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Record Nr. |
UNINA9910828557103321 |
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Autore |
Sy Amadou |
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Titolo |
The Systemic Regulation of Credit Rating Agencies and Rated Markets / / Amadou Sy |
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Pubbl/distr/stampa |
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Washington, D.C. : , : International Monetary Fund, , 2009 |
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ISBN |
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1-4623-0734-5 |
1-4527-6520-0 |
1-282-84343-5 |
9786612843433 |
1-4518-7276-3 |
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Edizione |
[1st ed.] |
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Descrizione fisica |
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1 online resource (38 p.) |
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Collana |
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Disciplina |
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Soggetti |
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Rating agencies (Finance) |
Financial crises |
Banks and Banking |
Finance: General |
Investments: General |
Money and Monetary Policy |
Financial Crises |
General Financial Markets: Government Policy and Regulation |
Investment Banking |
Venture Capital |
Brokerage |
Ratings and Ratings Agencies |
Financial Institutions and Services: Government Policy and Regulation |
Monetary Policy, Central Banking, and the Supply of Money and Credit: General |
Financing Policy |
Financial Risk and Risk Management |
Capital and Ownership Structure |
Value of Firms |
Goodwill |
General Financial Markets: General (includes Measurement and Data) |
Monetary economics |
Financial services law & regulation |
Finance |
Investment & securities |
Credit ratings |
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Credit risk |
Systemic risk |
Securities |
Credit |
Money |
Financial regulation and supervision |
Financial sector policy and analysis |
Financial institutions |
Financial risk management |
Financial instruments |
United States |
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Lingua di pubblicazione |
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Formato |
Materiale a stampa |
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Livello bibliografico |
Monografia |
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Note generali |
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Description based upon print version of record. |
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Nota di bibliografia |
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Includes bibliographical references. |
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Nota di contenuto |
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Contents; I. Introduction; II. Lessons from Previous Rating Crises; III. Credit Ratings in Capital Markets; A. The Demand and Supply for Credit Ratings; B. Use of Credit Ratings in Legislation, Regulations and Supervisory Policies (LRSP's); C. Costs and Benefits of Ratings; IV. The Systemic Risk of Ratings; V. Role of CRA's in Structured Products Markets; A. The Rapid Growth of Structured Products; B. AAA as the Gold Standard; VI. Model Risk in the Rating of Structured Credit Products; VII. Governance Issues in the Rating of Structured Credit Products; VIII. Policy Recommendations |
A. Regulating CRAsB. Regulating Rated Securities Markets; C. Ensuring Systemic Stability; IX. Conclusions; X. Reference |
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Sommario/riassunto |
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Credit ratings have contributed to the current financial crisis. Proposals to regulate credit rating agencies focus on micro-prudential issues and aim at reducing conflicts of interest and increasing transparency and competition. In contrast, this paper argues that macro-prudential regulation is necessary to address the systemic risk inherent to ratings. The paper illustrates how financial markets have increasingly relied on ratings. It shows how downgrades have led to systemic market losses and increased illiquidity. The paper suggests the use of "ratings maps" and stress-tests to assess the systemic risk of ratings, and increased capital or liquidity buffers to manage such risk. |
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