This paper analyses the through-the-cycle rating concept; basically, we try to specify its main characteristics, focusing on the differences with point-in-time ratings. We also discuss the effects of this methodology on the prediction power of default probabilities, on the stability of those...

Looking at the choice of the exchange rate regime as the outcome of a principal-agent game facing the government with the local monetary authority, this paper tries to draw some conclusions about the properties of different alternatives. Our results seem to be consistent with the intuition that...