This paper assesses the Institutional Investor Country Risk Rating (IICR) to analyze whether secondary market prices are reliable indicators of debt values. It starts with the conviction that the rating scores are reasonable measure of banker’s perceptions of the country’s creditworthiness. Regression results indicate illiquidity of the secondary market.
The Philippine Journal of Development (PJD) is a multidisciplinary, peer-reviewed journal published biannually by the Philippine Institute for Development Studies (PIDS). It serves as a platform for disseminating policy-oriented research on development issues, including the economy, business, public administration, foreign relations, sociology, and political dynamics.
P-ISSN 2508-0954 • E-ISSN 2508-0849 • https://doi.org/10.62986/pjd