Η επίδραση της πιστοληπτικής αξιολόγησης μιας χώρας στο κόστος των δανείων
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Keywords
Αξιολόγηση πιστοληπτικής ικανότητας ; Επιτόκια τραπεζικών δανείων ; Οίκοι αξιολόγησης ; Πιστωτικός κίνδυνος ; Sovereign ceiling ; GMMAbstract
The goal of this paper is to analyze the impact of sovereign rating changes on the cost of bank loans to domestic firms. The analysis uses the 19 countries of euro area from 2003 to 2020 and also includes the use of other explanatory variables from the literature in order for the results to be more representative. The generalized method of moments(GMM) on the panel data is used to estimate the equation. The result is that the sovereign rating affects the cost of borrowing for domestic firms because the coefficient is negative and statistical significant, a result which is consistent with the literature. The chapter on empirical analysis
also includes the granger causality test where the two-way causality relationship between the two variables is ascertained. Finally, it is important to reduce the reliance on rating agencies because they can cause many problems to domestic
firms independently from their financial statements as we discovered with the present thesis.
Postgraduate Studies Programme
Χρηματοοικονομική και Τραπεζική με ειδίκευση στη Χρηματοοικονομική και Τραπεζική ΔιοικητικήDepartment
Σχολή Χρηματοοικονομικής και Στατιστικής. Τμήμα Χρηματοοικονομικής και Τραπεζικής ΔιοικητικήςNumber of pages
74Language
Greek
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Αναφορά Δημιουργού-Μη Εμπορική Χρήση-Όχι Παράγωγα Έργα 3.0 Ελλάδα
Αναφορά Δημιουργού-Μη Εμπορική Χρήση-Όχι Παράγωγα Έργα 3.0 Ελλάδα