El efecto moderador de la calificación crediticia soberana entre el PIB y la deuda soberana
Palabras clave:
Calificaciones Crediticias Soberanas, Producto Interno Bruto, Deuda SoberanaResumen
Las calificaciones crediticias soberanas son muy importantes para cualquier economía nacional e internacional. Si bien una mejora de la calificación crediticia soberana puede alentar a los inversores internacionales y aumentar el Producto Interno Bruto (PIB) de un país, una rebaja puede tener efectos devastadores para una economía ya débil. Por otro lado, las deudas soberanas pueden tener efectos económicos importantes y están relacionadas, en cierta medida, con el PIB de un país. En consecuencia, existe la necesidad de estudiar cómo las calificaciones crediticias soberanas pueden moderar la relación entre el PIB y las deudas soberanas. Para el estudio de la calificación crediticia soberana se tuvo en cuenta a Moody’s y Standard and Poor’s, como dos de las agencias de calificación crediticia más prestigiosas. Se analizaron los datos públicos de Panamá de 2000 a 2019 relacionados con el PIB y la deuda soberana. Se realizaron dos análisis de moderación para probar dos hipótesis utilizando SPSS AMOS Versión 27.0. Los resultados de la investigación empírica demostraron que la calificación crediticia soberana modera la relación entre las dos variables. La calificación crediticia soberana de Moody's y Standard and Poor's demostró ser significativa en ambos casos.
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Agarwal, S., Gupta, D., & Verma, P. (2019). Impact of Employment on Gdp Contribution of Various Sectors in India. Global Journal of Enterprise Information System, 10(3), 47–53. https://doi.org/10.18311/gjeis/2019
Ailinc?, & Georgeta, A. (2018). European sovereign and private debt crisis what should we learn? Acta Universitatis Danubius. Œconomica, 14(7). http://journals.univ-danubius.ro/index.php/oeconomica/article/view/5275
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Asonuma, T., Xin, M., Papaionnaou, M., Thomas, S., & Togo, E. (2018). Sovereign Debt Restructurings in Grenada: Causes, Processes, Outcomes, and Lessons Learned. Journal of Banking and Financial Economics, 2(10), 67–105. https://doi.org/10.7172/2353-6845.jbfe.2018.2.4
Baskaran, T., & Hessami, Z. (2017). Monetary integration, soft budget constraints, and the EMU sovereign debt crisis. Economics and Politics, 29, 252–275. https://doi.org/10.1111/ecpo.12093
Basu, K., & Stiglitz, J. E. (2015). Sovereign Debt and Joint Liability: An Economic Theory Model for Amending the Treaty of Lisbon. Economic Journal, 125(586), F115–F130. https://doi.org/10.1111/ecoj.12300
Benito, B., Guillamón, M. D., & Bastida, F. (2016). The Impact of Transparency on the Cost of Sovereign Debt in Times of Economic Crisis. Financial Accountability and Management, 32(3), 309–334. https://doi.org/10.1111/faam.12090
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Bodea, C., & Hicks, R. (2018). Sovereign credit ratings and central banks: Why do analysts pay attention to institutions? Economics and Politics, 30(3), 340–365. https://doi.org/10.1111/ecpo.12113
Brooks, S. M., Cunha, R., & Mosley, L. (2015). Categories, Creditworthiness, and Contagion: How Investors’ Shortcuts Affect Sovereign Debt Markets. International Studies Quarterly, 59(3), 587–601. https://doi.org/10.1111/isqu.12173
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Halim, A., Nurazira, M., & Ainulashikin. (2008). Sovereign Credit Ratings and Macroeconomic Variables: An Empirical Analysis on Dynamic Linkages in Malaysia Using Bound Test Approach. ICFAI Journal of Applied Economics, 7(6), 29–39. https://ideas.repec.org/a/icf/icfjae/v07y2008i6p29-39.html
Hatchondo, J. C., Martinez, L., & Sosa-Padilla, C. (2016). Debt dilution and sovereign default risk. Journal of Political Economy, 124(5), 1383–1422. https://doi.org/10.1086/688081
Hepenstrick, C., & Marcellino, M. (2019). Forecasting gross domestic product growth with large unbalanced data sets: the mixed frequency three-pass regression filter. Journal of the Royal Statistical Society. Series A: Statistics in Society, 182(1), 69–99. https://doi.org/10.1111/rssa.12363
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Iyengar, S. (2010). Are Sovereign Credit Ratings Objective and Transparent? IUP Journal of Financial Economics, 8(3), 7–22. https://ideas.repec.org/a/icf/icfjfe/v08y2010i3p7-22.html
Jarmuzek, M., & Vesperoni, E. (2018). The role of debt profile vulnerabilities in sovereign distress. Applied Economics Letters, 25(13), 928–935. https://doi.org/10.1080/13504851.2017.1386274
