{"title":"主权信用评级的决定因素:印度尼西亚及其邻国1998-2016","authors":"Akhmad Solikin, Gerry Michel","doi":"10.22236/AGREGAT_VOL3/IS1PP46-57","DOIUrl":null,"url":null,"abstract":"The aim of this research is to study the determinants of sovereign credit ratings of Indonesia andits neighborhood countries in the period of 1998-2016. Using secondary data and analyzed usingordered probit, it is found that every credit rating agency has its own variables influencing to itspublished credit ratings.In general, for Indonesia and its neighborhood countries, the variables withsignificant and positive relationship are fiscal balance and current account deficit to GDP, freedomindex, and GDP per capita; while the variables with significant and negative relationship are externaldebt to GNI and real exchange rate. Gross domestic savings to GDP influences credit ratings inboth ways. Interestingly, inflation does not affect the credit ratings. Indonesia and neighborhoodgovernments could use this information to manage their macroeconomic indicators in order to getfavorable ratings from credit rating agencies.","PeriodicalId":248702,"journal":{"name":"Agregat: Jurnal Ekonomi dan Bisnis","volume":"68 1","pages":"0"},"PeriodicalIF":0.0000,"publicationDate":"2019-03-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"The Determinants of Sovereign Credit Ratings: Indonesia and Its Neighborhood Countries 1998-2016\",\"authors\":\"Akhmad Solikin, Gerry Michel\",\"doi\":\"10.22236/AGREGAT_VOL3/IS1PP46-57\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"The aim of this research is to study the determinants of sovereign credit ratings of Indonesia andits neighborhood countries in the period of 1998-2016. Using secondary data and analyzed usingordered probit, it is found that every credit rating agency has its own variables influencing to itspublished credit ratings.In general, for Indonesia and its neighborhood countries, the variables withsignificant and positive relationship are fiscal balance and current account deficit to GDP, freedomindex, and GDP per capita; while the variables with significant and negative relationship are externaldebt to GNI and real exchange rate. Gross domestic savings to GDP influences credit ratings inboth ways. Interestingly, inflation does not affect the credit ratings. Indonesia and neighborhoodgovernments could use this information to manage their macroeconomic indicators in order to getfavorable ratings from credit rating agencies.\",\"PeriodicalId\":248702,\"journal\":{\"name\":\"Agregat: Jurnal Ekonomi dan Bisnis\",\"volume\":\"68 1\",\"pages\":\"0\"},\"PeriodicalIF\":0.0000,\"publicationDate\":\"2019-03-22\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Agregat: Jurnal Ekonomi dan Bisnis\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://doi.org/10.22236/AGREGAT_VOL3/IS1PP46-57\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"\",\"JCRName\":\"\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Agregat: Jurnal Ekonomi dan Bisnis","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.22236/AGREGAT_VOL3/IS1PP46-57","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
The Determinants of Sovereign Credit Ratings: Indonesia and Its Neighborhood Countries 1998-2016
The aim of this research is to study the determinants of sovereign credit ratings of Indonesia andits neighborhood countries in the period of 1998-2016. Using secondary data and analyzed usingordered probit, it is found that every credit rating agency has its own variables influencing to itspublished credit ratings.In general, for Indonesia and its neighborhood countries, the variables withsignificant and positive relationship are fiscal balance and current account deficit to GDP, freedomindex, and GDP per capita; while the variables with significant and negative relationship are externaldebt to GNI and real exchange rate. Gross domestic savings to GDP influences credit ratings inboth ways. Interestingly, inflation does not affect the credit ratings. Indonesia and neighborhoodgovernments could use this information to manage their macroeconomic indicators in order to getfavorable ratings from credit rating agencies.