Financial Openness, Domestic Financial Development and Credit Ratings

Eugenia Andreasen () and Patricio Valenzuela

No 315, Documentos de Trabajo from Centro de Economía Aplicada, Universidad de Chile

Abstract: This paper 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 economies 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. JEL classification: F34; G15; G38.

Keywords: Credit risk; Financial development; Financial liberalization (search for similar items in EconPapers)
Date: 2015
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Citations: View citations in EconPapers (1)

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Related works:
Journal Article: Financial openness, domestic financial development and credit ratings (2016)
Working Paper: Financial Openness, Domestic Financial Development and Credit Ratings (2015)
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Persistent link: https://EconPapers.repec.org/RePEc:edj:ceauch:315

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