TY  - UNPD
A1  - Kräussl, Roman
T1  - "Do credit rating agencies add to the dynamics of emerging market crises?"
T2  - Center for Financial Studies (Frankfurt am Main): CFS working paper series ; No. 2003,18
N2  - The experience in the period during and after the Asian crisis of 1997-98 has provoked an extensive debate about the credit rating agencies' evaluation of sovereign risk in emerging markets lending. This study analyzes the role of credit rating agencies in international finan-cial markets, particularly whether sovereign credit ratings have an impact on the financial stability in emerging market economies. The event study and panel regression results indicate that credit rating agencies have substantial influence on the size and volatility of emerging markets lending. The empirical results are significantly stronger in the case of government's downgrades and negative imminent sovereign credit rating actions such as credit watches and rating outlooks than positive adjustments by the credit rating agencies while by the market participants' anticipated sovereign credit rating changes have a smaller impact on financial markets in emerging economies.
T3  - CFS working paper series - 2003, 18 
KW  - Sovereign Risk
KW  - Credit Ratings
KW  - Financial Crises
KW  - Rating
KW  - Wirtschaftskrise
KW  - Schwellenländer
KW  - Kreditmarkt
KW  - Ratingagentur
Y1  - 2003
UR  - http://publikationen.ub.uni-frankfurt.de/frontdoor/index/index/docId/4471
UR  - https://nbn-resolving.org/urn:nbn:de:hebis:30-10230
IS  - This version August 2003
ER  -