|Who Benefits from Capital Account Liberalization? Evidence from Firm-Level Credit Ratings Data|
Author/Editor: Martin Schindler, Patricio Valenzuela, Alessandro Prati.
Release Date:September, 2009
We provide new firm-level evidence on the effects of capital account liberalization. Based on corporate foreign-currency credit ratings data and a novel capital account restrictions index, we find more...
|Debt Sustainability under Catastrophic Risk: The Case for Government Budget Insurance|
Author/Editor: Eduardo A. Cavallo, Patricio Valenzuela, Eduardo Borensztein.
Release Date:February, 2008
Natural disasters are an important source of vulnerability in the Caribbean region. Despite being one of the more disaster-prone areas of the world, it has one of the lowest levels of insurance more...
|The Determinants of Corporate Risk in Emerging Markets: An Option-Adjusted Spread Analysis|
Author/Editor: Eduardo A. Cavallo, Patricio Valenzuela.
Release Date:September, 2007
This study explores the determinants of corporate bond spreads in emerging markets economies. Using a largely unexploited dataset, the paper finds that corporate bond spreads are determined by more...
|Sovereign Ceilings "Lite"? the Impact of Sovereign Ratings on Corporate Ratings in Emerging Market Economies|
Author/Editor: Kevin Cowan, Patricio Valenzuela, Eduardo Borensztein.
Release Date:April, 2007
Although credit rating agencies have gradually moved away from a policy of never rating a private borrower above the sovereign (the sovereign ceiling) it appears that sovereign ratings remain a more...