This article focuses on the interactions between politics and financial markets in emerging
economies. More precisely, it examines how Wall Street reacts to major Latin American …

Rapidly rising attention to the quality of governance in developing countries is driving
explosive growth in the use of governance “indicators” by international investors, donors of …

There is growing dissatisfaction with the economic policies advocated by the IMF and other
international financial institutions-policies that have often resulted in stagnating growth …

Although credit rating agencies have gradually moved away from a policy of never rating a
corporation above the sovereign (the 'sovereign ceiling'), it appears that sovereign credit …

This paper questions the view that credit rating agencies aggravated the East Asian crisis by
excessively downgrading those countries. I find that ratings are, if anything, sticky rather than …

The importance of sovereign bond ratings has grown recently as assessments by credit
rating agencies (CRAs) influence the cost of capital. Understanding how CRAs determine …

The concept of macroeconomic stability has undergone considerable changes in the
economic discourse over the past decades. During the post-war years dominated by …

Credit rating agencies (subsequently denoted CRAs) specialize in analysing and evaluating
the creditworthiness of corporate and sovereign issuers of debt securities. In the new …

The association between capital flows and economic activity has been a strong feature of
the developing world, and particularly of emerging markets, for a quarter of a century. This …

Despite recent turmoil, spreads on emerging market countries' sovereign bonds have fallen
dramatically since mid-2002. Some have attributed the fall to improved economic …