Since 2014
Determinants of Sub-Sovereign Government Ratings In Europe
Transylvanian Review of Administrative Sciences
View Archive Info| Field | Value | |
| Title |
Determinants of Sub-Sovereign Government Ratings In Europe
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| Creator |
JANNONE-BELLOT, Nicolas; Secretary General of the Treasury and Financial Policy, Ministry of Economy, Industry and Competitiveness, Madrid, Spain MARTÍ-SELVA, Luisa; Professor, Department of Social Science and Economics, Faculty of Business Administration and Management, Technical University of Valencia, Valencia, Spain GARCÍA-MENÉNDEZ, Leandro; Professor, Department of Applied Economics II, Faculty of Economy, University of Valencia, Valencia, Spain |
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| Subject |
rating, sub-sovereign entities, multinomial ordered probit, international fi nancial markets.
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| Description |
The aim of this paper is to identify the determinantsof the rating assigned to sub-sovereignentities in Germany, Austria, Belgium, France,Italy and Spain, using a total of 92 territorial entitiesfor the 1989-2012 period. Multinomial orderedprobit estimation models were estimatedfor each specifi cation and agency.We conclude that the country’s rating is oneof the most important determinants of regionalgovernment’s ratings with a positive infl uence(as expected), and that the country debt/GDPratio is a stronger determinant for regions thantheir own indebtedness with a negative sign.Other relevant variables are population growthrate, unemployment rate, elderly people weight,regional public expenditure weight and size. Additionally,economic variables, such as country’srating and population growth are more importantto Fitch; whereas budget variables and size variablesare more relevant to Moody’s. Debt variablesand elderly people ratio are more importantto S&P.
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| Publisher |
Babes Bolyai University
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| Contributor |
—
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| Date |
2017-02-21
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| Type |
info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion Peer-reviewed Article |
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| Format |
application/pdf
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| Identifier |
http://rtsa.ro/tras/index.php/tras/article/view/514
10.24193/tras.2017.0007 |
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| Source |
Transylvanian Review of Administrative Sciences; 2017: Issue No. 50 E/February; 110-126
1842-2845 10.24193/tras.2017 |
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| Language |
eng
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| Relation |
http://rtsa.ro/tras/index.php/tras/article/view/514/503
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| Rights |
Copyright (c) 2017 Transylvanian Review of Administrative Sciences
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