ECONOMIC FREEDOM AND STATE BOND RATINGS
Are state bond ratings, ceteris paribus, related to economic freedom? We test for the relationship between economic freedom and an aggregate index comprised of ratings by Standard & Poor, Moody's, and Fitch. We also test for a relationship between economic freedom and the ratings by these t...
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| Veröffentlicht in: | Contemporary economic policy 2015-10, Vol.33 (4), p.668-677 |
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| container_end_page | 677 |
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| container_title | Contemporary economic policy |
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| creator | Belasen, Ariel R. Hafer, Rik W. Jategaonkar, Shrikant P. |
| description | Are state bond ratings, ceteris paribus, related to economic freedom? We test for the relationship between economic freedom and an aggregate index comprised of ratings by Standard & Poor, Moody's, and Fitch. We also test for a relationship between economic freedom and the ratings by these three agencies individually. With a sample covering all 50 states for the period 1995–2008, the evidence strongly indicates that state bond ratings are positively and significantly related to overall economic freedom as well as three sub‐categories of economic freedom. Our results show that the quantitative impact of economic freedom on bond ratings is comparable to the effect of state real income and the unemployment rate. (JEL E43, H71) |
| doi_str_mv | 10.1111/coep.12098 |
| format | Article |
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We test for the relationship between economic freedom and an aggregate index comprised of ratings by Standard & Poor, Moody's, and Fitch. We also test for a relationship between economic freedom and the ratings by these three agencies individually. With a sample covering all 50 states for the period 1995–2008, the evidence strongly indicates that state bond ratings are positively and significantly related to overall economic freedom as well as three sub‐categories of economic freedom. Our results show that the quantitative impact of economic freedom on bond ratings is comparable to the effect of state real income and the unemployment rate. 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We test for the relationship between economic freedom and an aggregate index comprised of ratings by Standard & Poor, Moody's, and Fitch. We also test for a relationship between economic freedom and the ratings by these three agencies individually. With a sample covering all 50 states for the period 1995–2008, the evidence strongly indicates that state bond ratings are positively and significantly related to overall economic freedom as well as three sub‐categories of economic freedom. Our results show that the quantitative impact of economic freedom on bond ratings is comparable to the effect of state real income and the unemployment rate. 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| fulltext | fulltext |
| identifier | ISSN: 1074-3529 |
| ispartof | Contemporary economic policy, 2015-10, Vol.33 (4), p.668-677 |
| issn | 1074-3529 1465-7287 |
| language | eng |
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| source | Wiley Online Library Journals Frontfile Complete; PAIS Index; Business Source Complete |
| subjects | Bond ratings Bonds Economic growth Economic indicators Economic policy Economics Effects Financial analysis Freedoms Government bonds Indexes Quantitative analysis Ratings & rankings Real income Samples State States Statistics Studies Unemployment |
| title | ECONOMIC FREEDOM AND STATE BOND RATINGS |
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