Does the International Tourism Industry Relax Sovereign Credit Ratings: The Case of Countries Most Reliant on Tourism

Afonso, A. 2003. Understanding the Determinants of Sovereign Debt Ratings: Evidence for the Two Leading Agencies. Journal of Economics and Finance 27 (1): 56-74.10.1007/BF02751590Search in Google Scholar

Afonso, A., Gomes, P. and Rother, P. 2009. Ordered response models for sovereign debt ratings. Applied Economic Letters 16 (8): 769-773. http://dx.doi.org/10.1080/1350485070122193110.1080/13504850701221931Search in Google Scholar

Afonso, A., Gomes, P. and Rother, P. 2011. Short- And Long- Run Determinants of Sovereign Debt Credit Ratings. International Journal of Finance & Economics 16 (1):1-15. https://doi.org/10.1002/ijfe.41610.1002/ijfe.416Open DOISearch in Google Scholar

Baltagi, B.H. 2008. Econometric Analysis of Panel Data. 4th ed. Chichester: John Wiley and. Sons.Search in Google Scholar

Bimonte, S and Punzo, L.F. 2007. The evolutionary game between tourist and resident populations and Tourist Carrying Capacity. International Journal of Technology and Globalization 3 (1): 73-87.10.1504/IJTG.2007.012361Search in Google Scholar

Butler, J.S. and Moffitt, R. 1982. A Computationally Efficient Quadrature Procedure for the One-Factor Multinomial Probit Model. Econometrica 50 (3):761-764.10.2307/1912613Search in Google Scholar

Candela, G. and Figini, P. 2012. The Economics of Tourism Destinations, Berlin Heidelberg: Springer-Verlag; https://doi.org/10.1007/978-3-642-20874-4_410.1007/978-3-642-20874-4_4Open DOISearch in Google Scholar

Cantor, R. and Packer, F. 1996. Determinants and Impact of Sovereign Credit Ratings. Economic Policy Review 2 (2). Accessed 29 March 2012. http://dx.doi.org/10.2139/ssrn.102877410.2139/ssrn.1028774Open DOISearch in Google Scholar

Cervelló-Royo, R., Peiró-Signes, A. and Segarra-Oña, M. 2016. How do country risk ratings affect tourism activity? An indirect measure of the environmental awareness of countries. Environmental Engineering & Management Journal 18 (7): 1489-1499.10.30638/eemj.2016.160Search in Google Scholar

Daud, S.N.M. and Podivinsky, J.M. 2011. An Accumulation of International Reserves and External Debt: Evidence from Developing Countries. Global Economic Review 40 (3): 229-249. https://doi.org/10.1080/1226508X.2011.60162610.1080/1226508X.2011.601626Open DOISearch in Google Scholar

De Moor, L., Luitel, P., Sercu, P. and Vanpee, R. 2018. Subjectivity in sovereign credit ratings. Journal of Banking & Finance 88: 366-392. https://doi.org/10.1016/j.jbankfin.2017.12.01410.1016/j.jbankfin.2017.12.014Open DOISearch in Google Scholar

Eliasson, A. 2002. Sovereign credit ratings. Research notes in economics & statistics (Deutsche Bank Research), No 1.Search in Google Scholar

Erdem, O. and Varli,Y. 2014. Understanding the sovereign credit ratings of emerging markets. JI Emerging Markets Review 20:42-57. https://doi.org/10.1016/j.ememar.2014.05.00410.1016/j.ememar.2014.05.004Open DOISearch in Google Scholar

Fisher, B. 2012. Overview of different credit ratings from Standard & Poor’s and Moody’s Accessed 20 March 2012. Available: https://www.henkel.com/blob/33434/4390af40ca179f23d80fd6a52627de70/data/overview-ofstandard-poors-and-moodys-ratings.pdfSearch in Google Scholar

Greene, W.H. 2008. Econometric Analysis. 6th ed. Upper Saddle River, N.J.: Pearson/Prentice Hall.Search in Google Scholar

Gultekin-Karakas, D., Hisarciklilar. M. and Ozturk, H. 2011. Sovereign Risk Ratings: Biased Toward Developed Countries? Emerging Markets Finance and Trade 47 (2):69-87. DOI: 10.2307/2304744310.2307/23047443Open DOISearch in Google Scholar

Hausman, J.A. 1978. Specification Tests in Econometrics. Econometrica 46 (6): 1251-1271.10.2307/1913827Search in Google Scholar

Honda, Y. 1985. Testing the error components model with non-normal disturbances, Review of. Economic Studies. 52 (4): 681-690.10.2307/2297739Search in Google Scholar

