Sovereign credit revisions impact on the European Economy

Detalhes bibliográficos
Autor(a) principal: Clero, João Eduardo Mendes
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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spelling 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 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
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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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