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Cover Art
Author Sy, Amadou N.R.

Title Rating the Rating Agencies [electronic resource] : Anticipating Currency Crises or Debt Crises? / Amadou N.R. Sy.

Published Washington, D.C. : International Monetary Fund, 2003.


Location Call No. Status
Physical description 1 online resource (25 p.)
Series IMF Working Papers; Working Paper ; No. 03/122
IMF Working Papers; Working Paper ; No. 03/122
Summary In contrast to the early-warning system literature, we find that currency and debt crises are not closely linked in emerging markets. We find that after 1994, credit ratings predict debt crises but fail to anticipate currency crises. When debt crises are defined as sovereign distress-when spreads are higher than 1,000 basis points-we find that countries experience reduced capital market access and high interest rates on their external debt for typically more than two quarters. We also find that lagged ratings and ratings changes, including negative outlooks and credit watches, anticipate such debt crises.
Notes Description based on print version record.
Other author Sy, Amadou N.R.
Subject Bond
Currency Crises
Currency Crisis
Debt Crises
ISBN 145185451X : 15.00 USD
ISSN 1018-5941
Standard Number 10.5089/9781451854510.001