This article shows that financial openness significantly affects corporate and sovereign credit ratings and that the magnitude of this effect depends on the level of development of the domestic financial market. Issuers ...

The widespread liberalization of international financial flows followed the end of the Bretton Woods system of fixed parities among the world’s major currencies. The trend toward openness has accelerated in the 1980’s and ...

This paper shows that the effects of financial liberalization on the credit market of a small and capital constrained economy depend on the market structure of domestic banks prior to liberalization. Specifically, under ...