Replication data for: Sovereign Bond Ratings and Neoliberalism in Latin America (doi:10.7910/DVN/OEMQGQ)

View:

Part 1: Document Description
Part 2: Study Description
Part 3: Data Files Description
Part 4: Variable Description
Part 5: Other Study-Related Materials
Entire Codebook

Replication data for: Sovereign Bond Ratings and Neoliberalism in Latin America

doi:10.7910/DVN/OEMQGQ

Harvard Dataverse

2007-11-28

1

Glen Biglaiser; Karl Derouen, Jr., 2007, "Replication data for: Sovereign Bond Ratings and Neoliberalism in Latin America", https://doi.org/10.7910/DVN/OEMQGQ, Harvard Dataverse, V1, UNF:3:SZwgYevCZJArWsWO5rERjw== [fileUNF]

Replication data for: Sovereign Bond Ratings and Neoliberalism in Latin America

doi:10.7910/DVN/OEMQGQ

Glen Biglaiser (Texas Tech University)

Karl Derouen, Jr. (The University of Alabama)

International Studies Quarterly

Harvard Dataverse

International Studies Quarterly

2007

https://doi.org/10.7910/DVN/OEMQGQ

ISQ 2007, Volume 51, Issue 1

The importance of credit rating agencies (CRAs) in rating sovereign bonds has grown as developing countries increasingly issue bonds to attract foreign capital. Although in their methodologies CRAs claim that the initiation of neoliberal reforms influences bond ratings, given the secrecy surrounding ratings, it is unclear what impact reforms actually have on CRAs. Controlling for macroeconomic and political determinants, we use statistical analyses, as well as recent qualitative evidence, for some 16 Latin American countries from 1992 to 2003 to assess the effects of economic reforms on CRA decisions. We find that among neoliberal policies only trade liberalization positively and consistently impacts bond ratings. The relative ease of implementation along with the credible commitment to maintain trade policies help explain higher bond ratings. The results also show that inflation and bond defaults negatively affect CRA assessments. The findings provide reasons for optimism. Many economic policies, often politically difficult to implement, do not lead to higher ratings. Others that are relatively easy to implement do. Policy makers in Latin American countries have more options to lessen political tensions, lower the cost of capital, and increase its availability for investment and growth than previously predicted

Subject: STANDARD DEPOSIT TERMS 1.0 Type: DATAPASS:TERMS:STANDARD:1.0 Notes: This study was deposited under the of the Data-PASS standard deposit terms. A copy of the usage agreement is included in the file section of this study.;

<a href="http://creativecommons.org/publicdomain/zero/1.0">CC0 1.0</a>

Biglaiser, Glen; Derouen, Jr., Karl, 2007, "Sovereign Bond Ratings and Neoliberalism in Latin America" International Studies Quarterly 51 (1), 121–138: doi:10.1111/j.1468-2478.2007.00442.x <a href= "http://www.blackwell-synergy.com/doi/abs/10.1111/j.1468-2478.2007.00442.x" target= "_new">(article available here)</a>.

Biglaiser, Glen; Derouen, Jr., Karl, 2007, "Sovereign Bond Ratings and Neoliberalism in Latin America" International Studies Quarterly 51 (1), 121–138: doi:10.1111/j.1468-2478.2007.00442.x <a href= "http://www.blackwell-synergy.com/doi/abs/10.1111/j.1468-2478.2007.00442.x" target= "_new">(article available here)</a>.

Biglaiser, Glen; Derouen, Jr., Karl, 2007, "Sovereign Bond Ratings and Neoliberalism in Latin America" International Studies Quarterly 51 (1), 121–138: doi:10.1111/j.1468-2478.2007.00442.x <a href= "http://www.blackwell-synergy.com/doi/abs/10.1111/j.1468-2478.2007.00442.x" target= "_new">(article available here)</a>.

Biglaiser, Glen; Derouen, Jr., Karl, 2007, "Sovereign Bond Ratings and Neoliberalism in Latin America" International Studies Quarterly 51 (1), 121–138: doi:10.1111/j.1468-2478.2007.00442.x <a href= "http://www.blackwell-synergy.com/doi/abs/10.1111/j.1468-2478.2007.00442.x" target= "_new">(article available here)</a>.

