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Books > Business & Economics > Economics > Macroeconomics
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A Century of Sovereign Ratings (Paperback, 2012 ed.)
Loot Price: R2,602
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A Century of Sovereign Ratings (Paperback, 2012 ed.)
Expected to ship within 10 - 15 working days
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The financial difficulties experienced by Greece since 2009 serve
as a reminder that countries (i.e., sovereigns) may default on
their debt. Many observers considered the financial turmoil was
behind us because major advanced countries had adopted stimulus
packages to prevent banks from going bankrupt. However, there are
rising doubts about the creditworthiness of several advanced
countries that participated in the bailouts. In this uncertain
context, it is particularly crucial to be knowledgeable about
sovereign ratings. This book provides the necessary broad overview,
which will be of interest to both economists and investors alike.
Chapter 1 presents the main issues that are addressed in this book.
Chapters 2, 3, and 4 provide the key notions to understand
sovereign ratings. Chapter 2 presents an overview of sovereign
rating activity since the first such ratings were assigned in 1918.
Chapter 3 analyzes the meaning of sovereign ratings and the
significance of rating scales; it also describes the refinement of
credit rating policies and tools. Chapter 4 focuses on the
sovereign rating process. Chapters 5 and 6 open the black box of
sovereign ratings. Chapter 5 compares sovereign rating
methodologies in the interwar years with those in the modern era.
After examining how rating agencies have amended their
methodologies since the 1990s, Chapter 6 scrutinizes rating
disagreements between credit rating agencies (CRAs). Chapters 7 and
8 measure the performances of sovereign ratings by computing
default rates and accuracy ratios: Chapter 7 looks at the interwar
years and Chapter 8 at the modern era. The two chapters assess
which CRA assigns the most accurate ratings during the respective
periods. Chapters 9 and 10 compare the perception of sovereign risk
by the CRAs and market participants. Chapter 9 focuses on the
relation between JP Morgan Emerging Markets Bond Index Global
spreads and emerging countries' sovereign ratings for the period
1993-2007. Chapter 10 compares the eurozone members' sovereign
ratings with Credit Default Swap-Implied Ratings (CDS-IRs) during
the Greek debt crisis of November 2009-May 2010.
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