01823cas a2200253 a 4500 AALejournalIMF001673 230101c9999 xx r poo 0 0eng d 5.00 USD 9781451859713 1018-5941 BD-DhAAL BD-DhAAL Perrelli, Roberto. Foreign Currency Credit Ratings for Emerging Market Economies / Roberto Perrelli, Christian Mulder. Washington, D.C. : International Monetary Fund, 2001. 1 online resource (23 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students This paper examines how ratings for emerging market economies have been set. Given the high degree of autocorrelation in ratings, we use estimators that yield consistent parameters in the presence of such correlation. The results show that rating changes for emerging market economies have been dominated by variables different from those suggested by the literature. We also conclude that some deterioration in the ratings was warranted during the recent crisis episodes in view of the behavior of economic fundamentals, but that the agencies overreacted for several key countries. We find evidence of a structural break: since the Asian crisis period, ratings have been influenced by reserves in relation to short-term debt. Mode of access: Internet Mulder, Christian. IMF Working Papers; Working Paper ; No. 2001/191 Full text available on IMF http://elibrary.imf.org/view/journals/001/2001/191/001.2001.issue-191-en.xml IMF e-Library