International Congress on Eurasian Economies

International Conference on Eurasian Economies

10-12 July 2017 – Istanbul, TURKEY

Paper detail

Paper ID : 1914
Status : Paper published
Language : Turkish
Topic : Macroeconomics
Presenter: Assoc. Prof. Dr. Sıtkı Sönmezer
Session : 1C Makroekonomi

Impact of Sovereign Credit Ratings on Capital Markets
Ülke Kredi Notlarının Sermaye Piyasalarına Etkisi


Sovereign credit ratings are of great importance in terms of country's economy in recent years. Sovereign credit ratings can greatly affect both financial markets and macroeconomic balances. On the other hand, these credit ratings are closely related to the political situation of the countries. Therefore, all factors behind the credit rating announcements operating in global markets needs to be put forward. The content of this paper is to identify policy interest reaction towards sovereign credit ratings and examine of countries that experienced severe rating changes. In this bulletin, big three credit rating agencies are compared and critically assessed various credit rating of Turkey. The analyzed dataset covers sovereign rating announcements released by reputable rating agencies, stock price, Dollar / TL exchange rate, Dollar / Euro exchange rate and benchmark bond.

JEL codes: E44, D53, F59

Tufaner, Mustafa Batuhan, Sönmezer, Sıtkı, Çelik, Ahmet Alkan (2017). "Impact of Sovereign Credit Ratings on Capital Markets" in Proceedings of International Conference of Eurasian Economies 2017, pp.325-331, Istanbul, TURKEY.


Full paper in PDF format.

Session 1C: Makroekonomi

Eurasian Economists Association Beykent University Kyrgyzstan-Turkey Manas University TIKA Turkish Central Bank Kavram Vocational High School