In response to a wave of structured product downgrades by all three major credit rating agencies1 in late 2007, I examine the causes of this event by incorporating the market reputational mechanism within the current regulatory environment to create a theoretical composite model. My findings suggest that this wave of downgrades stems from misaligned incentives caused by a transfer of reputation...

The aim of this paper is to examine what has been the role of information provision to the market throughout the crisis. We consider two main sources of information to the market, financial statements and information provided by credit rating agencies. We examine how these sources of information work and the effectiveness of their disclosure process during the crisis. Contrary to the commonly h...

The fiscal and financial reforms carried out in Mexico in 2000 have encouraged a widespread presence of rating agencies and have allowed several States and Municipalities to raise funds through bond offerings in the capital market. Any local government in Mexico intending to access credit and capital markets must count with at least one credit rating from one of the three main agencies: FitchRa...

Цель статьи – рассмотреть кредитно-рейтинговые агентства как элемент финансовой инфраструктуры в рамках политэкономического подхода, проанализировать их деятельность современном мире. Научная новизна заключается политико-экономическом аспекте исследования указанных агентств отличие от распространенного экономической литературе прикладного характера (в основном исследуются эконометрические инстр...