Kaplan, S. B., & Thomsson, K. (2017). The political economy of sovereign debt: Global finance and electoral cycles. Journal of Politics, 79(2), 605–623. https://doi.org/10.1086/688441
Kim, H. (2020). The relationship between public debt accumulation and default risk under the ECB’s conventional vs. non-standard monetary policy: a panel data analysis of 9 Eurozone countries (2000–2015). Journal of Post Keynesian Economics, 43(1), 112–130. https://doi.org/10.1080/01603477.2019.1673176
Kim, S. J., & Wu, E. (2011). International bank flows to emerging markets: Influence of sovereign credit ratings and their regional spillover effects. Journal of Financial Research, 34(2), 331–364. https://doi.org/10.1111/j.1475-6803.2011.01293.x
Körner, F. M., & Trautwein, H. M. (2015). Rating sovereign debt in a monetary union – original sin by transnational governance. Journal of Risk Finance, 16(3), 253–283. https://doi.org/10.1108/JRF-11-2014-0171
Liao, S. Y., Wang, L. H., & Huang, M. L. (2019). Does More Consumption Promote Real GDP Growth? Scottish Journal of Political Economy, 66(3), 384–403. https://doi.org/10.1111/sjpe.12189
Lienau, O. (2020). Sovereign Debt, Private Wealth, and Market Failure: NDU OneSearch. Virginia Journal of International Law, 60(2), 299–361. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3762191
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Agarwal, S., Gupta, D., & Verma, P. (2019). Impact of Employment on Gdp Contribution of Various Sectors in India. Global Journal of Enterprise Information System, 10(3), 47–53. https://doi.org/10.18311/gjeis/2019
Ailinc?, & Georgeta, A. (2018). European sovereign and private debt crisis what should we learn? Acta Universitatis Danubius. Œconomica, 14(7). http://journals.univ-danubius.ro/index.php/oeconomica/article/view/5275
Aizenman, J., Binici, M., & Hutchison, M. (2013). Credit Ratings and the Pricing of Sovereign Debt during the Euro Crisis (No. 19125). https://doi.org/10.3386/w19125
Alexakis, P., Hardousvelis, G., Paxson, D., Sick, G., & Trigeorgis, L. (2018). Greek Sovereign Debt: Addressing Economic Distress and Growth in the Euro Area. Multinational Finance Journal, 22(1/2), 1–33. http://www.mfsociety.org/modules/modDashboard/uploadFiles/journals/MJ~0~p1dg2gkn71h0jah04in1n3jt4g4.pdf
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Asonuma, T., Xin, M., Papaionnaou, M., Thomas, S., & Togo, E. (2018). Sovereign Debt Restructurings in Grenada: Causes, Processes, Outcomes, and Lessons Learned. Journal of Banking and Financial Economics, 2(10), 67–105. https://doi.org/10.7172/2353-6845.jbfe.2018.2.4
Baskaran, T., & Hessami, Z. (2017). Monetary integration, soft budget constraints, and the EMU sovereign debt crisis. Economics and Politics, 29, 252–275. https://doi.org/10.1111/ecpo.12093
Basu, K., & Stiglitz, J. E. (2015). Sovereign Debt and Joint Liability: An Economic Theory Model for Amending the Treaty of Lisbon. Economic Journal, 125(586), F115–F130. https://doi.org/10.1111/ecoj.12300
Benito, B., Guillamón, M. D., & Bastida, F. (2016). The Impact of Transparency on the Cost of Sovereign Debt in Times of Economic Crisis. Financial Accountability and Management, 32(3), 309–334. https://doi.org/10.1111/faam.12090
Blanchard, S. (2018). Courts as Information Intermediaries: A Case Study of Sovereign Debt Disputes. Brigham Young University Law Review, 3, 497–558. https://digitalcommons.law.byu.edu/lawreview/vol2018/iss3/4/
Bodea, C., & Hicks, R. (2018). Sovereign credit ratings and central banks: Why do analysts pay attention to institutions? Economics and Politics, 30(3), 340–365. https://doi.org/10.1111/ecpo.12113
Brooks, S. M., Cunha, R., & Mosley, L. (2015). Categories, Creditworthiness, and Contagion: How Investors’ Shortcuts Affect Sovereign Debt Markets. International Studies Quarterly, 59(3), 587–601. https://doi.org/10.1111/isqu.12173
Brutti, D. (2020). Sovereign Debt Crisis and Vulture Hedge Funds: Issues and Policy Solutions. Boston College Law Review, 61(5), 1819–1854. https://lawdigitalcommons.bc.edu/bclr/vol61/iss5/5/
Bustillo, I., Perrotti, D., & Velloso, H. (2019). Sovereign Credit Ratings in Latin America and the Caribbean: History and Impact on Bond Spreads. Economia Journal, 20(1), 155–196. https://ideas.repec.org/a/col/000425/017740.html
Chen, J. (2020). Sovereign Debt. Investopedia. https://www.investopedia.com/terms/s/sovereign-debt.asp