Biglaiser, Glen; Derouen, Jr., Karl, 2007, "Sovereign Bond Ratings and Neoliberalism in Latin America" International Studies Quarterly 51 (1), 121–138: doi:10.1111/j.1468-2478.2007.00442.x <a href= "http://www.blackwell-synergy.com/doi/abs/10.1111/j.1468-2478.2007.00442.x" target= "_new">(article available here)</a>.

Biglaiser, Glen; Derouen, Jr., Karl, 2007, "Sovereign Bond Ratings and Neoliberalism in Latin America" International Studies Quarterly 51 (1), 121–138: doi:10.1111/j.1468-2478.2007.00442.x <a href= "http://www.blackwell-synergy.com/doi/abs/10.1111/j.1468-2478.2007.00442.x" target= "_new">(article available here)</a>.

• Number of cases: 371

• No. of variables per record: 45

• Type of File: text/tab-separated-values

UNF:3:SZwgYevCZJArWsWO5rERjw==

Data File for this study

• COUNTRY
• YEAR
• RATING_A - Rating Agency
• RATING
• RATING_L - Rating(lagged)
• GRI
• GRI__L_ - GRI (L)
• COM__L_ - COM (L)
• FRI__L_ - FRI (L)
• PRI__L_ - PRI (L)
• TAX__L_ - TAX (L)
• CALI__L_ - CALI (L)
• ELECTION - Election (L)
• HONEYMOO - Honeymoon (L)
• IDEOLOGY - Ideology (L)
• POLITY_L - Polity(lagged)
• HINSTLAG
• AGEHINST - AGEHINST(l)
• TTHINST_ - TTHINST(l)
• IMF
• CPI_UNLA - CPI(Unlagged)
• CPI_LAGG - CPI(Lagged)
• CURRENT - Current account balance (% of GDP)(Lagged)
• EXTERNAL - External debt, total (DOD, current US$) (lagged)
• GDP_CURR - GDP_current_$US (L)
• EXTERNA1 - External debt/GDP (L)
• BUDGET_B - Budget_Balance (L)
• GDP__CON - GDP (constant 1995 US$) (lagged)
• GDP_GROW - GDP growth (annual %) (lagged)
• GDP_PER - GDP per capita (constant 1995 US$) (lagged)
• BOND_DEF - Bond Default(lagged)
• NEW_BOND - New Bond Default(5yearslagged)
• MOODY
• S_P - S&P
• FITCH
• COUNTRY_ - Country_1
• YEAR_1
• TRADE__X - Trade_(X+M)/GDP(L)
• EXPORTS_ - Exports_goods_services_constant(L)
• EXPORTS1 - Exports_goods_services_GDP (L)
• NPTA_L_ - Npta(L)
• PTA_L_ - PTA(L)
• TRADE_AS - Trade_Assn_(L)
• NASA1995
• NASA1991 - nasa1995l

f109659 Location:

Variable Format: character

Notes: UNF:3:py083IW44uB8xAQp87NWEA==

f109659 Location:

Variable Format: character

Notes: UNF:3:1SbgXLT7nfxwzubz9ONZjA==

f109659 Location:

Variable Format: character

Notes: UNF:3:w6bojbUGeGIc1QPL/POiOg==

f109659 Location:

Variable Format: character

Notes: UNF:3:QDPRE3szWJRAU//rWSavrQ==

f109659 Location:

Variable Format: character

Notes: UNF:3:4iXCM3mfBdiI9n/2VCylOw==

f109659 Location:

Variable Format: character

Notes: UNF:3:S/rUwPXbTe/BRmmyio5fLQ==

f109659 Location:

Variable Format: character

Notes: UNF:3:PsZlptNN4n4IiX4LziMTOw==

f109659 Location:

Variable Format: character

Notes: UNF:3:ridg3Efoq5AyE4sHzhxGCw==

f109659 Location:

Variable Format: character

Notes: UNF:3:tsuAUssjrDkItWrmmpLDPg==

f109659 Location:

Variable Format: character

Notes: UNF:3:vVsYdPcSTYISWitDQopVBA==

f109659 Location:

Variable Format: character

Notes: UNF:3:n6SieQJZLLCLX8Sny3t0nA==

f109659 Location:

Variable Format: character

Notes: UNF:3:TQtPqw37nCaVUWBB6qI7mg==

f109659 Location:

