ABSTRACT

We examine the relationship between sovereign credit ratings and international equity and bond inflows pre- and post-Great Recession using 1996–2016 annual data for 53 countries. The ratings are statistically significant for both equity and debt inflows in the full sample. After splitting the data into pre- and post-crisis periods, we find that ratings go from being significant in the 1996–2007 subsample to insignificant in the 2010–2016 period. These results support the hypothesis that adverse reputational effects weakened the value of rating agencies in investors’ decision-making process after the Great Recession.

中文翻译：

---

主权信用评级重要吗？大衰退前后评级与资本流动的关系

摘要

我们使用 53 个国家的 1996 年至 2016 年年度数据研究了大萧条前后主权信用评级与国际股票和债券流入之间的关系。该评级对于整个样本中的股权和债务流入都具有统计显着性。将数据分为危机前和危机后时期后，我们发现评级从 1996-2007 年子样本中的显着性变为 2010-2016 年期间的不显着性。这些结果支持了这样的假设，即不利的声誉影响削弱了大萧条后评级机构在投资者决策过程中的价值。