Hoti, S, McAleer, M. and Shareef, R. 2007. Modelling international tourism and country risk spillovers for Cyprus and Malta. Tourism Management 28 (6): 1472-1484. https://doi.org/10.1016/j.tourman.2007.02.01410.1016/j.tourman.2007.02.014Open DOISearch in Google Scholar

Kajurova, V. 2014. What Determined Sovereign CDS Spreads in The Euro Area? edited by Tvrdon, M., Majerova, I. Proceedings of 12th International Scientific Conference on Economic Policy in the European Union Member Countries, Ostravice, Czech Republic, Sep 16-18.Search in Google Scholar

Kuhn, M. and Johnson, K. 2013. Applied Predictive Modeling. NY: Springer.10.1007/978-1-4614-6849-3Search in Google Scholar

Luitel, P., Vanpee, R. and De Moor, L. 2016. Pernicious effects: How the credit rating agencies disadvantage emerging markets. Research in International Business and Finance 38:286-298. https://doi.org/10.1016/j.ribaf.2016.04.00910.1016/j.ribaf.2016.04.009Open DOISearch in Google Scholar

McCullagh, P. 1980. Regression Models for Ordered Data. Journal of the Royal Statistical Society. Series B (Methodological) 42:109-142.10.1111/j.2517-6161.1980.tb01109.xSearch in Google Scholar

Mellios, C. and Paget-Blanc, E. 2006. Which factors determine sovereign credit ratings? The European Journal of Finance. 12 (4): 361-377.10.1080/13518470500377406Search in Google Scholar

Nanda, A. and Yeh, J.H. 2014. Spatio-temporal diffusion of residential land prices across Taipei regions. SpringerPlus. 3 (1):505. DOI: 10.1186/2193-1801-3-505.10.1186/2193-1801-3-505Open DOISearch in Google Scholar

Ozturk, H., Namli, E. and Erdal H.I. 2016. Modelling sovereign credit ratings: The accuracy of models in a heterogeneous sample. Economic Modelling. 54:469-478. https://doi.org/10.1016/j.econmod.2016.01.01210.1016/j.econmod.2016.01.012Open DOISearch in Google Scholar

Pretorius, M. and Botha, I. 2016. A Panel Ordered Response Model for Sovereign Credit Ratings in Africa. The African Finance Journal 18 (1):20-33Search in Google Scholar

Ratha, D. and De, P.K., Mohapatra, S. 2011. Shadow Sovereign Ratings for Unrated Developing Countries. World Development 39 (3):295-307. doi:10.1016/j.worlddev.2010.08.006Search in Google Scholar

Reusens, P. and Croux, C. 2017. Sovereign credit rating determinants: A comparison before and after the European debt crisis. Journal of Banking & Finance 77:108-121. https://doi.org/10.1016/j.jbankfin.2017.01.00610.1016/j.jbankfin.2017.01.006Open DOISearch in Google Scholar

Rowland, P. and Torres, J. 2004. Determinants of Spread and Creditworthiness for Emerging Market Sovereign Debt: A Panel Data Study. Banco de la Republica de Colombia: Borradores de Economia.10.32468/be.295Search in Google Scholar

Rowland P. 2004. Determinants of Spread and Credit Ratings and Credit worthiness for Emerging Market Sovereign Debt: A Follow-Up Study Using Pooled Data Analysis. Banco de la Republica de Colombia: Borradores de Economia. 296.10.32468/be.296Search in Google Scholar

Shareef, R. 2003. Small Island Tourism Economies: A Snapshot of Country Risk Ratings. Journal Proceedings of the International Conference on Modelling and Simulation: Socio-economic Systems. 3:1142-47.Search in Google Scholar

Stojčić, N., Bezić, H. and Galović, T. 2016. Economic structure and regional economic performance in advanced EU economies. South East European Journal of Economics and Business 11 (1):54-66. https://doi.org/10.1016/j.jbankfin.2017.01.00610.1016/j.jbankfin.2017.01.006Open DOISearch in Google Scholar

Teker, D., Pala, A., and Kent, O. (2013). Determination of Sovereign Rating: Factor Based Ordered Probit Models for Panel Data Analysis Modelling Framework. International Journal of Economic and Financial Issues, 3 (1):122-132.Search in Google Scholar

https://www.investopedia.comSearch in Google Scholar

https://tradingeconomics.com/country-list/credit-ratingSearch in Google Scholar

http://go.worldbank.orgSearch in Google Scholar