Sovereign Debt Ratings: A Judgmental Model Based on the Analytic Hierarchy Process

Johnson, Roberta; Srinivasan, V.; Bolster, Paul J.

doi:10.1057/palgrave.jibs.8490329

Cited by 21 publications

(12 citation statements)

References 29 publications

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“…If sovereign ratings, to a large degree, are subjective estimations susceptible to serious inconsistencies and bias (Johnson et al, 1990), we must determine what justifies the scope and salience of these 'informed opinions'; especially given their significance but dismal record of failure.…”

Section: Judging Sovereignsmentioning

confidence: 99%

“…Not only are these volatile dynamics less tractable to risk calculus but they demand a higher degree of informal judgment (read government through uncertainty) to help come to terms with their possible, but contingent, effects on sovereign creditworthiness. This makes ratings more susceptible to the bias and temperaments of rating committees, and thus inconsistencies (Johnson et al, 1990). In short, reconstruction shows that sovereign ratings have the potential to disrupt the very continuity upon which they depend and to undermine their own empirical validity.…”

Section: Performativity Breakdown and Crisismentioning

confidence: 99%

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Credit rating agencies and the sovereign debt crisis: Performing the politics of creditworthiness through risk and uncertainty

Paudyn

2013

Review of International Political Economy

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1As Member States struggle to retain the investment grades necessary to allow them to finance their governmental operations at a reasonable cost, credit rating agencies (CRAs) have been blamed for exacerbating a procyclical bias which only makes this task more difficult. How CRAs contribute to the constitution of the politics of limits underpinning the European sovereign debt crisis is at the core of this article. As a socio-technical device of control, sovereign ratings are an 'illocutionary' statement about budgetary health, which promotes an artificial fiscal normality. Subsequently, these austere politics of creditworthiness have 'perlocutionary' effects, which seek to censure political discretion through normalizing risk techniques aligned with the self-systemic, and thereby selfregulating, logic of Anglo-American versions of capitalism. The ensuing antagonistic relationship between the programmatic/expertise and operational/politics dimensions of fiscal governance leaves Europe vulnerable to crisis and the renegotiation of how the 'political' is established in the economy.New regulatory technical standards (RTS) can exacerbated the performative effects on CRAs, investors and Member States.

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Section: Judging Sovereignsmentioning

confidence: 99%

Section: Performativity Breakdown and Crisismentioning

confidence: 99%

Credit rating agencies and the sovereign debt crisis: Performing the politics of creditworthiness through risk and uncertainty

Paudyn

2013

Review of International Political Economy

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“…AHP has been extensively adopted in many practical decision-making applications [56]. For example, in the business or corporate sector, the more traditional AHP procedure has been used to select a logistics or software provider [57,58] to solve a variety of marketing problems [59] to deal with corporate social responsibility programs [60], planning renewable energy projects [61] or rating sovereign debt [62]. The AHP represents the most commonly used mathematical method in MCDM [63] and it is usually decomposed in the same steps, explained in [64].…”

Section: Analytic Hierarchy Processmentioning

confidence: 99%

Understanding Location Decisions of Energy Multinational Enterprises within the European Smart Cities’ Context: An Integrated AHP and Extended Fuzzy Linguistic TOPSIS Method

et al. 2020

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Becoming a smart city is one of the top priorities in the urban agenda of many European cities. Among the various strategies in the transition path, local governments seek to bring innovation to their cities by encouraging multinational enterprises to deploy their green energy services and products in their municipalities. Knowing how to attract these enterprises implies that political leaders understand the multi-criteria decision problem that the energy sector enterprises face when deciding whether to expand to one city or another. To this end, the purpose of this study is to design a new manageable and controllable framework oriented to European cities’ public managers, based on the assessment of criteria and sub-criteria governing the strategic location decision made by these enterprises. A decision support framework is developed based on the AHP technique combined with an extended version of the hesitant fuzzy linguistic TOPSIS method. The main results indicate the higher relative importance of government policies, such as degree of transparency or bureaucracy level, as compared to market conditions or economic aspects of the city’s host country. These results can be great assets to current European leaders, they show the feasibility of the method and open up the possibility to replicate the proposed framework to other sectors or geographical areas.

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“…Since its inception from Saaty, the AHP technique has been widely studied [10][11] [12]. It has been applied to a host of MCDM problems, including corporate-credit-granting problem [13], assignment of sovereign debt ratings [14], determination of investor suitability [15], benchmarking the performance of a postal company against its competitors [16], evaluating risk in the supply chain [17], selection of vendors [18] and so on.…”

Section: Ahp Overviewmentioning

confidence: 99%

A Fuzzy AHP Approach for Evaluating Customer Value of B2C Companies

Chen¹,

Jian²,

Yang³

2011

JCP

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<span style="font-size: 10pt; color: black; font-family: "Times New Roman","serif"; mso-fareast-font-family: 宋体; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;" lang="EN-US">With the development of electronic information technique, electronic ecommerce grows rapidly, including B2C electronic commerce company. The evaluation of customer value in B2C electronic commerce company is a multiple-criteria decision making (MCDM) problem with many quantitative and qualitative attributes. This paper proposes fuzzy analytical hierarchy process (FAHP) approach to evaluate customer value in B2C electronic commerce company. In addition, a case study is presented to demonstrate how the approach can help in solving such problems in practice.</span><span style="font-size: 10pt; color: black; font-family: "Times New Roman","serif"; mso-fareast-font-family: 宋体; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA; mso-bidi-font-size: 9.0pt;" lang="EN-US"> </span>

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Sovereign Debt Ratings: A Judgmental Model Based on the Analytic Hierarchy Process

Cited by 21 publications

References 29 publications

Credit rating agencies and the sovereign debt crisis: Performing the politics of creditworthiness through risk and uncertainty

Credit rating agencies and the sovereign debt crisis: Performing the politics of creditworthiness through risk and uncertainty

Understanding Location Decisions of Energy Multinational Enterprises within the European Smart Cities’ Context: An Integrated AHP and Extended Fuzzy Linguistic TOPSIS Method

A Fuzzy AHP Approach for Evaluating Customer Value of B2C Companies

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