Lessons from the Financial Crisis: New Rules for Central Banks and Credit Rating Agencies?
نویسندگان
چکیده
منابع مشابه
A “sarbanes-oxley” for Credit Rating Agencies? a Comparison of the Roles Auditors’ and Credit Rating Agencies’ Conflicts of Interests Played in Recent Financial Crises
Both auditors and credit rating agencies have been linked to financial scandals in recent history. In the early 2000’s, several of the “big five” accounting firms issued favorable audit opinions to public companies employing deceptive accounting practices. Some of these companies even committed outright fraud. Once the investing public caught wind of these accounting irregularities, it lost tru...
متن کاملThe Optimal Regulation of Credit Rating Agencies
Credit rating agencies (CRAs) very often have been criticized for announcing inaccurate credit ratings and are suspected of being exposed to conicts of interest. Despite these objections CRAs remained largely unregulated. Based on Pagano & Immordino (2007), we study the optimal regulation of CRAs in a model where rating quality is unobservable and enforcing regulation is costly. The model show...
متن کامل3 The Credit Rating Crisis
By December 2008, structured finance securities accounted for over $11 trillion worth of outstanding U.S. bond market debt (35%). The lion’s share of these securities was highly rated by rating agencies. More than half of the structured finance securities rated by Moody’s carried a AAA rating—the highest possible credit rating. In 2007 and 2008, the creditworthiness of structured finance securi...
متن کاملRating assignments: lessons from international banks
This paper estimates ordered logit and probit regression models for bank ratings which also include a country index to capture country-specific variation. The empirical findings provide support to the hypothesis that the individual international bank ratings assigned by Fitch Ratings are underpinned by fundamental quantitative financial analyses. Also, there is strong evidence of a country effe...
متن کاملThe U.S. Financial Crisis: Lessons From Sweden
In the early 1990s, Sweden faced a banking and exchange rate crisis that led it to rescue banks that had experienced large losses on their balance sheets and that threatened a collapse of the banking system. Some analysts and others argue that Sweden’s experience could provide useful lessons for the execution and implementation of the Emergency Economic Stabilization Act of 2008. The banking cr...
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ژورنال
عنوان ژورنال: Intereconomics
سال: 2008
ISSN: 0020-5346,1613-964X
DOI: 10.1007/s10272-008-0259-6