01656cas a2200241 a 4500 AALejournalIMF002444 230101c9999 xx r poo 0 0eng d 5.00 USD 9781451854510 1018-5941 BD-DhAAL BD-DhAAL Sy, Amadou. Rating the Rating Agencies : Anticipating Currency Crises or Debt Crises? / Amadou Sy. Washington, D.C. : International Monetary Fund, 2003. 1 online resource (25 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 In contrast to the early-warning system literature, we find that currency and debt crises are not closely linked in emerging markets. We find that after 1994, credit ratings predict debt crises but fail to anticipate currency crises. When debt crises are defined as sovereign distress-when spreads are higher than 1,000 basis points-we find that countries experience reduced capital market access and high interest rates on their external debt for typically more than two quarters. We also find that lagged ratings and ratings changes, including negative outlooks and credit watches, anticipate such debt crises. Mode of access: Internet IMF Working Papers; Working Paper ; No. 2003/122 Full text available on IMF http://elibrary.imf.org/view/journals/001/2003/122/001.2003.issue-122-en.xml IMF e-Library