TY  - JOUR
TT  - MACROECONOMIC FACTORS AFFECTING THE COUNTRY CREDIT INVESTIGATIONS: AN APPLICATION ON FRAGILE EIGHT
AU  - Arslan, Salih
PY  - 2017
DA  - June
DO  - 10.17261/Pressacademia.2017.404
JF  - PressAcademia Procedia
JO  - PAP
PB  - Suat TEKER
WT  - DergiPark
SN  - 2459-0762
SP  - 197
EP  - 205
VL  - 3
IS  - 1
KW  - Credit Rating Agencies
KW  - Fitch
KW  - Fragile Eight
KW  - Macroeconomic Factors
KW  - Panel Data Analysis
N2  - This study examines the relationship betweenmacroeconomic variables and country credit ratings determined by credit ratingagencies. In this context, the credit ratings of the countries (Turkey, Brazil,Chile, Argentina, India, Indonesia, Russia, and S. Africa), which are calledFragile Sekizli, are ranked by Fitch, one of the three major credit ratingagencies. At the same time, country credit ratings are used as a dependentvariable, independent of macroeconomic factors affecting country credit ratings,such as GDP per capita, exports, inflation, unemployment, exchange rate, totalreserves, ratio of trade to GDP and ratio of gross savings to GDP It isdiscussed. The factors affecting the country credit ratings were examined bypanel data analysis on Fragile Eight, which is also included in Turkey. Countrycredit scores and macroeconomic variable figures between 2000 and 2015 wereused in the study.
CR  - Afşar, a., & Karaçayır, E. (2016). Ülke Kredi Notunun Belirleyicileri Türkiye ve AB Ülkeleri Üzerine Bir Uygulama. Journal Of Economics, Finance and Accounting, 3(4), 320–329.
CR  - Afonso, A. (2002), “Understanding The Determinants of Government Debt Ratings: Evidence forhe the Two Leading Agencies”, Department of Economics and Research Center on the Portuguese Economy (CISEP), Lisbon.
CR  - Archer, C. C., Biglaiser, G., ve DeRouen, K. Jr. (2007), “Sovereign Bonds and the Democratic Advantage: Does Regime Type Affect Credit Rating Agency Ratings in the Developing World?” [Ülke Bonoları ve Demokratik Avantaj: Gelişen Dünyada Rejim Türleri Kredi Derecelendirme Kuruluşlarının Derecelendirmesini Etkiler mi?] International Organization, Vol.61, No.2 (Spring 2007), pp. 341-365
CR  - Breusch, T.S. ve Pagan, A.R. (1980), "The Lagrange Multiplier Test and Its Applications to Model Spesification in Econometrics", The Review of Economic Studies, 47(1), 239-253.
CR  - Cantor, R. ve Packer, F. (1996), “Determinants and Impact of Sovereign Credit Rating”. [Ülke Kredi Notlarının Etkileri ve Belirleyicileri]. Federal Reserve Bank of New York Economic Policy Review, pp:37-54.
CR  - Çınar, Serkan. (2010), OECD Ülkelerinde Kişi Başına GSYİH Durağan mı? Panel Veri Analizi, Marmara Üniversitesi İ.İ.B.F. Dergisi 29(2), 591-601
CR  - Gültekin-Karakaş, D., Hisarcıklılar, M. ve Öztürk, H., (2011), “Sovereign Risk Ratings: Biased Toward Developed Countries?”, Emerging Markets Finance & Trade, 47(2), 69–87.
CR  - Gür, T. (2000), “Ülke Riskinin Belirlenmesinde Yöntemler”, H.Ü. İktisadi ve İdari Bilimler Dergisi, 18(2): 119-139.
