Economic Crises, Economic Structure, and State Credit Quality Through‐the‐Cycle

Tatyana Guzman

Economic Crises, Economic Structure, and State Credit Quality Through‐the‐Cycle

Cleveland State University

Research output: Contribution to journal › Article › peer-review

Abstract

<div class="line" id="line-9"> The study examines “through&hyphen;the&hyphen;cycle” stability of S&P and Moody's state credit ratings to national and state level business cycles during 1977–2010. Additionally, the study evaluates the associations between economic concentration and credit quality in a long panel of state credit ratings. The findings suggest that, with other temporal effects held constant, the ratings of S&P and Moody's are not procyclical and are robust to ups and downs in national or state&hyphen;specific business cycles. Economic concentration is inversely associated with state credit quality and remains significant for the period of an average business cycle, controlling for national and state economic expansions and contractions.</div>

Original language	American English
Journal	Public Budgeting and Finance
State	Published - 2015

Disciplines

Finance
Public Policy

Cite this

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title = "Economic Crises, Economic Structure, and State Credit Quality Through‐the‐Cycle",

abstract = " The study examines \“through\&hyphen;the\&hyphen;cycle\” stability of S\&P and Moody's state credit ratings to national and state level business cycles during 1977\–2010. Additionally, the study evaluates the associations between economic concentration and credit quality in a long panel of state credit ratings. The findings suggest that, with other temporal effects held constant, the ratings of S\&P and Moody's are not procyclical and are robust to ups and downs in national or state\&hyphen;specific business cycles. Economic concentration is inversely associated with state credit quality and remains significant for the period of an average business cycle, controlling for national and state economic expansions and contractions.",

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PY - 2015

Y1 - 2015

N2 - The study examines “through&hyphen;the&hyphen;cycle” stability of S&P and Moody's state credit ratings to national and state level business cycles during 1977–2010. Additionally, the study evaluates the associations between economic concentration and credit quality in a long panel of state credit ratings. The findings suggest that, with other temporal effects held constant, the ratings of S&P and Moody's are not procyclical and are robust to ups and downs in national or state&hyphen;specific business cycles. Economic concentration is inversely associated with state credit quality and remains significant for the period of an average business cycle, controlling for national and state economic expansions and contractions.

AB - The study examines “through&hyphen;the&hyphen;cycle” stability of S&P and Moody's state credit ratings to national and state level business cycles during 1977–2010. Additionally, the study evaluates the associations between economic concentration and credit quality in a long panel of state credit ratings. The findings suggest that, with other temporal effects held constant, the ratings of S&P and Moody's are not procyclical and are robust to ups and downs in national or state&hyphen;specific business cycles. Economic concentration is inversely associated with state credit quality and remains significant for the period of an average business cycle, controlling for national and state economic expansions and contractions.

UR - https://onlinelibrary.wiley.com/doi/abs/10.1111/pbaf.12075

M3 - Article

JO - Public Budgeting and Finance

JF - Public Budgeting and Finance

ER -

Economic Crises, Economic Structure, and State Credit Quality Through‐the‐Cycle

Abstract

Disciplines

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