Chester, R. (2020, November 13). DPM on S&P downgrade: Govt has accelerated reforms - The Nassau Guardian. The Nassau Guardian. https://thenassauguardian.com/dpm-on-sp-downgrade-govt-has-accelerated-reforms/
Chi-Wei, S., Yin, X. C., Tao, R., & Zhou, H. (2018). Are housing prices improving GDP or vice versa? A cross-regional study of China. Applied Economics, 50(29), 3171–3184. https://doi.org/10.1080/00036846.2017.1418078
Collard, F., Habib, M., & Rochet, J. C. (2015). Sovereign debt sustainability in advanced economies. Journal of the European Economic Association, 13(3), 381–420. https://doi.org/10.1111/jeea.12135
Commodity.com. (2020). How Did Sweden’s National Debt Get So Low? hint: Retirement Funds. Commodity.Com. https://commodity.com/data/sweden/debt-clock/
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Dufrénot, G., & Paret, A. C. (2018). Sovereign debt in emerging market countries: not all of them are serial defaulters. Applied Economics, 50(59), 6406–6443. https://doi.org/10.1080/00036846.2018.1486022
Engel, S. (2016). An Alternative Approach to the Institutional Economics of the Eurozone Crisis. Journal of Economic Issues, 50(1), 145–164. https://doi.org/10.1080/00213624.2016.1147912
Esposito, M. (2015). A Model for Public Debt Sustainability and Sovereign Credit Risk in the Eurozone. Economic Notes, 44(3), 511–530. https://doi.org/10.1111/ecno.12047
Felice, E. (2016). The Misty Grail: The Search for a Comprehensive Measure of Development and the Reasons for GDP Primacy. Development and Change, 47(5), 967–994. https://doi.org/10.1111/dech.12257
Giupponi, B. O. (2015). ICSID Tribunals and sovereign debt restructuring-related litigation: Mapping the further implications of the alemanni decision. ICSID Review, 30(3), 556–588. https://doi.org/10.1093/icsidreview/siv017
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Grittersová, J. (2020). Foreign banks and sovereign credit ratings: Reputational capital in sovereign debt markets. European Journal of International Relations, 26(1), 33–61. https://doi.org/10.1177/1354066119846267
Guzmán, M. (2020). Argentina’s woes of high debt, disease. Mint. https://www.livemint.com/news/world/argentinas-woes-of-high-debt-disease-11609429254764.html
Halim, A., Nurazira, M., & Ainulashikin. (2008). Sovereign Credit Ratings and Macroeconomic Variables: An Empirical Analysis on Dynamic Linkages in Malaysia Using Bound Test Approach. ICFAI Journal of Applied Economics, 7(6), 29–39. https://ideas.repec.org/a/icf/icfjae/v07y2008i6p29-39.html
Hatchondo, J. C., Martinez, L., & Sosa-Padilla, C. (2016). Debt dilution and sovereign default risk. Journal of Political Economy, 124(5), 1383–1422. https://doi.org/10.1086/688081
Hepenstrick, C., & Marcellino, M. (2019). Forecasting gross domestic product growth with large unbalanced data sets: the mixed frequency three-pass regression filter. Journal of the Royal Statistical Society. Series A: Statistics in Society, 182(1), 69–99. https://doi.org/10.1111/rssa.12363
Higgs, R. (2015). Gross Domestic Product--an Index of Economic Welfare or a Meaningless Metric? Independent Review, 20(1), 153–157. https://www.jstor.org/stable/24562117?seq=1
Hussain, A. (2020). What is real GDP? Definition, formula, significance. Business Insider. https://www.businessinsider.com/what-is-real-gdp
Iyengar, S. (2010). Are Sovereign Credit Ratings Objective and Transparent? IUP Journal of Financial Economics, 8(3), 7–22. https://ideas.repec.org/a/icf/icfjfe/v08y2010i3p7-22.html
Jarmuzek, M., & Vesperoni, E. (2018). The role of debt profile vulnerabilities in sovereign distress. Applied Economics Letters, 25(13), 928–935. https://doi.org/10.1080/13504851.2017.1386274
Kaplan, S. B., & Thomsson, K. (2017). The political economy of sovereign debt: Global finance and electoral cycles. Journal of Politics, 79(2), 605–623. https://doi.org/10.1086/688441
Kim, H. (2020). The relationship between public debt accumulation and default risk under the ECB’s conventional vs. non-standard monetary policy: a panel data analysis of 9 Eurozone countries (2000–2015). Journal of Post Keynesian Economics, 43(1), 112–130. https://doi.org/10.1080/01603477.2019.1673176
Kim, S. J., & Wu, E. (2011). International bank flows to emerging markets: Influence of sovereign credit ratings and their regional spillover effects. Journal of Financial Research, 34(2), 331–364. https://doi.org/10.1111/j.1475-6803.2011.01293.x
Körner, F. M., & Trautwein, H. M. (2015). Rating sovereign debt in a monetary union – original sin by transnational governance. Journal of Risk Finance, 16(3), 253–283. https://doi.org/10.1108/JRF-11-2014-0171
