The explanatory Power of Credit Ratings on Government Bond Yields Spreads

Credit ratings have been playing a vital role during the Greek Debt Crisis. There are redit ratings have been playing a vital role during the Greek Debt Crisis. There are redit ratings have been playing a vital role during the Greek Debt Crisis. There are redit ratings have been playing a vital role during the Greek Debt Crisis. There are redit ratings have been playing a vital role during the Greek Debt Crisis. There are redit ratings have been playing a vital role during the Greek Debt Crisis. There are redit ratings have been playing a vital role during the Greek Debt Crisis. There are redit ratings have been playing a vital role during the Greek Debt Crisis. There are redit ratings have been playing a vital role during the Greek Debt Crisis. There are redit ratings have been playing a vital role during the Greek Debt Crisis. There are redit ratings have been playing a vital role during the Greek Debt Crisis. There are redit ratings have been playing a vital role during the Greek Debt Crisis. There are redit ratings have been playing a vital role during the Greek Debt Crisis. There are redit ratings have been playing a vital role during the Greek Debt Crisis. There are redit ratings have been playing a vital role during the Greek Debt Crisis. There are redit ratings have been playing a vital role during the Greek Debt Crisis. There are redit ratings have been playing a vital role during the Greek Debt Crisis. There are redit ratings have been playing a vital role during the Greek Debt Crisis. There are redit ratings have been playing a vital role during the Greek Debt Crisis. There are redit ratings have been playing a vital role during the Greek Debt Crisis. There are redit ratings have been playing a vital role during the Greek Debt Crisis. There are redit ratings have been playing a vital role during the Greek Debt Crisis. There are redit ratings have been playing a vital role during the Greek Debt Crisis. There are redit ratings have been playing a vital role during the Greek Debt Crisis. There are redit ratings have been playing a vital role during the Greek Debt Crisis. There are redit ratings have been playing a vital role during the Greek Debt Crisis. There are redit ratings have been playing a vital role during the Greek Debt Crisis. There are redit ratings have been playing a vital role during the Greek Debt Crisis. There are redit ratings have been playing a vital role during the Greek Debt Crisis. There are redit ratings have been playing a vital role during the Greek Debt Crisis. There are redit ratings have been playing a vital role during the Greek Debt Crisis. There are redit ratings have been playing a vital role during the Greek Debt Crisis. There are redit ratings have been playing a vital role during the Greek Debt Crisis. There are redit ratings have been playing a vital role during the Greek Debt Crisis. There are redit ratings have been playing a vital role during the Greek Debt Crisis. There are redit ratings have been playing a vital role during the Greek Debt Crisis. There are redit ratings have been playing a vital role during the Greek Debt Crisis. There are redit ratings have been playing a vital role during the Greek Debt Crisis. There are redit ratings have been playing a vital role during the Greek Debt Crisis. There are redit ratings have been playing a vital role during the Greek Debt Crisis. There are redit ratings have been playing a vital role during the Greek Debt Crisis. There are redit ratings have been playing a vital role during the Greek Debt Crisis. There are redit ratings have been playing a vital role during the Greek Debt Crisis. There are redit ratings have been playing a vital role during the Greek Debt Crisis. There are redit ratings have been playing a vital role during the Greek Debt Crisis. There are redit ratings have been playing a vital role during the Greek Debt Crisis. There are redit ratings have been playing a vital role during the Greek Debt Crisis. There are redit ratings have been playing a vital role during the Greek Debt Crisis. There are plenty of researches investigating the effects c plenty of researches investigating the effects cplenty of researches investigating the effects cplenty of researches investigating the effects c plenty of researches investigating the effects cplenty of researches investigating the effects cplenty of researches investigating the effects c plenty of researches investigating the effects cplenty of researches investigating the effects c plenty of researches investigating the effects c plenty of researches investigating the effects c plenty of researches investigating the effects c plenty of researches investigating the effects c plenty of researches investigating the effects c plenty of researches investigating the effects cplenty of researches investigating the effects cplenty of researches investigating the effects c plenty of researches investigating the effects cplenty of researches investigating the effects cplenty of researches investigating the effects cplenty of researches investigating the effects c plenty of researches investigating the effects cplenty of researches investigating the effects cplenty of researches investigating the effects c plenty of researches investigating the effects cplenty of researches investigating the effects c plenty of researches investigating the effects c plenty of researches investigating the effects c plenty of researches investigating the effects credit ratings on explaining redit ratings on explaining redit ratings on explaining redit ratings on explaining redit ratings on explaining redit ratings on explaining redit ratings on explaining redit ratings on explaining redit ratings on explaining redit ratings on explaining redit ratings on explaining redit ratings on explaining redit ratings on explaining sovereign bond yield spreads. sovereign bond yield spreads. sovereign bond yield spreads. sovereign bond yield spreads. sovereign bond yield spreads. sovereign bond yield spreads. sovereign bond yield spreads. sovereign bond yield spreads. sovereign bond yield spreads. sovereign bond yield spreads. sovereign bond yield spreads. sovereign bond yield spreads. By dividing the samples into two country groups, dividing the samples into two country groups, dividing the samples into two country groups, dividing the samples into two country groups, dividing the samples into two country groups, dividing the samples into two country groups, dividing the samples into two country groups, dividing the samples into two country groups, dividing the samples into two country groups, dividing the samples into two country groups, dividing the samples into two country groups, dividing the samples into two country groups, dividing the samples into two country groups, dividing the samples into two country groups, dividing the samples into two country groups, dividing the samples into two country groups, dividing the samples into two country groups, dividing the samples into two country groups, we can we can we can we can we can we can see see that the credit rating is that the credit rating is that the credit rating is that the credit rating is that the credit rating isthat the credit rating isthat the credit rating isthat the credit rating is that the credit