Sovereign credit revisions impact on the European Economy
Autor(a) principal: | |
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Data de Publicação: | 2017 |
Tipo de documento: | Dissertação |
Idioma: | eng |
Título da fonte: | Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
Texto Completo: | http://hdl.handle.net/10362/28316 |
Resumo: | This research aims to find the direction of causality between rating revisions and economic growth in Europe during 2002-2015. Based on a system-GMM, developed by Arellano and Bond (1995), the-Standard & Poor’s-sovereign rating revisions’ effects on economic growth, controlling for other determinants, will be estimated. Rating revisions are shown to Granger cause output growth throughout the whole time-frame considered and no reverse causality was verified. We find evidence that rating revisions do impact economic growth while outlook announcements do not. More open economies look to have upgrade revisions effects on growth boosted, while negative revisions effects are dampened. Whilst analyzing the crisis outbreak impact, we perceived that the upgrade revisions’ effect on economic growth were halved. |
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Sovereign credit revisions impact on the European EconomySovereign credit revisionsUpgradeDowngradeEconomic growthSystem-GMMDomínio/Área Científica::Ciências Sociais::Economia e GestãoThis research aims to find the direction of causality between rating revisions and economic growth in Europe during 2002-2015. Based on a system-GMM, developed by Arellano and Bond (1995), the-Standard & Poor’s-sovereign rating revisions’ effects on economic growth, controlling for other determinants, will be estimated. Rating revisions are shown to Granger cause output growth throughout the whole time-frame considered and no reverse causality was verified. We find evidence that rating revisions do impact economic growth while outlook announcements do not. More open economies look to have upgrade revisions effects on growth boosted, while negative revisions effects are dampened. Whilst analyzing the crisis outbreak impact, we perceived that the upgrade revisions’ effect on economic growth were halved.Rodrigues, Paulo Manuel MarquesRUNClero, João Eduardo Mendes2020-06-30T00:30:35Z2017-06-302017-06-30T00:00:00Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/masterThesisapplication/pdfhttp://hdl.handle.net/10362/28316TID:201753413enginfo: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:RCAAP2024-03-11T04:15:10Zoai:run.unl.pt:10362/28316Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-20T03:28:55.239915Repositório 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 |
Sovereign credit revisions impact on the European Economy |
title |
Sovereign credit revisions impact on the European Economy |
spellingShingle |
Sovereign credit revisions impact on the European Economy Clero, João Eduardo Mendes Sovereign credit revisions Upgrade Downgrade Economic growth System-GMM Domínio/Área Científica::Ciências Sociais::Economia e Gestão |
title_short |
Sovereign credit revisions impact on the European Economy |
title_full |
Sovereign credit revisions impact on the European Economy |
title_fullStr |
Sovereign credit revisions impact on the European Economy |
title_full_unstemmed |
Sovereign credit revisions impact on the European Economy |
title_sort |
Sovereign credit revisions impact on the European Economy |
author |
Clero, João Eduardo Mendes |
author_facet |
Clero, João Eduardo Mendes |
author_role |
author |
dc.contributor.none.fl_str_mv |
Rodrigues, Paulo Manuel Marques RUN |
dc.contributor.author.fl_str_mv |
Clero, João Eduardo Mendes |
dc.subject.por.fl_str_mv |
Sovereign credit revisions Upgrade Downgrade Economic growth System-GMM Domínio/Área Científica::Ciências Sociais::Economia e Gestão |
topic |
Sovereign credit revisions Upgrade Downgrade Economic growth System-GMM Domínio/Área Científica::Ciências Sociais::Economia e Gestão |
description |
This research aims to find the direction of causality between rating revisions and economic growth in Europe during 2002-2015. Based on a system-GMM, developed by Arellano and Bond (1995), the-Standard & Poor’s-sovereign rating revisions’ effects on economic growth, controlling for other determinants, will be estimated. Rating revisions are shown to Granger cause output growth throughout the whole time-frame considered and no reverse causality was verified. We find evidence that rating revisions do impact economic growth while outlook announcements do not. More open economies look to have upgrade revisions effects on growth boosted, while negative revisions effects are dampened. Whilst analyzing the crisis outbreak impact, we perceived that the upgrade revisions’ effect on economic growth were halved. |
publishDate |
2017 |
dc.date.none.fl_str_mv |
2017-06-30 2017-06-30T00:00:00Z 2020-06-30T00:30:35Z |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/masterThesis |
format |
masterThesis |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
http://hdl.handle.net/10362/28316 TID:201753413 |
url |
http://hdl.handle.net/10362/28316 |
identifier_str_mv |
TID:201753413 |
dc.language.iso.fl_str_mv |
eng |
language |
eng |
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.source.none.fl_str_mv |
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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 |
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