Sovereign Risk: Are the EU's New Member States Different?*
研究评级机构和投资者是否认为欧盟新成员国的主权风险不同于其他新兴市场，发现新成员国在2002-2004年间享受了评级和利差上的优待，这很可能源于欧盟成员身份带来的更高政策可信度。
This article examines whether rating agencies and investors perceive the sovereign risk of the new member states (NMS) of the European Union (EU) as different from that of other emerging markets. The results suggest the NMS have enjoyed favourable treatment since somewhere between 2002 and 2004, amounting to an advantage of 1.8 notches in ratings and 100 basis points in foreign currency spreads. We argue that, although several explanations of this effect are possible, it is most likely because of higher policy credibility bestowed by EU membership.