Shadow Sovereign Ratings

Canuto, Otaviano; Mohapatra, Sanket; Ratha, Dilip

Publication:
Shadow Sovereign Ratings

dc.contributor.author	Canuto, Otaviano
dc.contributor.author	Mohapatra, Sanket
dc.contributor.author	Ratha, Dilip
dc.date.accessioned	2012-08-13T10:21:45Z
dc.date.available	2012-08-13T10:21:45Z
dc.date.issued	2011-08
dc.description.abstract	Sovereign ratings are a necessary condition for countries to fully access international capital. Even if the sovereign government is not issuing bonds, the sovereign rating often acts as a 'ceiling' for the private sector and can influence its international capital market access. However, 58 developing countries are still not rated by Standard and Poor's, Moody's, and Fitch, the three international credit rating agencies. This premise presents an exercise to predict 'shadow' sovereign ratings to estimate where unrated countries will lie on the credit spectrum if they were rated. Contrary to popular perception, unrated countries are not necessarily at the bottom of the rating spectrum.	en
dc.identifier	http://documents.worldbank.org/curated/en/2011/08/14830998/shadow-sovereign-ratings
dc.identifier.uri	http://hdl.handle.net/10986/10080
dc.language	English
dc.publisher	World Bank, Washington, DC
dc.relation.ispartofseries	Economic Premise; No. 63
dc.rights	CC BY 3.0 IGO
dc.rights.holder	World Bank
dc.rights.uri	http://creativecommons.org/licenses/by/3.0/igo/
dc.subject	ACCOUNTING
dc.subject	ASSET PRICE
dc.subject	ASSET PRICE BOOMS
dc.subject	ASSET PRICE BUBBLES
dc.subject	ASSET PRICES
dc.subject	BONDHOLDERS
dc.subject	BONDS
dc.subject	BORROWING COST
dc.subject	CAPITAL ADEQUACY
dc.subject	CAPITAL FLOWS
dc.subject	CAPITAL MARKET ACTIVITIES
dc.subject	CAPITAL MARKETS
dc.subject	COMMERCIAL BANKS
dc.subject	CORRELATION COEFFICIENT
dc.subject	CREDIT MARKETS
dc.subject	CREDIT QUALITY
dc.subject	CREDIT RATING
dc.subject	CREDIT RATING AGENCIES
dc.subject	CREDIT RATINGS
dc.subject	CREDITWORTHINESS
dc.subject	CURRENCY
dc.subject	DEBT CRISES
dc.subject	DEBT FINANCE
dc.subject	DEBT INSTRUMENTS
dc.subject	DEBT OBLIGATIONS
dc.subject	DEFAULT RISK
dc.subject	DEFAULTS
dc.subject	DEPRESSION
dc.subject	DEVELOPING COUNTRIES
dc.subject	DOMESTIC BORROWING
dc.subject	ECONOMETRIC MODEL
dc.subject	ECONOMIC GROWTH
dc.subject	ECONOMIC POLICY
dc.subject	ECONOMICS
dc.subject	EMERGING MARKET
dc.subject	EMERGING MARKET COUNTRIES
dc.subject	EMERGING MARKET ECONOMIES
dc.subject	EMERGING MARKETS
dc.subject	EXPLANATORY VARIABLES
dc.subject	EXTERNAL DEBT
dc.subject	FINANCIAL CRISIS
dc.subject	FINANCIAL MARKETS
dc.subject	FINANCIAL STABILITY
dc.subject	FINANCIAL STABILITY POLICY
dc.subject	FINANCIAL STRUCTURES
dc.subject	FOREIGN CURRENCY
dc.subject	FOREIGN CURRENCY DEBT
dc.subject	FOREIGN DIRECT INVESTORS
dc.subject	GOVERNANCE INDICATORS
dc.subject	GOVERNMENT REVENUE
dc.subject	GROWTH RATE
dc.subject	HIGH-INCOME COUNTRIES
