hess, M.K.2
  • 16
    • 0036338027 scopus 로고    scopus 로고
    • Funding growth in bank-based and market-based financial systems: evidence from firm-level data
    • Demirguc-Kunt A., and Maksimovic V. Funding growth in bank-based and market-based financial systems: evidence from firm-level data. Journal of Financial Economics 65 (2002) 337-363
    • (2002) Journal of Financial Economics , vol.65 , pp. 337-363
    • Demirguc-Kunt, A.1    Maksimovic, V.2
  • 17
    • 39449114594 scopus 로고    scopus 로고
    • Eichengreen, B., Hausmann, R., Panizza, U., 2002, Original sin: the pain, the mystery, and the road to redemption, Mimeo (http://www.financialpolicy.org/financedev/hausmann2002.pdf).
    • Eichengreen, B., Hausmann, R., Panizza, U., 2002, Original sin: the pain, the mystery, and the road to redemption, Mimeo (http://www.financialpolicy.org/financedev/hausmann2002.pdf).
  • 18
    • 0033478805 scopus 로고    scopus 로고
    • New perspectives on emerging market bonds: looking beyond the current crisis
    • Erb C.B., Harvey C.R., and Viskanta T.E. New perspectives on emerging market bonds: looking beyond the current crisis. Journal of Portfolio Management 25 (1999) 83-92
    • (1999) Journal of Portfolio Management , vol.25 , pp. 83-92
    • Erb, C.B.1    Harvey, C.R.2    Viskanta, T.E.3
  • 19
    • 39449102215 scopus 로고    scopus 로고
    • Ferreira, M.A., P.M., Gama, in press. Does sovereign debt ratings news spill over to international stock markets? Journal of Banking and Finance.
    • Ferreira, M.A., P.M., Gama, in press. Does sovereign debt ratings news spill over to international stock markets? Journal of Banking and Finance.
  • 20
    • 11144322181 scopus 로고    scopus 로고
    • Financial development and intersectoral allocation: a new approach
    • Fisman R., and Love L. Financial development and intersectoral allocation: a new approach. Journal of Finance 59 (2004) 2785-2807
    • (2004) Journal of Finance , vol.59 , pp. 2785-2807
    • Fisman, R.1    Love, L.2
  • 21
  • 22
    • 0001168646 scopus 로고
    • Financial development, growth, and the distribution of income
    • Greenwood J., and Jovanovic B. Financial development, growth, and the distribution of income. Journal of Political Economy 98 (1990) 1076-1107
    • (1990) Journal of Political Economy , vol.98 , pp. 1076-1107
    • Greenwood, J.1    Jovanovic, B.2
  • 24
    • 33846827526 scopus 로고    scopus 로고
    • Governance Matters IV: governance indicators for 1996-2004
    • World Bank, Washington, D.C.
    • Kaufmann D., Kraay A., and Mastruzzi M. Governance Matters IV: governance indicators for 1996-2004. World Bank Policy Research Working Paper vol. 3630 (2005), World Bank, Washington, D.C.
    • (2005) World Bank Policy Research Working Paper , vol.3630
    • Kaufmann, D.1    Kraay, A.2    Mastruzzi, M.3
  • 27
    • 0000329790 scopus 로고    scopus 로고
    • Financial development and growth: views and agenda
    • Levine R. Financial development and growth: views and agenda. Journal of Economic Literature 35 (1997) 688-726
    • (1997) Journal of Economic Literature , vol.35 , pp. 688-726
    • Levine, R.1
  • 28
    • 0346613552 scopus 로고    scopus 로고
    • Stock markets, banks and economic growth
    • Levine R., and Zervos S. Stock markets, banks and economic growth. American Economic Review 88 (1998) 537-558
    • (1998) American Economic Review , vol.88 , pp. 537-558
    • Levine, R.1    Zervos, S.2
  • 29
    • 4143114657 scopus 로고    scopus 로고
    • The east Asian dollar standard, fear of floating, and original sin
    • McKinnon R., and Schnabl G. The east Asian dollar standard, fear of floating, and original sin. Review of Development Economics 8 (2004) 331-360
    • (2004) Review of Development Economics , vol.8 , pp. 331-360
    • McKinnon, R.1    Schnabl, G.2
  • 30
    • 33744929153 scopus 로고    scopus 로고
    • Sovereign credit ratings: guilty beyond reasonable doubt?
    • Mora N. Sovereign credit ratings: guilty beyond reasonable doubt?. Journal of Banking and Finance 30 7 (2006) 2041-2062
    • (2006) Journal of Banking and Finance , vol.30 , Issue.7 , pp. 2041-2062
    • Mora, N.1
  • 31
    • 0039488602 scopus 로고    scopus 로고
    • Rating banks: risk and uncertainty in an opaque industry
    • Morgan D.P. Rating banks: risk and uncertainty in an opaque industry. American Economic Review 92 4 (2002) 874-888
    • (2002) American Economic Review , vol.92 , Issue.4 , pp. 874-888
    • Morgan, D.P.1
  • 32
    • 20344375708 scopus 로고    scopus 로고
    • Financial development, financial structure, and domestic investment: international evidence
    • Ndikumana L. Financial development, financial structure, and domestic investment: international evidence. Journal of International Money and Finance 24 (2005) 651-673
    • (2005) Journal of International Money and Finance , vol.24 , pp. 651-673
    • Ndikumana, L.1
  • 34
    • 0037633994 scopus 로고    scopus 로고
    • The great reversals: the politics of financial development in the twentieth century
    • Rajan R.G., and Zingales L. The great reversals: the politics of financial development in the twentieth century. Journal of Financial Economics 69 (2003) 5-50
    • (2003) Journal of Financial Economics , vol.69 , pp. 5-50
    • Rajan, R.G.1    Zingales, L.2
  • 35
    • 4043154920 scopus 로고    scopus 로고
    • Serial default and the 'paradox' of rich-to-poor capital flows
    • Reinhart C.M., and Rogoff K.S. Serial default and the 'paradox' of rich-to-poor capital flows. American Economic Review 94 (2004) 53-58
    • (2004) American Economic Review , vol.94 , pp. 53-58
    • Reinhart, C.M.1    Rogoff, K.S.2
  • 38
    • 0000662187 scopus 로고    scopus 로고
    • Financial markets and the allocation of capital
    • Wurgler J. Financial markets and the allocation of capital. Journal of Financial Economics 58 (2000) 187-214
    • (2000) Journal of Financial Economics , vol.58 , pp. 187-214
    • Wurgler, J.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.