| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP12430 |
| DP12430 Can Credit Rating Agencies Affect Election Outcomes? | |
| Miguel Ferreira; Rui Silva | |
| 发表日期 | 2017-11-08 |
| 出版年 | 2017 |
| 语种 | 英语 |
| 摘要 | We show that credit rating agency actions can have a significant effect on elections. We identify these effects by exploiting exogenous variation in municipal bond ratings due to Moody's recalibration of its scale in 2010. We find that incumbent politicians in upgraded municipalities experienced an increased likelihood of reelection and higher vote shares. Rating upgrades affect elections by improving voter perceptions of the quality of incumbents, and by producing wealth effects through voters' holdings of municipal bonds. We also establish a link between incumbents' reelection prospects and the improvements in economic conditions that are due to a debt-financed increase in government spending following rating upgrades. |
| 主题 | Financial Economics |
| 关键词 | Elections Credit ratings Financial constraints Municipal bonds Government spending Economic conditions |
| URL | https://cepr.org/publications/dp12430 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/541240 |
| 推荐引用方式 GB/T 7714 | Miguel Ferreira,Rui Silva. DP12430 Can Credit Rating Agencies Affect Election Outcomes?. 2017. |
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