Variable Format: character

Notes: UNF:3:s+slxt0Tzy66aD0R0fPHRA==

f109659 Location:

Variable Format: character

Notes: UNF:3:bdZOg66oKfb7DbUNqAmFoA==

f109659 Location:

Variable Format: character

Notes: UNF:3:OusoPi4zJrrYPf8xFjMjUA==

f109659 Location:

Variable Format: character

Notes: UNF:3:Jch3BSTdTkRrslBdug/qNA==

f109659 Location:

Variable Format: character

Notes: UNF:3:horcn1tw86PF+ygx0SFClw==

f109659 Location:

Variable Format: character

Notes: UNF:3:Ik1j22nT1iNymrBss1aMwA==

f109659 Location:

Variable Format: character

Notes: UNF:3:Oz4smX4d63cNwF0TzvwB+g==

f109659 Location:

Variable Format: character

Notes: UNF:3:+qmHV2B+gNJ0vTskGAF1tg==

f109659 Location:

Variable Format: character

Notes: UNF:3:LtXi4v1Eij3+j+Rfh/JbbQ==

f109659 Location:

Variable Format: character

Notes: UNF:3:cRJazjo+AoyMR59URuK3uw==

f109659 Location:

Variable Format: character

Notes: UNF:3:YBIF9VWsg/OaG6z5I+Utqg==

f109659 Location:

Variable Format: character

Notes: UNF:3:WKJEdnNSueaCZSfVpDbTSQ==

f109659 Location:

Variable Format: character

Notes: UNF:3:u+4IMi2m9vcqrAp60jH+JQ==

f109659 Location:

Variable Format: character

Notes: UNF:3:m7iXbuv7qSfXxUQuaVfgYA==

f109659 Location:

Variable Format: character

Notes: UNF:3:Xoi3QW5vbhtsBDw92+uRDA==

f109659 Location:

Variable Format: character

Notes: UNF:3:BVdl8tGwCVN0UfWIdhP/LQ==

f109659 Location:

Variable Format: character

Notes: UNF:3:B1kXxGyf/vdXOJsvrF2dpA==

f109659 Location:

Variable Format: character

Notes: UNF:3:M8OBhFisUpzgZU1TCXgUIQ==

f109659 Location:

Variable Format: character

Notes: UNF:3:y784omqiTdUEdjXYiH2nEQ==

f109659 Location:

Variable Format: character

Notes: UNF:3:bV7wOim2TmfG7sPcZpdQsQ==

f109659 Location:

Variable Format: character

Notes: UNF:3:So6jSKQomPnIINAD5yYz1A==

f109659 Location:

Variable Format: character

Notes: UNF:3:+6NE7ZO4i0soGxIg3tfCqg==

f109659 Location:

Variable Format: character

Notes: UNF:3:GiExp4CNLNJCwHYbKx9fVQ==

f109659 Location:

Variable Format: character

Notes: UNF:3:q72H41Qr9mAcBvcgbEnOzA==

f109659 Location:

Variable Format: character

Notes: UNF:3:7FEtr6FJnCZpARWroqFtXA==

f109659 Location:

Variable Format: character

Notes: UNF:3:/xRU27UV1bYQQEl3ZNhCWA==

f109659 Location:

Variable Format: character

Notes: UNF:3:ntNkbWHH6rDHjWMtiTIVXg==

f109659 Location:

Variable Format: character

Notes: UNF:3:lxRB2cHVObMOsgDANKyvXg==

f109659 Location:

Variable Format: character

Notes: UNF:3:XGFpoEo8rJjm9Dugi8Tj9Q==

f109659 Location:

Variable Format: character

Notes: UNF:3:zETfEuW+JM4n50pcxmV/4A==

f109659 Location:

Variable Format: character

Notes: UNF:3:v9XRosEkjzoNC2HVYPGjew==

f109659 Location:

Variable Format: character

Notes: UNF:3:FOyEEm3WfiO3tS1T9IKb0w==

f109659 Location:

Variable Format: character

Notes: UNF:3:JhtyVnRTVD1T9JmSGFXaqw==

Label:

Biglaiser_DeRouen_LA_Bond_Paper_ISQ_2007.zip

Text:

Stata data and do files as originally formatted

application/x-zip-compressed

Label:

BondRatingLAISQ4-24-06.do

Text:

Bond ratings in LA

application/octet-stream