Koszt długu a rating kredytowy krajów

• Authors: Chodnicka Patrycja , Niewińska Katarzyna

Title variants

EN

The Cost of Debt and Country’s Credit Rating

• Languages of publication: PL EN

Abstracts

PL

Celem niniejszej publikacji była analiza wpływu ratingów kredytowych krajów na koszt kapitału. W artykule została przeprowadzona analiza i przegląd istniejącej literatury światowej na powyższy temat. Autorzy zastosowali statyczne modele panelowe dla 135 krajów w latach 2002–2012. Jako zmienne niezależne wykorzystano długo- i krótkoterminowe ratingi kredytowe przyznawane przez agencje ratingowe: Standard & Poor’s i Moody’s Investor Service. Ratingi kredytowe skonwertowano liniowo na zmienne numeryczne. W publikacji przeanalizowano jak ratingi kredytowe i historia zdarzeń kredytowych wpływa na: oprocentowanie i zapadalność nowych zewnętrznych zobowiązań dłużnych (publicznych i prywatnych), oprocentowanie lokat i kredytów, spready stóp procentowych, realne stopy procentowe i premię za ryzyko kredytowe.

EN

The aim of this publication was to analyze the impact of the countires’ credit ratings at the cost of capital. The article was carried out the analysis and review of the existing world literature on the above subject. Authors used a static panel data models for the 135 countries in the period of 2002–2012. As the independent variables were the long- and short-term credit ratings awarded by rating agencies: Standard & Poor’s and Moody’s Investor Service. Credit ratings was converted linearly to the numeric variables. The publication examines how credit ratings and history of credit events affect: the interest rate and maturity of new external debt obligations (public and private), interest rates on deposits and loans, the spreads of interest rates, real interest rates and credit risk premium.

Keywords

PL

rating kredytowy; stopa procentowa; ryzyko kredytowe

EN

credit ratings; interest rate; credit risk

• Publisher: Uniwersytet Warszawski. Wydział Nauk Ekonomicznych
• Journal: Problemy Zarządzania
• Year: 2015
• Issue: 3/2015 (55), t.2
• Pages: 197-219

Contributors

author

Chodnicka Patrycja

• Katedra Systemów Finansowych Gospodarki, Wydział Zarządzania, Uniwersytet Warszawski

author

Niewińska Katarzyna

• Katedra Systemów Finansowych Gospodarki, Wydział Zarządzania, Uniwersytet Warszawski

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Identifiers

DOI

10.7172/1644-9584.55.14

ISSN

1644-9584