Financial openness, domestic financial development and credit ratings
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2016-02Metadata
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Andreasen, Eugenia
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Financial openness, domestic financial development and credit ratings
Abstract
This article shows that financial openness significantly affects corporate and sovereign credit ratings and that the magnitude of this effect depends on the level of development of the domestic financial market. Issuers located in less financially developed economiesi stand to benefit the most from opening up their capital accounts, whereas the impact of this effect decreases as the level of development of the domestic capital market improves.
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Fondecyt Initiation Project 11130390
Institute for Research in Market Imperfections and Public Policy (Ministerio de Economia, Fomento y Turismo) ICM IS130002
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Artículo de publicación ISI
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URI: https://repositorio.uchile.cl/handle/2250/141589
DOI: 10.1016/j.frl.2015.10.019
ISSN: 1544-6131
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Finance Research Letters 16 (2016) 11–18
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