Connolly, Michael - In: Journal of Economic Policy Reform 10 (2007) 4, pp. 309-323
Instrumenting for sovereign corruption, we find that Transparency International's Corruption Perceptions Index which 'ranges from 10 (highly clean) to 0 (highly corrupt)', is a significant predictor of the Standard and Poor's sovereign bond ratings ranging from 1 (Sovereign Default) to 22 (AAA)...