Liao, S. Y., Wang, L. H., & Huang, M. L. (2019). Does More Consumption Promote Real GDP Growth? Scottish Journal of Political Economy, 66(3), 384–403. https://doi.org/10.1111/sjpe.12189
Lienau, O. (2020). Sovereign Debt, Private Wealth, and Market Failure: NDU OneSearch. Virginia Journal of International Law, 60(2), 299–361. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3762191
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Acharya, V. V., & Rajan, R. G. (2013). Sovereign debt, government myopia, and the financial sector. Review of Financial Studies, 26(6), 1526–1560. https://doi.org/10.1093/rfs/hht011
Agarwal, S., Gupta, D., & Verma, P. (2019). Impact of Employment on Gdp Contribution of Various Sectors in India. Global Journal of Enterprise Information System, 10(3), 47–53. https://doi.org/10.18311/gjeis/2019
Ailinc?, & Georgeta, A. (2018). European sovereign and private debt crisis what should we learn? Acta Universitatis Danubius. Œconomica, 14(7). http://journals.univ-danubius.ro/index.php/oeconomica/article/view/5275
Aizenman, J., Binici, M., & Hutchison, M. (2013). Credit Ratings and the Pricing of Sovereign Debt during the Euro Crisis (No. 19125). https://doi.org/10.3386/w19125
Alexakis, P., Hardousvelis, G., Paxson, D., Sick, G., & Trigeorgis, L. (2018). Greek Sovereign Debt: Addressing Economic Distress and Growth in the Euro Area. Multinational Finance Journal, 22(1/2), 1–33. http://www.mfsociety.org/modules/modDashboard/uploadFiles/journals/MJ~0~p1dg2gkn71h0jah04in1n3jt4g4.pdf
Apergis, N., & Cooray, A. (2014). Convergence in sovereign debt ratios across heavily indebted EU countries: Evidence from club convergence. Applied Economics Letters, 21(11), 786–788. https://doi.org/10.1080/13504851.2014.889798
Asonuma, T., Xin, M., Papaionnaou, M., Thomas, S., & Togo, E. (2018). Sovereign Debt Restructurings in Grenada: Causes, Processes, Outcomes, and Lessons Learned. Journal of Banking and Financial Economics, 2(10), 67–105. https://doi.org/10.7172/2353-6845.jbfe.2018.2.4
Baskaran, T., & Hessami, Z. (2017). Monetary integration, soft budget constraints, and the EMU sovereign debt crisis. Economics and Politics, 29, 252–275. https://doi.org/10.1111/ecpo.12093
Basu, K., & Stiglitz, J. E. (2015). Sovereign Debt and Joint Liability: An Economic Theory Model for Amending the Treaty of Lisbon. Economic Journal, 125(586), F115–F130. https://doi.org/10.1111/ecoj.12300
Benito, B., Guillamón, M. D., & Bastida, F. (2016). The Impact of Transparency on the Cost of Sovereign Debt in Times of Economic Crisis. Financial Accountability and Management, 32(3), 309–334. https://doi.org/10.1111/faam.12090
Blanchard, S. (2018). Courts as Information Intermediaries: A Case Study of Sovereign Debt Disputes. Brigham Young University Law Review, 3, 497–558. https://digitalcommons.law.byu.edu/lawreview/vol2018/iss3/4/
Bodea, C., & Hicks, R. (2018). Sovereign credit ratings and central banks: Why do analysts pay attention to institutions? Economics and Politics, 30(3), 340–365. https://doi.org/10.1111/ecpo.12113
Brooks, S. M., Cunha, R., & Mosley, L. (2015). Categories, Creditworthiness, and Contagion: How Investors’ Shortcuts Affect Sovereign Debt Markets. International Studies Quarterly, 59(3), 587–601. https://doi.org/10.1111/isqu.12173
Brutti, D. (2020). Sovereign Debt Crisis and Vulture Hedge Funds: Issues and Policy Solutions. Boston College Law Review, 61(5), 1819–1854. https://lawdigitalcommons.bc.edu/bclr/vol61/iss5/5/
Bustillo, I., Perrotti, D., & Velloso, H. (2019). Sovereign Credit Ratings in Latin America and the Caribbean: History and Impact on Bond Spreads. Economia Journal, 20(1), 155–196. https://ideas.repec.org/a/col/000425/017740.html
Chen, J. (2020). Sovereign Debt. Investopedia. https://www.investopedia.com/terms/s/sovereign-debt.asp
Chester, R. (2020, November 13). DPM on S&P downgrade: Govt has accelerated reforms - The Nassau Guardian. The Nassau Guardian. https://thenassauguardian.com/dpm-on-sp-downgrade-govt-has-accelerated-reforms/
Chi-Wei, S., Yin, X. C., Tao, R., & Zhou, H. (2018). Are housing prices improving GDP or vice versa? A cross-regional study of China. Applied Economics, 50(29), 3171–3184. https://doi.org/10.1080/00036846.2017.1418078
Collard, F., Habib, M., & Rochet, J. C. (2015). Sovereign debt sustainability in advanced economies. Journal of the European Economic Association, 13(3), 381–420. https://doi.org/10.1111/jeea.12135
Commodity.com. (2020). How Did Sweden’s National Debt Get So Low? hint: Retirement Funds. Commodity.Com. https://commodity.com/data/sweden/debt-clock/
