Do fiscal imbalances deteriorate sovereign debt ratings?

Detalhes bibliográficos
Autor(a) principal: Afonso, António
Data de Publicação: 2011
Outros Autores: Gomes, Pedro
Tipo de documento: Artigo
Idioma: eng
Título da fonte: Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
Texto Completo: http://hdl.handle.net/10400.5/25608
Resumo: We use sovereign debt rating estimations from Afonso, Gomes and Rother [2009, 2011] for Fitch, Moody’s, and Standard & Poor’s, to assess to what extent the recent fiscal imbalances are being reflected on the sovereign debt notations. With macro and fiscal data up to 2009, and macro and fiscal projections up to 2012, we obtain the expected rating for several oecd countries. The answer to the title question is yes, but in a diverse way for each country. Our average model predictions point to a heterogeneous behaviour of rating agencies across countries.
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spelling Do fiscal imbalances deteriorate sovereign debt ratings?Debt Rating EstimationsFitchMoody’sStandard & Poor’sOECD CountriesFiscal ImbalancesEstimations de notation souveraineDéséquilibres budgétairesPays de l’OCDEWe use sovereign debt rating estimations from Afonso, Gomes and Rother [2009, 2011] for Fitch, Moody’s, and Standard & Poor’s, to assess to what extent the recent fiscal imbalances are being reflected on the sovereign debt notations. With macro and fiscal data up to 2009, and macro and fiscal projections up to 2012, we obtain the expected rating for several oecd countries. The answer to the title question is yes, but in a diverse way for each country. Our average model predictions point to a heterogeneous behaviour of rating agencies across countries.Nous utilisons les estimations de notation souveraine de Afonso, Gomes et Rother [2009, 2011] pour examiner que les déséquilibres budgétaires récents expliquent les notations souveraines des États. À l’aide de données macroéconomiques et budgétaires passées (jusqu’en 2009) et des projections jusqu’en 2012, nous calculons la note qui devrait être attribuée à un certain nombre de pays de l’ocde. Ces notes reflètent effectivement les déséquilibres budgétaires, mais de manière non uniforme. Notre modèle révèle une forte hétérogénéité entre les pays.Presses de Sciences PoRepositório da Universidade de LisboaAfonso, AntónioGomes, Pedro2022-09-28T09:44:58Z20112011-01-01T00:00:00Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articleapplication/pdfhttp://hdl.handle.net/10400.5/25608engAfonso, António and Pedro Gomes.(2011). "Do fiscal imbalances deteriorate sovereign debt ratings?" . Revue économique, Vol. 62 No. 6: pp. 1123-1134.0035-276410.3917/reco.626.1123info:eu-repo/semantics/openAccessreponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãoinstacron:RCAAP2023-03-06T14:55:10Zoai:www.repository.utl.pt:10400.5/25608Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-19T17:09:26.140265Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãofalse
dc.title.none.fl_str_mv Do fiscal imbalances deteriorate sovereign debt ratings?
title Do fiscal imbalances deteriorate sovereign debt ratings?
spellingShingle Do fiscal imbalances deteriorate sovereign debt ratings?
Afonso, António
Debt Rating Estimations
Fitch
Moody’s
Standard & Poor’s
OECD Countries
Fiscal Imbalances
Estimations de notation souveraine
Déséquilibres budgétaires
Pays de l’OCDE
title_short Do fiscal imbalances deteriorate sovereign debt ratings?
title_full Do fiscal imbalances deteriorate sovereign debt ratings?
title_fullStr Do fiscal imbalances deteriorate sovereign debt ratings?
title_full_unstemmed Do fiscal imbalances deteriorate sovereign debt ratings?
title_sort Do fiscal imbalances deteriorate sovereign debt ratings?
author Afonso, António
author_facet Afonso, António
Gomes, Pedro
author_role author
author2 Gomes, Pedro
author2_role author
dc.contributor.none.fl_str_mv Repositório da Universidade de Lisboa
dc.contributor.author.fl_str_mv Afonso, António
Gomes, Pedro
dc.subject.por.fl_str_mv Debt Rating Estimations
Fitch
Moody’s
Standard & Poor’s
OECD Countries
Fiscal Imbalances
Estimations de notation souveraine
Déséquilibres budgétaires
Pays de l’OCDE
topic Debt Rating Estimations
Fitch
Moody’s
Standard & Poor’s
OECD Countries
Fiscal Imbalances
Estimations de notation souveraine
Déséquilibres budgétaires
Pays de l’OCDE
description We use sovereign debt rating estimations from Afonso, Gomes and Rother [2009, 2011] for Fitch, Moody’s, and Standard & Poor’s, to assess to what extent the recent fiscal imbalances are being reflected on the sovereign debt notations. With macro and fiscal data up to 2009, and macro and fiscal projections up to 2012, we obtain the expected rating for several oecd countries. The answer to the title question is yes, but in a diverse way for each country. Our average model predictions point to a heterogeneous behaviour of rating agencies across countries.
publishDate 2011
dc.date.none.fl_str_mv 2011
2011-01-01T00:00:00Z
2022-09-28T09:44:58Z
dc.type.status.fl_str_mv info:eu-repo/semantics/publishedVersion
dc.type.driver.fl_str_mv info:eu-repo/semantics/article
format article
status_str publishedVersion
dc.identifier.uri.fl_str_mv http://hdl.handle.net/10400.5/25608
url http://hdl.handle.net/10400.5/25608
dc.language.iso.fl_str_mv eng
language eng
dc.relation.none.fl_str_mv Afonso, António and Pedro Gomes.(2011). "Do fiscal imbalances deteriorate sovereign debt ratings?" . Revue économique, Vol. 62 No. 6: pp. 1123-1134.
0035-2764
10.3917/reco.626.1123
dc.rights.driver.fl_str_mv info:eu-repo/semantics/openAccess
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
dc.publisher.none.fl_str_mv Presses de Sciences Po
publisher.none.fl_str_mv Presses de Sciences Po
dc.source.none.fl_str_mv reponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
instacron:RCAAP
instname_str Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
instacron_str RCAAP
institution RCAAP
reponame_str Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
collection Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
repository.name.fl_str_mv Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
repository.mail.fl_str_mv
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