Sovereign Ratings and Finance Ministers’ Characteristics

Antonio Afonso and Joao Jalles

No 2019/72, Working Papers REM from ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa

Abstract: This paper empirically assesses the effect of a newly-compiled set of finance ministers´ characteristics on the setting by rating agencies of the long-term sovereign rating notations. Using a sample of 26 EU countries between 1980-2012, we find that the existence of more focused delegation-oriented fiscal framework, the Minister of Finance being a woman, and the Minister of Finance having a degree in the areas of finance or “hard sciences” seems to contribute to a better sovereign rating notation, and the opposite in the case of a Law background.

Keywords: sovereign ratings; ordered probit; sovereign debt; panel data; principal components (search for similar items in EconPapers)
JEL-codes: C23 C25 E44 F30 G10 G12 H30 (search for similar items in EconPapers)
Date: 2019-02
New Economics Papers: this item is included in nep-mac
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Journal Article: Sovereign Ratings and Finance Ministers' Characteristics (2019)
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Persistent link: https://EconPapers.repec.org/RePEc:ise:remwps:wp0722019

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