Visa enkel post

dc.contributor.authorSychowiec, Maciej
dc.date.accessioned2021-05-06T11:28:41Z
dc.date.available2021-05-06T11:28:41Z
dc.date.issued2021-05-06
dc.identifier.isbn978-91-8009-332-3
dc.identifier.isbn978-91-8009-333-0
dc.identifier.issn0346-5942
dc.identifier.urihttp://hdl.handle.net/2077/68258
dc.description.abstractCredit rating agencies (CRAs) are often referred to in the literature as the “gatekeepers” of the international credit market. Their assessments may determine a government’s ability to finance its budget since good credit ratings allow governments to borrow money on more favorable terms. Several studies have emphasized that democracies receive better access to the credit market than autocracies, and many scholars have attempted to explain this advantage in terms of institutional constraints, veto players, or electoral punishment. However, the global financial crisis (2007–2008) has shown that economically advanced democracies are not immune to debt crises. Thus, the decision-making mechanisms in democratic countries do not always signal the predictability of debt repayment to CRAs. This leads to the following question: What explains the variation in credit ratings among economically advanced democracies? While economic factors are typically seen as the most central determinants of credit ratings, this dissertation suggests that a government’s political ideology and institutional quality also influence credit ratings, since CRAs can be expected to value political stability. This dissertation investigates three factors that may have implications for CRAs’ perception of political stability: political ideology, corruption, and transparency. This dissertation presents that TAN-leaning governments (Traditionalist–Authoritarian–Nationalist) receive lower credit ratings on average compared to GAL-leaning governments (Green–Alternative–Liberal) and thus shows that the socio-cultural dimension of political ideology may matter for CRAs. Furthermore, both corruption or transparency can have implications for credit ratings, but not necessarily in the same way across all contexts. At the subnational level, federal transfers can allow relatively corrupt states to retain good credit ratings, despite the negative consequences of corruption more broadly. Finally, the extent to which government transparency and media freedom can improve credit ratings may depend on if available information fuel domestic pressures from interest groups or mass protests, as they can be considered as a threat to political stability in the eyes of CRAs.sv
dc.language.isoengsv
dc.relation.ispartofseriesGöteborg Studies in Politicssv
dc.relation.ispartofseries166sv
dc.relation.haspartSychowiec, M. (2021) Does political ideology affect a government’s credit rating? The evidence on parties’ socio-cultural positions in European countries. Comparative European Politics 1-18. ::doi::10.1057/s41295-021-00236-7sv
dc.relation.haspartSychowiec, M., Bauhr, M., & Charron, N. (2021). Does Corruption Lead to Lower Subnational Credit Ratings? Fiscal Dependence, Market Reputation, and the Cost of Debt. Business and Politics, 1-19. ::doi::10.1017/bap.2020.22sv
dc.relation.haspartSychowiec, M. (2021) Do Transparent Countries Receive Better Credit Ratings? Domestic Audience Costs in Democracies. Unpublished Manuscript.sv
dc.relation.haspartSychowiec, M. (2021) Does Media Freedom Benefit Sovereign Credit Ratings in Times of Mass Mobilization? Unpublished Manuscript.sv
dc.subjectpolitical economysv
dc.subjectcredit ratingssv
dc.subjectsovereign debtsv
dc.subjectpolitical ideologysv
dc.subjectcorruptionsv
dc.subjecttransparencysv
dc.titleWhat explains the credit ratings in economically advanced democracies? Unpacking the role of political stability through ideology, corruption, and transparencysv
dc.typeText
dc.type.svepDoctoral thesiseng
dc.gup.mailmaciej.sychowiec@gu.sesv
dc.type.degreeDoctor of Philosophysv
dc.gup.originUniversity of Gothenburg. Faculty of Social Scienceseng
dc.gup.originGöteborgs universitet. Samhällsvetenskapliga fakultetenswe
dc.gup.departmentDepartment of Political Science ; Statsvetenskapliga institutionensv
dc.gup.defenceplacefredagen den 28 maj 2021, kl. 13.15 i Sappören, Sprängkullsgatan 25, Göteborgs universitet (samt via Zoom).sv
dc.gup.defencedate2021-05-28
dc.gup.dissdb-fakultetSF


Filer under denna titel

Thumbnail
Thumbnail

Dokumentet tillhör följande samling(ar)

Visa enkel post