The authors conduct the first systematic analysis of the determinants and impact of the sovereign credit ratings assigned by the two leading U.S. agencies, Moody's Investor Services and Standard and Poor's. Of the large number of criteria used by the two agencies, six factors appear to play an...

The author finds that the securities industry in the New York-New Jersey region, while vulnerable to stock and bond market fluctuations, is enjoying strong growth in employment and salaries. Benefits from future growth, however, will likely flow predominantly to highly skilled workers as rapid...