Shadow Sovereign Ratings for Unrated Developing Countries

World Development

Volumn 39, Issue 3, 2011, Pages 295-307

  Ratha, Dilip ^a   De, Prabal K ^b   Mohapatra, Sanket ^a  

^a WORLD BANK GROUP   (United States)

^b CITY COLLEGE OF NEW YORK   (United States)

Author keywords

Country risk; Developing countries; Development finance; Sovereign rating

Indexed keywords

CAPITAL FLOW; CAPITAL MARKET; CURRENCY; DEBT; DEVELOPING WORLD; SOVEREIGNTY;

EID: 79551495958     PISSN: 0305750X     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.worlddev.2010.08.006     Document Type: Article

References (39)

1. Afonso A. Understanding the determinants of sovereign debt ratings: Evidence for the two leading agencies. Journal of Economics and Finance 2003, 27(1):56-74.
2. Beers D., Cavanaugh M. Sovereign credit ratings: A primer 2005, Standard and Poor's, New York.
3. Berg, A., & Sachs, J. (1988). The debt crisis: Structural explanations of country performance. NBER Working Paper 2607. Cambridge, MA: National Bureau of Economic Research.
4. Bhatia, A. (2002). Sovereign credit ratings methodology: An evaluation. IMF Working Paper 02/170. Washington, DC: International Monetary Fund.
5. Borensztein, E., Cowan, K., & Valenzuela, P. (2007). Sovereign ceilings' lite'? The impact of sovereign ratings on corporate ratings in emerging market economies (pp. 1-32). IMF Working Paper 07/75.
6. Calvo G.A., Reinhart C.M. When capital inflows come to a sudden stop: Consequences and policy options 1999, University of Maryland, Mimeo.
7. Cantor R., Packer F. Sovereign credit ratings. Current Issues in Economics and Finance 1995, 1(3):1-6.
8. Cantor R., Packer F. Determinants and impact of sovereign credit ratings. Economic Policy Review 1996, 2(2):5-96.
9. Claessens, S., & Embrechts, G. C. M. W. (2002). Basel II, sovereign ratings and transfer risk external versus internal ratings. In Paper presented at the Basel II: An economic assessment.
10. Ferri G., Liu L. How do global credit-rating agencies rate firms from developing countries?. Asian Economic Papers 2003, 2(3):30-56.
11. Ferri G., Liu L.G., Majnoni G. The role of rating agency assessments in less developed countries: Impact of the proposed Basel guidelines. Journal of Banking and Finance 2001, 25(1):115-148.
12. Ferri G., Liu L.G., Stiglitz J.E. Are credit ratings pro-cyclical? Evidence from East Asian Countries. Economic Notes 1999, 28(3):335-355.
13. FitchRatings (1998). Sovereign rating methodology. Bureau of African Affairs, US Department of State.
14. Gelb A., Sundberg M. Making aid work. Finance and Development 2006, 43(4):5-66.
15. Gelb, A., Ramachandran, V., & Turner, G. (2006). Stimulating growth and investment in Africa - from macro to micro reforms. In Paper prepared for AfDB-AERC conference, Tunisia, November 22-24. http://www.afdb.org.
16. Graham, B. (2005). Trust funds in the pacific: Their role and future (Pacific Studies Series ed.). Manila: Asian Development Bank (ADB).
17. International Development Association Debt dynamics and financing terms: A forward-looking approach to IDA grant eligibility 2006, World Bank, Washington, DC.
18. International Development Association Implementation of IDA14 grants framework 2006, World Bank, Washington, DC.
19. Kaminsky G., Schmukler S.L. Emerging market instability: Do sovereign ratings affect country risk and stock returns?. The World Bank Economic Review 2002, 16(2):171.
20. Kashyap, A., Rajan, R., & Stein, J. (2008). The global roots of the current financial crisis and its implications for regulation. In Paper presented at the Fifth ECB central banking conference.
21. Kaufmann, D., Kraay, A., & Mastruzzi, M. (2006). Governance matters V: Aggregate and individual governance indicators for 1996-2005. Washington, DC: World Bank, World Bank Institute.
22. Kraay A., Nehru V. When is external debt sustainable?. The World Bank Economic Review 2006, 20(3):341.
23. Lee S.H. Are the credit ratings assigned by bankers based on the willingness of LDC borrowers to repay?. Journal of Development Economics 1993, 40(2):349-359.
24. Lehmann A. Sovereign credit ratings and private capital flows to low-income countries. African Development Review 2004, 16(2):252-268.
25. Manasse, P., Roubini, N., & Schimmelpfenning, A. (2003). Predicting sovereign debt crises. International Monetary Fund Working Paper 03/221. Washington, DC: International Monetary Fund.
26. Mathis J., McAndrews J., Rochet J. Rating the raters: Are reputation concerns powerful enough to discipline rating agencies?. Journal of Monetary Economics 2009, 56(5):657-674.
27. Mora N. Sovereign credit ratings: Guilty beyond reasonable doubt?. Journal of Banking and Finance 2006, 30(7):2041-2062.
28. Panizza U., Eichengreen B., Hausman R. The mystery of original sin. Other people's money: Debt denomination and financial instability in emerging market economies 2005, University of Chicago Press, Chicago. B. Eichengreen, R. Hausmann (Eds.).
29. Ratha, D., De, P., & Mohapatra, S. (2007). Shadow sovereign ratings for unrated developing countries. World Bank Policy Research Working Paper 4269.
30. Reinhart C.M. Sovereign credit ratings before and after financial crises. Ratings, rating agencies and the global financial system 2002, Kluwer Academic Press, New York. R. Levich, C.M. Reinhart, G. Majnoni (Eds.).
31. Reinhart C.M. Credit ratings, default, and financial crises: Evidence from emerging markets. World Bank Economic Review 2002, 16(2):151-170.
32. Reinhart C.M., Rogoff K.S., Savastano M.A. Debt intolerance. Brookings Papers on Economic Activity 2003, (1):1-75.
33. Rowland P. Determinants of spread, credit ratings and creditworthiness for emerging market sovereign debt: A follow-up study using pooled data analysis 2005, Banco de la República, Bogota.
34. Standard and Poor's Sovereign ratings in Africa 2006, Standard and Poor's, New York.
35. Sutton, G. D. (2005). Potentially endogenous borrowing and developing country sovereign credit ratings. Occasional Paper. Basel: Bank for International Settlements.
36. Taylor, J. B. (2009). The financial crisis and the policy responses: An empirical analysis of what went wrong. NBER Working Paper 14631. Cambridge, MA: National Bureau of Economic Research.
37. Truglia, V., & Cailleteau, P. (2006). A guide to Moody's sovereign ratings. Special Comment. http://www.moodys.com.br/brasil/pdf/SovGuide2006.pdf.
38. US Department of State (2006). Sovereign credit ratings for Sub-Saharan Africa. http://www.state.gov/p/af/rt/scr/.
39. World Bank (2005). Global economic prospects 2006: Economic implications of remittances and migration.