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Sovereign credit ratings, emerging market risk and financial market volatility: A commentary

  • Credit Rating Agencies
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Intereconomics

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References

  1. Cf. Sebastian Edwards, Roberto Steiner, Fernando Losada: Capital Inflows, the Real Exchange Rate and the Mexican Crisis of 1994, in: H. Sautter, R. Schinke (eds.): Stabilization and Reform in Latin America: Where Do We Stand?, Frankfurt, Madrid 1996, pp. 69–118, here p. 74.

  2. Cf. Rüdiger Dornbusch, Alejandro Werner: Mexico, Stabilization, Reform, and No Growth; in: Brookings Papers on Economic Activity, 1994, No. 1, pp. 253–297.

  3. Jeffrey D. Sachs, Aaron Tornell, Andrés Velasco: The Mexican Peso Crisis: Sudden Death or Death Foretold?, in: Journal of International Economics, Vol. 41, 1996, pp. 265–283.

  4. Cf. Maurice Obstfeld: Rational and Self-Fulfilling Balance of Payments Crisis; in: American Economic Review, Vol. 76, 1986, pp. 72–81; and Maurice Obstfeld: The Logic of Currency Crisis; in: Cahiers Économiques et Monétaires (Bank de France), Vol. 43, 1994, pp. 189–213. For a discussion of different approaches towards explaining the currency crisis, see Paul Krugman: Are Currency Crises Self-Fulfilling?, in: NBER Macroeconomics Annual 1996, pp. 345–378, and the comments on this paper. A good overview of the existing literature is provided in: Pierre-Richard Agénor, Jagdeep S. Bhandari, Robert P. Flood: Speculative Attacks and Models of Balance of Payments Crisis, in: IMF Staff Papers, Vol. 39, 1992, No. 2, pp. 357–395.

  5. Richard Cantor, Frank Packer: Determinants and Impact of Sovereign Credit Ratings; in: Federal Reserve Bank of New York, Economic Policy Review, Vol. 2, 1996, No. 2, pp. 37–53.

  6. Ibid., Richard Cantor, Frank Packer: Determinants and Impact of Sovereign Credit Ratings; in: Federal Reserve Bank of New York, Economic Policy Review, Vol. 2, 1996, No. 2, p. 48.

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  1. Deutsche Bundesbank, Frankfurt am Main, Germany

    Bernd Schnatz

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  1. Bernd Schnatz
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Schnatz, B. Sovereign credit ratings, emerging market risk and financial market volatility: A commentary. Intereconomics 33, 83–85 (1998). https://doi.org/10.1007/BF02929504

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