dc.subject	HOUSEHOLD DEBT
dc.subject	IMPORTS
dc.subject	INCOME
dc.subject	INFLATION
dc.subject	INFLATION OBJECTIVE
dc.subject	INNOVATIVE FINANCING
dc.subject	INSTRUMENT
dc.subject	INTEREST RATES
dc.subject	INTERNATIONAL BOND
dc.subject	INTERNATIONAL BOND MARKETS
dc.subject	INTERNATIONAL CAPITAL
dc.subject	INTERNATIONAL CAPITAL MARKET
dc.subject	INTERNATIONAL CAPITAL MARKETS
dc.subject	INTERNATIONAL CREDIT
dc.subject	INTERNATIONAL MARKETS
dc.subject	INTERNATIONAL RESERVES
dc.subject	INTERNATIONAL SETTLEMENTS
dc.subject	JUDGMENT
dc.subject	LEGAL ENVIRONMENT
dc.subject	LIABILITY
dc.subject	LIQUIDITY
dc.subject	LIQUIDITY CRISIS
dc.subject	LOW-INCOME COUNTRIES
dc.subject	MACROECONOMIC VARIABLES
dc.subject	MACROECONOMIC VOLATILITY
dc.subject	MARKET ACCESS
dc.subject	MONETARY FUND
dc.subject	MONETARY POLICY
dc.subject	OUTPUT
dc.subject	POVERTY REDUCTION
dc.subject	PRIVATE CAPITAL
dc.subject	PRIVATE CAPITAL FLOWS
dc.subject	PRIVATE FINANCING
dc.subject	PROPERTY RIGHTS
dc.subject	PRUDENTIAL REGULATION
dc.subject	PUBLIC DEBT
dc.subject	REAL ESTATE
dc.subject	REGRESSION ANALYSIS
dc.subject	REMITTANCES
dc.subject	RESERVE
dc.subject	RESERVE FUND
dc.subject	RESERVES
dc.subject	RISK PREMIA
dc.subject	RISK WEIGHT
dc.subject	RULE OF LAW
dc.subject	SALE OF SECURITIES
dc.subject	SMALL COUNTRIES
dc.subject	SMALL ECONOMIES
dc.subject	SOVEREIGN DEBT
dc.subject	SOVEREIGN RATING
dc.subject	SOVEREIGN RATINGS
dc.subject	SOVEREIGN RISK
dc.subject	STABLE GROWTH
dc.subject	STABLE INFLATION
dc.subject	STOCK MARKET
dc.subject	SYSTEMIC CRISIS
dc.subject	WORLD DEVELOPMENT INDICATORS
dc.subject	WORLD ECONOMY
dc.subject	YANKEE BONDS
dc.title	Shadow Sovereign Ratings	en
dspace.entity.type	Publication
okr.date.disclosure	2011-08-18
okr.doctype	Publications & Research :: Brief
okr.doctype	Publications & Research
okr.docurl	http://documents.worldbank.org/curated/en/2011/08/14830998/shadow-sovereign-ratings
okr.globalpractice	Finance and Markets
okr.globalpractice	Trade and Competitiveness
okr.identifier.externaldocumentum	000333038_20110818032937
okr.identifier.internaldocumentum	14830998
okr.identifier.report	63889
okr.language.supported	en
okr.pdfurl	http://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2011/08/18/000333038_20110818032937/Rendered/PDF/638890BRI0Econ000public00BOX361532B.pdf	en
okr.topic	Finance and Financial Sector Development :: Financial Intermediation
okr.topic	Finance and Financial Sector Development :: Debt Markets
okr.topic	Private Sector Development :: Emerging Markets
okr.topic	Finance and Financial Sector Development :: Currencies and Exchange Rates
okr.topic	Finance and Financial Sector Development :: Bankruptcy and Resolution of Financial Distress
okr.unit	Office of VP & Head of Network (PRMVP)
okr.volume	1 of 1
relation.isAuthorOfPublication	9f42d4a7-f5f2-50a9-bba7-b0fa16636471
relation.isAuthorOfPublication	979327ad-ac79-5a52-98ad-ee91fca9734d