Brůha, Jan; Karber, Moritz; Pierluigi, Beatrice; … - 2017
This paper investigates the link between sovereign ratings and macroeconomic fundamentals for a group of euro area … countries which recorded rating downgrades amid the euro area sovereign debt crisis. We apply an elaborated econometric … estimation technique, based on a Bayesian ordered probit model, to understand how the decisions of rating agencies can be …
