Comparison of Country Ratings of Credit Rating Agencies with MOORA Method
Yıl: 2019 Cilt: 10 Sayı: 2 Sayfa Aralığı: 391 - 404 Metin Dili: İngilizce DOI: 10.20409/berj.2019.175 İndeks Tarihi: 20-01-2020
Comparison of Country Ratings of Credit Rating Agencies with MOORA Method
Öz: The three main credit rating agencies, Standard and Poor’s, Moody’s andFitch, use a combination of economic, social and political factors to determine thecapacity and current and future debt obligation of countries. This study contributes toliterature in two ways. The first one is comparison of results obtained by rating countrieson various macroeconomic variables using credit scores given by the three main creditrating agencies and using the MOORA method. The second one is the determination ofhow optimistic or pessimistic country-based results the three main credit rating agenciesyield according to their estimates by macroeconomic variables. Among the three ratingagencies, Moody’s make the most optimistic estimates in terms of its rating of countries.Moody’s is followed by Standard and Poor’s, and the credit rating agencies that makethe most pessimistic estimates is observed to be Fitch.
Anahtar Kelime: Konular:
Belge Türü: Makale Makale Türü: Araştırma Makalesi Erişim Türü: Erişime Açık
- Abad, P., & Robles, M. D. (2014). Credit rating agencies and idiosyncratic risk: Is there a linkage? Evidence from the Spanish market. International Review of Economics and Finance, 33, 152-171.
- Arezki, R., Candelon, B., & Amadou, N.R. (2011). Sovereign rating news and financial markets spillovers: Evidence from the European debt. IMF Working Paper, 11(68), 1-27.
- Baghai, R., & Becker, B. (2018, January). Non-rating revenue and conflicts of interest. Journal of Financial Economics, 127(1), 94-112.
- Baum, A., Checherita-Westphal, C., & Rother. (2012). Debt and growth new evidence for the Euro area. European Central Bank Working Papers, 1-20.
- Brauers, W., & Zavadkas, E. (2012). Robustness of MULTIMOORA: A method for multi-objective optimization. Informatica, 23(1), 1-25.
- Brauers, W., & Zavadskas, E. (2006). The MOORA method and its application to privatization in a transition economy. Control and Cybernetics, 35(2), 445-469.
- Bodenstedt, M., Rösch, D., & Scheule, H. (2013). The path to impairment: Do credit-rating agencies anticipate default events of structured finance transactions? European Journal of Finance, 19(9), 841-860.
- Bozic, V., & Magazzino, C. (2013). Credit rating agencies: The importance of fundamentals in the assessment of sovereign ratings. Economic Analysis and Policy, 43(2), 157-176.
- Ceyhan, I., & Demirci, F. (2017). Measurement of financial performance with MULTIMOORA Method: A study at leasing companies. Bartin University Journal of Faculty of Economics & Administrative Sciences, 8(15), 277-295.
- Chand, M., Bhatia, N., & Singh, R. (2018). ANP-MOORA-Based approach for the analysis of selected issues of green supply chain management. Benchmarking An International Journal, 25(2), 642-659.
- Ege, I., & Yaman, S. (2018). The effects of financial performance that measured by TOPSIS and MOORA methods on stock returns: A panel data application on bist cement-concrete companies. INJOSOS Al-Farabi International Journal on Social Sciences, 2(1), 75-96.
- Erdem, O., & Varli, Y. (2014, September). Understanding the sovereign credit ratings of emerging markets. Emerging Markets Review, 20, 42-57.
- Ersoz, F., & Atav, A. (2011). MOORA Method in an objective multi-criteria decisions problems. YAEM 2011 31st National Congress of Operations Research and Industrial Engineering (p. 78-87). Sakarya: Sakarya University.
- Freitag, L. (2015). Procyclicality and path dependence of sovereign credit ratings: The example of Europe. Economic Notes, 44(2), 309-332.
- Genc, A., Avci, T., & Sevgin, H. (2017).An activity analysis on the black sea economic cooperation member countries: An application with TOPSIS, ARAS and MOORA methods. Pamukkale Journal of Eurasian Socioeconomic Studies, 4(2),15-40.
- Hamdi, A., Herwany, A., & Tanzil, N. A. (2015). The comparison analysis of macroeconomics determinant sovereign credit rating and its impact to stock market (evidence for the emerging market countries). International Journal of Applied Business and Economic Research, 13(7), 5065-5078.
- Hill, P., Brooks, R., & Faff, R. (2010). Variations in sovereign credit quality assessments across rating agencies. Journal of Banking and Finance, 34(6), 1327-1343.
- Ioannous, S. (2018). Sovereign ratings, macroeconomis dynamics and fiscal policy. Interactions within a stock flow consistent framework. Metroeconomica, 69(1), 151-177.
- Kabadayi, B., & Celik, A. A. (2015). Determinants of sovereign ratings in emerging countries: A qualitative, dependent variable panel data analysis. International Journal of Economics and Financial Issues, 5(3), 656-662.
- Kalirasu, S., Rajini, N., Rajesh, S., Winowlin Jappes, J., & Karuppasamy, K. (2017). AWJM Performance of jute/polyester composite using MOORA and analytical models. Materials and Manufacturing Processes, 35(15), 1730-1739.
- Karminsky, A., & Khromova, E. (2016). Modelling banks' credit ratings of international agencies. Eurasion Economic Review, 6(3), 341-363.
- Kunovac, D., & Ravnik, R. (2018). Are sovereign credit ratings overrated? Comparative Economic Studies, 59(2), 210-242.