CR  - Gür, T. H. & Öztürk, H. 2011, “Ülke Riski, Derecelendirme Kuruluşları, Aksaklıklar ve Yeni Düzenlemeler” Sosyoekonomi Dergisi. 20112/110204, pp. 69-92
CR  - Ferri, G., Liu, L. ve Stiglitz, J.E. (1999). “The Procyclical Role of Rating Agencies: Evidence from The East Asian Crisis”. [Derecelendirme
CR  - Kuruluşlarının Döngüsel Rolü: Doğu Asya Krizinden Deliller]. Economic Notes 28, 335–355
CR  - Kaufmann, D., Kraay, A. ve Mastruzzi, M. (2003). “Governance Matters 3: Governance Indicators for 1996-2002”. [Yönetim Meseleleri 3: 1996-2002 arası Yönetim Endeksi]. Word Bank Working Paper, No:3106
CR  - Iyengar, S. (2010),  “Are Sovereign Credit Ratings Objective and Transparent?”, The IUP Journal of Financial Economics, Vol. VIII, No.3.
CR  - Matyas, L. ve Sevestre, P. (2008), The Econometrics of Panel Data Fundamentals and Recent Developments in Theory and Practice, Third Edition, Germany: Springer.
CR  - Nazlıoğlu, Şaban, (2010) Makro İktisat Politikalarının Tarım Sektörü Üzerindeki Etkisi: Gelişmiş ve Gelişmekte Olan Ülkeler İçin Bir Karşılaştırma, Erciyes Üniversitesi, Sosyal Bilimler Enstitüsü, (Yayımlanmamış Doktora Tezi).
CR  - Ratha, D., Prabak, K., De ve Mohapatra, S. (2010). “Shadow Sovereign Rating for Unrated Developing Countries”. [Derecelendirilmemiş Gelişmekte Olan Ülkeler İçin Gölge Ülke Notları].  World Development, Volume 39, Issue 3, March 2011, Pages 295-307
CR  - Pesaran, M.H. (2004), "General Diagnostic Tests for Cross Section Dependence in Panels", Cesifo Working Paper, No: 1229, 1-40.
CR  - Pesaran, M.H. (2007), "A Simple Panel Unit Root Test in the Presence of Cross-Section Dependence", Journal of Applied Econometrics, 22(2), 265-312.
CR  - Pesaran, M. H., Ullah, A. ve Yamagata, T. (2008), “A Bias-Adjusted LM Test of Error Cross-Section Independence”, Econometrics Journal, 11, 105-127.
CR  - Ovalı, S. 2014. “Ülke Kredi Notu Değerlendirme Kriterleri Açısından Türkiye: Ab İle Karşılaştırmalı Analiz” Uluslararası Yönetim İktisat ve İşletme Dergisi, Cilt 10, Sayı 23, pp. 53-81.
CR  - Şahinöz, S. ve Gönenç, R. (2011), “Determinants of Credit Ratings, Sovereign Bond Spreads and Real Interest Rates In Emerging Markets”, İktisat İşletme ve Finans, 26(305), 9-35.
CR  - Ul-Haque, N., Kumar, M.S.,  Mark, N. ve Mathieson, D.J., (1996). “The economic content of indicators of developing country creditworthiness”, [Gelişmekte Olan Ülkelerin Kredibilitesinin Göstergelerinin Ekonomik İçeriği].  International Monetary Fund Staff Papers, 43, 688– 724.
CR  - Yıldırım, K., Mercan, M., Kostakoğlu, S. F. (2013), Satın Alma Gücü Paritesinin Geçerliliğinin Test Edilmesi: Zaman Serisi ve Panel Veri Analizi, Eskişehir Osmangazi Üniversitesi İ.İ.B.F. Dergisi, 8(3), 75- 95
CR  - Westerlund, J. (2007), "Testing for Error Correction in Panel Data", Oxford Bulletin of Economics and Statistics, 69(6), 709-748.
UR  - https://doi.org/10.17261/Pressacademia.2017.404
L1  - https://dergipark.org.tr/en/download/article-file/389655
ER  -