Countryeconomy.com. (2021). Greece National Debt 2020. Countryeconomy.Com. https://countryeconomy.com/national-debt/greece
Dufrénot, G., & Paret, A. C. (2018). Sovereign debt in emerging market countries: not all of them are serial defaulters. Applied Economics, 50(59), 6406–6443. https://doi.org/10.1080/00036846.2018.1486022
Engel, S. (2016). An Alternative Approach to the Institutional Economics of the Eurozone Crisis. Journal of Economic Issues, 50(1), 145–164. https://doi.org/10.1080/00213624.2016.1147912
Esposito, M. (2015). A Model for Public Debt Sustainability and Sovereign Credit Risk in the Eurozone. Economic Notes, 44(3), 511–530. https://doi.org/10.1111/ecno.12047
Felice, E. (2016). The Misty Grail: The Search for a Comprehensive Measure of Development and the Reasons for GDP Primacy. Development and Change, 47(5), 967–994. https://doi.org/10.1111/dech.12257
Giupponi, B. O. (2015). ICSID Tribunals and sovereign debt restructuring-related litigation: Mapping the further implications of the alemanni decision. ICSID Review, 30(3), 556–588. https://doi.org/10.1093/icsidreview/siv017
Goldfarb, Z. (2011, August 6). S&P downgrades U.S. credit rating for first time - The Washington Post. The Washington Post. https://www.washingtonpost.com/business/economy/sandp-considering-first-downgrade-of-us-credit-rating/2011/08/05/gIQAqKeIxI_story.html
Grittersová, J. (2020). Foreign banks and sovereign credit ratings: Reputational capital in sovereign debt markets. European Journal of International Relations, 26(1), 33–61. https://doi.org/10.1177/1354066119846267
Guzmán, M. (2020). Argentina’s woes of high debt, disease. Mint. https://www.livemint.com/news/world/argentinas-woes-of-high-debt-disease-11609429254764.html
Halim, A., Nurazira, M., & Ainulashikin. (2008). Sovereign Credit Ratings and Macroeconomic Variables: An Empirical Analysis on Dynamic Linkages in Malaysia Using Bound Test Approach. ICFAI Journal of Applied Economics, 7(6), 29–39. https://ideas.repec.org/a/icf/icfjae/v07y2008i6p29-39.html
Hatchondo, J. C., Martinez, L., & Sosa-Padilla, C. (2016). Debt dilution and sovereign default risk. Journal of Political Economy, 124(5), 1383–1422. https://doi.org/10.1086/688081
Hepenstrick, C., & Marcellino, M. (2019). Forecasting gross domestic product growth with large unbalanced data sets: the mixed frequency three-pass regression filter. Journal of the Royal Statistical Society. Series A: Statistics in Society, 182(1), 69–99. https://doi.org/10.1111/rssa.12363
Higgs, R. (2015). Gross Domestic Product--an Index of Economic Welfare or a Meaningless Metric? Independent Review, 20(1), 153–157. https://www.jstor.org/stable/24562117?seq=1
Hussain, A. (2020). What is real GDP? Definition, formula, significance. Business Insider. https://www.businessinsider.com/what-is-real-gdp
Iyengar, S. (2010). Are Sovereign Credit Ratings Objective and Transparent? IUP Journal of Financial Economics, 8(3), 7–22. https://ideas.repec.org/a/icf/icfjfe/v08y2010i3p7-22.html
Jarmuzek, M., & Vesperoni, E. (2018). The role of debt profile vulnerabilities in sovereign distress. Applied Economics Letters, 25(13), 928–935. https://doi.org/10.1080/13504851.2017.1386274
Kaplan, S. B., & Thomsson, K. (2017). The political economy of sovereign debt: Global finance and electoral cycles. Journal of Politics, 79(2), 605–623. https://doi.org/10.1086/688441
Kim, H. (2020). The relationship between public debt accumulation and default risk under the ECB’s conventional vs. non-standard monetary policy: a panel data analysis of 9 Eurozone countries (2000–2015). Journal of Post Keynesian Economics, 43(1), 112–130. https://doi.org/10.1080/01603477.2019.1673176
Kim, S. J., & Wu, E. (2011). International bank flows to emerging markets: Influence of sovereign credit ratings and their regional spillover effects. Journal of Financial Research, 34(2), 331–364. https://doi.org/10.1111/j.1475-6803.2011.01293.x
Körner, F. M., & Trautwein, H. M. (2015). Rating sovereign debt in a monetary union – original sin by transnational governance. Journal of Risk Finance, 16(3), 253–283. https://doi.org/10.1108/JRF-11-2014-0171
Liao, S. Y., Wang, L. H., & Huang, M. L. (2019). Does More Consumption Promote Real GDP Growth? Scottish Journal of Political Economy, 66(3), 384–403. https://doi.org/10.1111/sjpe.12189
Lienau, O. (2020). Sovereign Debt, Private Wealth, and Market Failure: NDU OneSearch. Virginia Journal of International Law, 60(2), 299–361. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3762191