- Mardani, A., Jusoh, A., Nor, K., Khalifah, Z., Zakwan, N., & Valipour, A. (2015). Multiple criteria decision-making techniques and their applications - A review of the literature from 2000 to 2014. Economic Research, 28(1), 516-571.
- Martin-Garcia, M., Tellez-Valle, C., & Martin-Marin, J. L. (2014). Evolution of sovereign rating models in the current crisis. Journal Globazilization Competitiveness and Governability, 8(1), 16-33.
- Mellios, C., & Paget-Blanc, E. (2006). Which factors determine sovereign credit ratings? European Journal of Finance, 11(4), 361-377.
- Metin, S., Yaman, S., & Korkmaz, T. (2017). Determination of the financial performance by TOPSIS and MOORA methods: A comparative application on BIST energy companies. Journal of KSU Social Science, 14(2), 371-394.
- Ozturk, H. (2016). Reliance of sovereign credit ratings on governance indicators. European Journal of Development Reserch, 28(2), 184-212.
- Onay, O. (2014). MOORA. In B. Yıldırım, & E. Onder (Ed.), Multi-criteria decisions methods. Istanbul: Dora Publication.
- Ozdagoglu, A. (2014). The effects of the normalization methods to multicriteri decision making process MOORA method review. Aegean Academic Overview, 14(2), 283-294.
- Stankeviciene, J., Sviderske, T., & Miecinskiene, A. (2014). Dependence of sustainability on country risk indicators in EU Baltic Sea region countries. Journal of Business Economics & Management, 15(4), 646-663.
- The World Bank. (2018, January 25). Databank. January 25, 2018 Statistics: http://databank.worldbank.org/data/
- Ture, H., Kocak, D., & Dogan, S. (2016). Country risk assestment with MULTIMOORA method. Gazi University Journal of Economics and Administrative Sciences, 18(3), 824-844.
| APA | GÜNEREN GENÇ E, DENİZ BAŞAR Ö (2019). Comparison of Country Ratings of Credit Rating Agencies with MOORA Method. , 391 - 404. 10.20409/berj.2019.175 |
| Chicago | GÜNEREN GENÇ Elif,DENİZ BAŞAR ÖZLEM Comparison of Country Ratings of Credit Rating Agencies with MOORA Method. (2019): 391 - 404. 10.20409/berj.2019.175 |
| MLA | GÜNEREN GENÇ Elif,DENİZ BAŞAR ÖZLEM Comparison of Country Ratings of Credit Rating Agencies with MOORA Method. , 2019, ss.391 - 404. 10.20409/berj.2019.175 |
| AMA | GÜNEREN GENÇ E,DENİZ BAŞAR Ö Comparison of Country Ratings of Credit Rating Agencies with MOORA Method. . 2019; 391 - 404. 10.20409/berj.2019.175 |
| Vancouver | GÜNEREN GENÇ E,DENİZ BAŞAR Ö Comparison of Country Ratings of Credit Rating Agencies with MOORA Method. . 2019; 391 - 404. 10.20409/berj.2019.175 |
| IEEE | GÜNEREN GENÇ E,DENİZ BAŞAR Ö "Comparison of Country Ratings of Credit Rating Agencies with MOORA Method." , ss.391 - 404, 2019. 10.20409/berj.2019.175 |
| ISNAD | GÜNEREN GENÇ, Elif - DENİZ BAŞAR, ÖZLEM. "Comparison of Country Ratings of Credit Rating Agencies with MOORA Method". (2019), 391-404. https://doi.org/10.20409/berj.2019.175 |
| APA | GÜNEREN GENÇ E, DENİZ BAŞAR Ö (2019). Comparison of Country Ratings of Credit Rating Agencies with MOORA Method. Business and Economics Research Journal, 10(2), 391 - 404. 10.20409/berj.2019.175 |
| Chicago | GÜNEREN GENÇ Elif,DENİZ BAŞAR ÖZLEM Comparison of Country Ratings of Credit Rating Agencies with MOORA Method. Business and Economics Research Journal 10, no.2 (2019): 391 - 404. 10.20409/berj.2019.175 |
| MLA | GÜNEREN GENÇ Elif,DENİZ BAŞAR ÖZLEM Comparison of Country Ratings of Credit Rating Agencies with MOORA Method. Business and Economics Research Journal, vol.10, no.2, 2019, ss.391 - 404. 10.20409/berj.2019.175 |
| AMA | GÜNEREN GENÇ E,DENİZ BAŞAR Ö Comparison of Country Ratings of Credit Rating Agencies with MOORA Method. Business and Economics Research Journal. 2019; 10(2): 391 - 404. 10.20409/berj.2019.175 |
| Vancouver | GÜNEREN GENÇ E,DENİZ BAŞAR Ö Comparison of Country Ratings of Credit Rating Agencies with MOORA Method. Business and Economics Research Journal. 2019; 10(2): 391 - 404. 10.20409/berj.2019.175 |
| IEEE | GÜNEREN GENÇ E,DENİZ BAŞAR Ö "Comparison of Country Ratings of Credit Rating Agencies with MOORA Method." Business and Economics Research Journal, 10, ss.391 - 404, 2019. 10.20409/berj.2019.175 |
| ISNAD | GÜNEREN GENÇ, Elif - DENİZ BAŞAR, ÖZLEM. "Comparison of Country Ratings of Credit Rating Agencies with MOORA Method". Business and Economics Research Journal 10/2 (2019), 391-404. https://doi.org/10.20409/berj.2019.175 |