rating is that the credit rating isthat the credit rating isthat the credit rating is both statistically and economically both statistically and economically both statistically and economically both statistically and economically both statistically and economically both statistically and economically both statistically and economically both statistically and economically both statistically and economically both statistically and economically both statistically and economically both statistically and economically both statistically and economically both statistically and economically both statistically and economically both statistically and economically both statistically and economically significant significantsignificant significantsignificant indicator indicator indicator that that explainexplainexplain s the movement government bond yields the movement government bond yields the movement government bond yields the movement government bond yieldsthe movement government bond yields the movement government bond yields the movement government bond yields the movement government bond yields the movement government bond yieldsthe movement government bond yields the movement government bond yields spre ads in developed countriesads in developed countries ads in developed countries ads in developed countries ads in developed countriesads in developed countriesads in developed countries ads in developed countries ads in developed countriesads in developed countries ads in developed countries. However HoweverHowever However, there is no evidence that credit ratings have statistically , there is no evidence that credit ratings have statistically , there is no evidence that credit ratings have statistically , there is no evidence that credit ratings have statistically , there is no evidence that credit ratings have statistically , there is no evidence that credit ratings have statistically , there is no evidence that credit ratings have statistically , there is no evidence that credit ratings have statistically , there is no evidence that credit ratings have statistically , there is no evidence that credit ratings have statistically , there is no evidence that credit ratings have statistically , there is no evidence that credit ratings have statistically , there is no evidence that credit ratings have statistically , there is no evidence that credit ratings have statistically , there is no evidence that credit ratings have statistically , there is no evidence that credit ratings have statistically , there is no evidence that credit ratings have statistically , there is no evidence that credit ratings have statistically , there is no evidence that credit ratings have statistically , there is no evidence that credit ratings have statistically , there is no evidence that credit ratings have statistically , there is no evidence that credit ratings have statistically , there is no evidence that credit ratings have statistically , there is no evidence that credit ratings have statistically , there is no evidence that credit ratings have statistically , there is no evidence that credit ratings have statistically , there is no evidence that credit ratings have statistically , there is no evidence that credit ratings have statistically , there is no evidence that credit ratings have statistically , there is no evidence that credit ratings have statistically , there is no evidence that credit ratings have statistically a significant relation significant relation significant relation significant relation significant relation significant relation significant relation with government bond yield spreads of developing countries. Hence, government bond yield spreads of developing countries. Hence, government bond yield spreads of developing countries. Hence, government bond yield spreads of developing countries. Hence, government bond yield spreads of developing countries. Hence, government bond yield spreads of developing countries. Hence, government bond yield spreads of developing countries. Hence, government bond yield spreads of developing countries. Hence, government bond yield spreads of developing countries. Hence, government bond yield spreads of developing countries. Hence, government bond yield spreads of developing countries. Hence, government bond yield spreads of developing countries. Hence, government bond yield spreads of developing countries. Hence, government bond yield spreads of developing countries. Hence, government bond yield spreads of developing countries. Hence, government bond yield spreads of developing countries. Hence, government bond yield spreads of developing countries. Hence, government bond yield spreads of developing countries. Hence, government bond yield spreads of developing countries. Hence, government bond yield spreads of developing countries. Hence, government bond yield spreads of developing countries. Hence, government bond yield spreads of developing countries. Hence, government bond yield spreads of developing countries. Hence, government bond yield spreads of developing countries. Hence, we conclude that we conclude that we conclude that we conclude that we conclude that we conclude that we conclude that credit ratings have different explanatory powers on credit ratings have different explanatory powers on credit ratings have different explanatory powers on credit ratings have different explanatory powers on credit ratings have different explanatory powers on credit ratings have different explanatory powers on credit ratings have different explanatory powers on credit ratings have different explanatory powers on credit ratings have different explanatory powers on credit ratings have different explanatory powers on credit ratings have different explanatory powers on credit ratings have different explanatory powers on credit ratings have different explanatory powers on credit ratings have different explanatory powers on credit ratings have different explanatory powers on credit ratings have different explanatory powers on credit ratings have different explanatory powers on credit ratings have different explanatory powers on credit ratings have different explanatory powers on credit ratings have different explanatory powers on credit ratings have different explanatory powers on credit ratings have different explanatory powers on credit ratings have different explanatory powers on credit ratings have different explanatory powers on credit ratings have different explanatory powers on credit ratings have different explanatory powers on credit ratings have different explanatory powers on government bond yield spreads with government bond yield spreads with government bond yield spreads with government bond yield spreads with government bond yield spreads with government bond yield spreads with government bond yield spreads with government bond yield spreads with government bond yield spreads with government bond yield spreads with government bond yield spreads with government bond yield spreads with government bond yield spreads with government bond yield spreads with government bond yield spreads with respect to different respect to different respect to different respect to different respect to different respect to different respect to different respect to different respect to different countriescountries countries countries.