Gärtner, Manfred; Griesbach, Björn; Jung, Florian - 2011
This paper asks whether rating agencies played a passive role or were an active driving force during Europe's sovereign … explained by observed previous procedures of rating agencies. Next, we check whether both systematic and arbitrary parts of …: Sovereign debt ratings, sovereign default, debt crisis, budget deficit, rating agencies, PIGS, risk premiums, government bond …