Since the global financial crisis and the end of the commodity super-cycle, weak growth and countercyclical fiscal policy have contributed to deteriorating public finances in many countries across the globe. As public debt burdens rose, credit ratings deteriorated and a number of countries have been downgraded from investment to sub-investment ('junk') grade. Rating downgrades continue to haunt countries in a world of low growth. This paper examines...
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2016/06/28
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Documento de Trabalho
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106667
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1
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1
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2016/07/04
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Disclosed
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The ghost of a rating downgrade : what happens to borrowing costs when a government loses its investment grade credit rating?
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local currency rating
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