Plausibly Exogenous [922] - Bond Ratings (08/08/2022)
LHS Variable
Election outcomes
RHS Variable
Credit rating agencies
Source of Exogenous Variation
Variation in municipal bond ratings due to Moody’s recalibration of its scale in 2010
- Cunha, Ferreira, and Silva (2019), “Can Credit Rating Agencies Affect Election Outcomes?”