MacroTrends. (2021). Russia Debt to GDP Ratio 1998-2021. MacroTrends. https://www.macrotrends.net/countries/RUS/russia/debt-to-gdp-ratio
Majnoni, G., Ferri, G., & Liu, L.-G. (2000). How the Proposed Basel Guidelines on Rating-Agency Assessments Would Affect Developing Countries (No. 2369; Policy Research Working Papers 2369). The World Bank. https://doi.org/10.1596/1813-9450-2369
Ministry of Economy and Finances. (2021). Data Base. Directorate of Public Financing. https://fpublico.mef.gob.pa/en/Pages/base-datos.aspx
Moody’s Corporation. (2021). Moody’s Rating Symbols and Definitions. Moody’s. https://www.moodys.com/Pages/amr002002.aspx?stop_mobi=yes
Müller, A., Storesletten, K., & Zilibotti, F. (2019). Sovereign debt and structural reforms. American Economic Review, 109(12), 4220–4259. https://doi.org/10.1257/aer.20161457
Mvumvu, Z. (2020, March 20). Moody’s downgrade will not stop fight against coronavirus: Ramaphosa. Times Live. https://www.timeslive.co.za/politics/2020-03-30-moodys-downgrade-will-not-stop-fight-against-coronavirus-ramaphosa/
Ozturk, H. (2016). Reliance of Sovereign Credit Ratings on Governance Indicators. In European Journal of Development Research (Vol. 28, Issue 2, pp. 184–212). Palgrave Macmillan Ltd. https://doi.org/10.1057/ejdr.2014.53
Pavlidis, G. (2018). Vulture litigation in the context of sovereign debt: Global or local solutions? Law and Financial Markets Review, 12(2), 93–99. https://doi.org/10.1080/17521440.2018.1466483
Petit, N. (2011). Credit Rating Agencies, the Sovereign Debt Crisis and Competition Law. European Competition Journal, 7(3), 587–632. https://doi.org/10.5235/ecj.v7n3.587
S&P Global Rating. (2019). Guide to Credit Rating Essentials: What are credit ratings and how do they work? https://www.spglobal.com/ratings/_division-assets/pdfs/guide_to_credit_rating_essentials_digital.pdf
Saidi, K., & Zaidi, S. (2019). The Impact of Population Growth on Environmental Quality and Gross Domestic Product (GDP): GMM System Analysis. International Journal of Management, Accounting and Economics, 6(1), 1–21. http://www.ijmae.com/article_114059.html
Salvaris, M. (2013). Measuring the Kind of Australia We Want: The Australian National Development Index, the Gross Domestic Product and the Global Movement to Redefine Progress. Australian Economic Review, 46(1), 78–91. https://doi.org/10.1111/j.1467-8462.2013.00711.x
Samples, T. (2014). Rogue Trends in Sovereign Debt: Argentina, Vulture Funds, and Pari Passu Under New York Law. Northwestern Journal of International Law & Business, 14(1), 49–86. https://scholarlycommons.law.northwestern.edu/njilb/vol35/iss1/2/
Shopov, D. (2020). Analysing And Forecasting The Debt Burden of the EU Countries: Is There a New European Debt Crisis On The Horizon? Economic Archive, 2, 58–78. https://www.epi-bg.org/images/Award_IP/DShopov_ENG_Final.pdf
Singh, D. (2018). Sovereign Debt. Journal of Religious Ethics, 46(2), 239–266. https://doi.org/10.1111/jore.12217
Stawasz-Grabowska, E. (2020). Sovereign credit rating determinants of the eu countries: The role of the euro area crisis and its legacy. Entrepreneurial Business and Economics Review, 8(2), 47–69. https://doi.org/10.15678/EBER.2020.080203
Steinbach, A. (2015). The Mutualization of Sovereign Debt: Comparing the American Past and the European Present. Journal of Common Market Studies, 53(5), 1110–1125. https://doi.org/10.1111/jcms.12246
The World Bank. (2021a). GDP (current US$) - Greece. The World Bank. https://data.worldbank.org/indicator/NY.GDP.MKTP.CD?locations=GR
The World Bank. (2021b). GDP (current US$) - Panama | Data. The World Bank. https://data.worldbank.org/indicator/NY.GDP.MKTP.CD?locations=PA
The World Bank. (2021c). GDP (current US$) - Russian Federation. The World Bank. https://data.worldbank.org/indicator/NY.GDP.MKTP.CD?locations=RU
The World Bank. (2021d). GDP (current US$) - Sweden. The World Bank. https://data.worldbank.org/indicator/NY.GDP.MKTP.CD?locations=SE
Tiwari, H. (2020). A Study of Interlink-age of Selected Macroeconomic Variables with GDP Growth Rate in India. International Journal of Business Insights & Transformation, 13(2), Acharya, V. V., & Rajan, R. G. (2013). Sovereign debt, government myopia, and the financial sector. Review of Financial Studies, 26(6), 1526–1560. https://doi.org/10.1093/rfs/hht011
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Chi-Wei, S., Yin, X. C., Tao, R., & Zhou, H. (2018). Are housing prices improving GDP or vice versa? A cross-regional study of China. Applied Economics, 50(29), 3171–3184. https://doi.org/10.1080/00036846.2017.1418078
