This paper explores factors that affect the distance between sovereign credit ratings and the ratings assigned to new foreign-currency bonds issued by sub-sovereign entities (such as private non-financial corporations, financial firms, and public sector enterprises) in 47 emerging markets and developing economies. Censored and double-hurdle regression models are used to estimate the relative contributions of bond-level, issuer-level, and macroeconomic...
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ПОДРОБНАЯ ИНФОРМАЦИЯ
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2016/03/30
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Рабочий документ в рамках исследования вопросов политики
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WPS7618
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1
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1
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2016/03/30
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Disclosed
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Impacts of sovereign rating on sub-sovereign bond ratings in emerging and developing economies
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sovereign rating
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