Contents
Abstract............................................................................................................................. 3
Non-technical summary.................................................................................................... 4
1. Introduction .................................................................................................................. 6
2. Rating systems and literature........................................................................................ 7
2.1. Overview of rating systems.................................................................................... 7
2.2. Literature review.................................................................................................... 8
3. Methodology............................................................................................................... 10
3.1. Explanatory variables........................................................................................... 10
3.2. Linear regression framework ............................................................................... 12
3.3. Ordered response framework............................................................................... 14
4. Empirical analysis ...................................................................................................... 15
4.1. Data...................................................................................................................... 15
4.2. Linear panel results .............................................................................................. 16
4.2.1. Full sample..................................................................................................... 16
4.2.2. Differentiation across sub-periods................................................................. 19
4.2.3. Differentiation across ratings levels .............................................................. 20
4.3. Ordered probit results........................................................................................... 21
4.4. Prediction analysis ............................................................................................... 23
4.5. Examples of specific country analysis................................................................. 26
5. Conclusion.................................................................................................................. 28
References ...................................................................................................................... 31
Tables and figures........................................................................................................... 33
Appendix 1 - Data sources.............................................................................................58
Appendix 2 - Countries and years in most extensive rating sample..............................59
Appendix 3 - A logistic transformation ......................................................................... 60
More intriguing information
1. The Nobel Memorial Prize for Robert F. Engle2. Improvements in medical care and technology and reductions in traffic-related fatalities in Great Britain
3. The name is absent
4. FISCAL CONSOLIDATION AND DECENTRALISATION: A TALE OF TWO TIERS
5. Emissions Trading, Electricity Industry Restructuring and Investment in Pollution Abatement
6. Volunteering and the Strategic Value of Ignorance
7. The name is absent
8. Moi individuel et moi cosmique Dans la pensee de Romain Rolland
9. Should informal sector be subsidised?
10. AN ECONOMIC EVALUATION OF THE COLORADO RIVER BASIN SALINITY CONTROL PROGRAM