Collard, F., Habib, M., & Rochet, J. C. (2015). Sovereign debt sustainability in advanced economies. Journal of the European Economic Association, 13(3), 381–420. https://doi.org/10.1111/jeea.12135
Commodity.com. (2020). How Did Sweden’s National Debt Get So Low? hint: Retirement Funds. Commodity.Com. https://commodity.com/data/sweden/debt-clock/
Countryeconomy.com. (2021). Greece National Debt 2020. Countryeconomy.Com. https://countryeconomy.com/national-debt/greece
Dufrénot, G., & Paret, A. C. (2018). Sovereign debt in emerging market countries: not all of them are serial defaulters. Applied Economics, 50(59), 6406–6443. https://doi.org/10.1080/00036846.2018.1486022
Engel, S. (2016). An Alternative Approach to the Institutional Economics of the Eurozone Crisis. Journal of Economic Issues, 50(1), 145–164. https://doi.org/10.1080/00213624.2016.1147912
Esposito, M. (2015). A Model for Public Debt Sustainability and Sovereign Credit Risk in the Eurozone. Economic Notes, 44(3), 511–530. https://doi.org/10.1111/ecno.12047
Felice, E. (2016). The Misty Grail: The Search for a Comprehensive Measure of Development and the Reasons for GDP Primacy. Development and Change, 47(5), 967–994. https://doi.org/10.1111/dech.12257
Giupponi, B. O. (2015). ICSID Tribunals and sovereign debt restructuring-related litigation: Mapping the further implications of the alemanni decision. ICSID Review, 30(3), 556–588. https://doi.org/10.1093/icsidreview/siv017
Goldfarb, Z. (2011, August 6). S&P downgrades U.S. credit rating for first time - The Washington Post. The Washington Post. https://www.washingtonpost.com/business/economy/sandp-considering-first-downgrade-of-us-credit-rating/2011/08/05/gIQAqKeIxI_story.html
Grittersová, J. (2020). Foreign banks and sovereign credit ratings: Reputational capital in sovereign debt markets. European Journal of International Relations, 26(1), 33–61. https://doi.org/10.1177/1354066119846267
Guzmán, M. (2020). Argentina’s woes of high debt, disease. Mint. https://www.livemint.com/news/world/argentinas-woes-of-high-debt-disease-11609429254764.html
Halim, A., Nurazira, M., & Ainulashikin. (2008). Sovereign Credit Ratings and Macroeconomic Variables: An Empirical Analysis on Dynamic Linkages in Malaysia Using Bound Test Approach. ICFAI Journal of Applied Economics, 7(6), 29–39. https://ideas.repec.org/a/icf/icfjae/v07y2008i6p29-39.html
Hatchondo, J. C., Martinez, L., & Sosa-Padilla, C. (2016). Debt dilution and sovereign default risk. Journal of Political Economy, 124(5), 1383–1422. https://doi.org/10.1086/688081
Hepenstrick, C., & Marcellino, M. (2019). Forecasting gross domestic product growth with large unbalanced data sets: the mixed frequency three-pass regression filter. Journal of the Royal Statistical Society. Series A: Statistics in Society, 182(1), 69–99. https://doi.org/10.1111/rssa.12363
Higgs, R. (2015). Gross Domestic Product--an Index of Economic Welfare or a Meaningless Metric? Independent Review, 20(1), 153–157. https://www.jstor.org/stable/24562117?seq=1
Hussain, A. (2020). What is real GDP? Definition, formula, significance. Business Insider. https://www.businessinsider.com/what-is-real-gdp
Iyengar, S. (2010). Are Sovereign Credit Ratings Objective and Transparent? IUP Journal of Financial Economics, 8(3), 7–22. https://ideas.repec.org/a/icf/icfjfe/v08y2010i3p7-22.html
Jarmuzek, M., & Vesperoni, E. (2018). The role of debt profile vulnerabilities in sovereign distress. Applied Economics Letters, 25(13), 928–935. https://doi.org/10.1080/13504851.2017.1386274
Kaplan, S. B., & Thomsson, K. (2017). The political economy of sovereign debt: Global finance and electoral cycles. Journal of Politics, 79(2), 605–623. https://doi.org/10.1086/688441
Kim, H. (2020). The relationship between public debt accumulation and default risk under the ECB’s conventional vs. non-standard monetary policy: a panel data analysis of 9 Eurozone countries (2000–2015). Journal of Post Keynesian Economics, 43(1), 112–130. https://doi.org/10.1080/01603477.2019.1673176
Kim, S. J., & Wu, E. (2011). International bank flows to emerging markets: Influence of sovereign credit ratings and their regional spillover effects. Journal of Financial Research, 34(2), 331–364. https://doi.org/10.1111/j.1475-6803.2011.01293.x
Körner, F. M., & Trautwein, H. M. (2015). Rating sovereign debt in a monetary union – original sin by transnational governance. Journal of Risk Finance, 16(3), 253–283. https://doi.org/10.1108/JRF-11-2014-0171
