SHENG-SYAN CHENChen, Hsien YiHsien YiChenYang, Shu LingShu LingYangChang, Chong ChuoChong ChuoChang2023-05-162023-05-162016-05-0102615606https://scholars.lib.ntu.edu.tw/handle/123456789/631097This research examines how a sovereign rating revision of one country influences the economic growth rates of other countries. Rating revisions have significant output spillover effects: A one-notch upgrade (downgrade) prompts on average a significant downward revision of about 0.03% (0.07%) in the consensus forecast of annual economic growth rates of other countries in the two-month period after the event. The spillovers are transmitted through direct and indirect trade and financial linkages between event and non-event countries. The evidence indicates that a predominance of differential (common) spillovers leads upgrades (downgrades) to produce adverse output effects for other countries.enEconomic growth | Output spillover | Sovereign credit rating revision[SDGs]SDG8journal article10.1016/j.jimonfin.2016.01.0072-s2.0-84957878128WOS:000372542100003https://api.elsevier.com/content/abstract/scopus_id/84957878128