Rating the Rating Agencies: Anticipating Currency Crises or Debt Crises?
نویسندگان
چکیده
منابع مشابه
Debt and Currency Crises—Complements or Substitutes?*
Debt and currency crises are closely interlinked through the government’s intertemporal budget constraint. The default tax and the inflation/devaluation tax can be considered as alternative means of financing. Our empirical analysis finds that high-debt countries choose default rather than inflation/devaluation for financing, while a high money stock reduces the probability of debt crises. Furt...
متن کاملA “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 کاملCommentary: Avoiding Currency Crises
The paper by Barry Eichengreen and Ricardo Haussman is correct to focus on the policies that the emerging market countries (EMC) themselves can pursue to reduce the risk of future economic crises, instead of discussing new policies for the IMF or for the industrial countries that some analysts hope might achieve that goal. I agree with their emphasis on EMC self-help and on the multiple causes ...
متن کاملModels of Currency Crises
This chapter was originally published in The Evidence and Impact of Financial Globalization published by Elsevier, and the attached copy is provided by Elsevier for the author's benefit and for the benefit of the author's institution, for noncommercial research and educational use including without limitation use in instruction at your institution, sending it to specific colleagues who you know...
متن کاملThe Interactions between Debt and Currency Crises – Common Causes or Contagion ?
The Interactions between Debt and Currency Crises – Common Causes or Contagion? In contrast to the well-known twin currency and banking crises the literature has so far neglected a second type of twin crises, the simultaneous occurrence of currency and debt crises. The decision of a government to devalue and/or to default is closely interlinked through the government’s intertemporal budget cons...
متن کاملذخیره در منابع من
با ذخیره ی این منبع در منابع من، دسترسی به آن را برای استفاده های بعدی آسان تر کنید
ژورنال
عنوان ژورنال: SSRN Electronic Journal
سال: 2003
ISSN: 1556-5068
DOI: 10.2139/ssrn.424440