Liao, S. Y., Wang, L. H., & Huang, M. L. (2019). Does More Consumption Promote Real GDP Growth? Scottish Journal of Political Economy, 66(3), 384–403. https://doi.org/10.1111/sjpe.12189
Lienau, O. (2020). Sovereign Debt, Private Wealth, and Market Failure: NDU OneSearch. Virginia Journal of International Law, 60(2), 299–361. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3762191
MacroTrends. (2021). Russia Debt to GDP Ratio 1998-2021. MacroTrends. https://www.macrotrends.net/countries/RUS/russia/debt-to-gdp-ratio
Majnoni, G., Ferri, G., & Liu, L.-G. (2000). How the Proposed Basel Guidelines on Rating-Agency Assessments Would Affect Developing Countries (No. 2369; Policy Research Working Papers 2369). The World Bank. https://doi.org/10.1596/1813-9450-2369
Ministry of Economy and Finances. (2021). Data Base. Directorate of Public Financing. https://fpublico.mef.gob.pa/en/Pages/base-datos.aspx
Moody’s Corporation. (2021). Moody’s Rating Symbols and Definitions. Moody’s. https://www.moodys.com/Pages/amr002002.aspx?stop_mobi=yes
Müller, A., Storesletten, K., & Zilibotti, F. (2019). Sovereign debt and structural reforms. American Economic Review, 109(12), 4220–4259. https://doi.org/10.1257/aer.20161457
Mvumvu, Z. (2020, March 20). Moody’s downgrade will not stop fight against coronavirus: Ramaphosa. Times Live. https://www.timeslive.co.za/politics/2020-03-30-moodys-downgrade-will-not-stop-fight-against-coronavirus-ramaphosa/
Ozturk, H. (2016). Reliance of Sovereign Credit Ratings on Governance Indicators. In European Journal of Development Research (Vol. 28, Issue 2, pp. 184–212). Palgrave Macmillan Ltd. https://doi.org/10.1057/ejdr.2014.53
Pavlidis, G. (2018). Vulture litigation in the context of sovereign debt: Global or local solutions? Law and Financial Markets Review, 12(2), 93–99. https://doi.org/10.1080/17521440.2018.1466483
Petit, N. (2011). Credit Rating Agencies, the Sovereign Debt Crisis and Competition Law. European Competition Journal, 7(3), 587–632. https://doi.org/10.5235/ecj.v7n3.587
S&P Global Rating. (2019). Guide to Credit Rating Essentials: What are credit ratings and how do they work? https://www.spglobal.com/ratings/_division-assets/pdfs/guide_to_credit_rating_essentials_digital.pdf
Saidi, K., & Zaidi, S. (2019). The Impact of Population Growth on Environmental Quality and Gross Domestic Product (GDP): GMM System Analysis. International Journal of Management, Accounting and Economics, 6(1), 1–21. http://www.ijmae.com/article_114059.html
Salvaris, M. (2013). Measuring the Kind of Australia We Want: The Australian National Development Index, the Gross Domestic Product and the Global Movement to Redefine Progress. Australian Economic Review, 46(1), 78–91. https://doi.org/10.1111/j.1467-8462.2013.00711.x
Samples, T. (2014). Rogue Trends in Sovereign Debt: Argentina, Vulture Funds, and Pari Passu Under New York Law. Northwestern Journal of International Law & Business, 14(1), 49–86. https://scholarlycommons.law.northwestern.edu/njilb/vol35/iss1/2/
Shopov, D. (2020). Analysing And Forecasting The Debt Burden of the EU Countries: Is There a New European Debt Crisis On The Horizon? Economic Archive, 2, 58–78. https://www.epi-bg.org/images/Award_IP/DShopov_ENG_Final.pdf
Singh, D. (2018). Sovereign Debt. Journal of Religious Ethics, 46(2), 239–266. https://doi.org/10.1111/jore.12217
Stawasz-Grabowska, E. (2020). Sovereign credit rating determinants of the eu countries: The role of the euro area crisis and its legacy. Entrepreneurial Business and Economics Review, 8(2), 47–69. https://doi.org/10.15678/EBER.2020.080203
Steinbach, A. (2015). The Mutualization of Sovereign Debt: Comparing the American Past and the European Present. Journal of Common Market Studies, 53(5), 1110–1125. https://doi.org/10.1111/jcms.12246
The World Bank. (2021a). GDP (current US$) - Greece. The World Bank. https://data.worldbank.org/indicator/NY.GDP.MKTP.CD?locations=GR
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The World Bank. (2021c). GDP (current US$) - Russian Federation. The World Bank. https://data.worldbank.org/indicator/NY.GDP.MKTP.CD?locations=RU
The World Bank. (2021d). GDP (current US$) - Sweden. The World Bank. https://data.worldbank.org/indicator/NY.GDP.MKTP.CD?locations=SE
Tiwari, H. (2020). A Study of Interlink-age of Selected Macroeconomic Variables with GDP Growth Rate in India. International Journal of Business Insights & Transformation, 13(2), 97–102. https://search.proquest.com/openview/e64ab7f239ea22268d006b08183b4c1b/1?pq-origsite=gscholar&cbl=2068965
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