Aizenman, Joshua; Binici, Mahir; Hutchison, Michael - In: Oxford Review of Economic Policy 29 (2013) 3, pp. 582-609
This paper investigates the impact of credit rating changes on the sovereign spreads in the European Union and investigates the macro and financial factors that account for the time-varying effects of a given credit rating change. We find that changes of ratings are informative, economically...