LEADER 06047oam 22013694 450 001 9910788333103321 005 20230721045714.0 010 $a1-4623-0734-5 010 $a1-4527-6520-0 010 $a1-282-84343-5 010 $a9786612843433 010 $a1-4518-7276-3 035 $a(CKB)3170000000055284 035 $a(EBL)1608332 035 $a(SSID)ssj0001487552 035 $a(PQKBManifestationID)11850617 035 $a(PQKBTitleCode)TC0001487552 035 $a(PQKBWorkID)11481949 035 $a(PQKB)10525145 035 $a(OCoLC)451207112 035 $a(MiAaPQ)EBC1608332 035 $a(IMF)WPIEE2009129 035 $a(EXLCZ)993170000000055284 100 $a20020129d2009 uf 0 101 0 $aeng 135 $aurcn||||||||| 181 $ctxt 182 $cc 183 $acr 200 14$aThe Systemic Regulation of Credit Rating Agencies and Rated Markets /$fAmadou Sy 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2009. 215 $a1 online resource (38 p.) 225 1 $aIMF Working Papers 300 $aDescription based upon print version of record. 311 $a1-4519-1705-8 320 $aIncludes bibliographical references. 327 $aContents; 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 327 $aA. Regulating CRAsB. Regulating Rated Securities Markets; C. Ensuring Systemic Stability; IX. Conclusions; X. Reference 330 3 $aCredit ratings have contributed to the current financial crisis. Proposals to regulate credit rating agencies focus on micro-prudential issues and aim at reducing conflicts of interest and increasing transparency and competition. In contrast, this paper argues that macro-prudential regulation is necessary to address the systemic risk inherent to ratings. The paper illustrates how financial markets have increasingly relied on ratings. It shows how downgrades have led to systemic market losses and increased illiquidity. The paper suggests the use of "ratings maps" and stress-tests to assess the systemic risk of ratings, and increased capital or liquidity buffers to manage such risk. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2009/129 606 $aRating agencies (Finance) 606 $aFinancial crises 606 $aBanks and Banking$2imf 606 $aFinance: General$2imf 606 $aInvestments: General$2imf 606 $aMoney and Monetary Policy$2imf 606 $aFinancial Crises$2imf 606 $aGeneral Financial Markets: Government Policy and Regulation$2imf 606 $aInvestment Banking$2imf 606 $aVenture Capital$2imf 606 $aBrokerage$2imf 606 $aRatings and Ratings Agencies$2imf 606 $aFinancial Institutions and Services: Government Policy and Regulation$2imf 606 $aMonetary Policy, Central Banking, and the Supply of Money and Credit: General$2imf 606 $aFinancing Policy$2imf 606 $aFinancial Risk and Risk Management$2imf 606 $aCapital and Ownership Structure$2imf 606 $aValue of Firms$2imf 606 $aGoodwill$2imf 606 $aGeneral Financial Markets: General (includes Measurement and Data)$2imf 606 $aMonetary economics$2imf 606 $aFinancial services law & regulation$2imf 606 $aFinance$2imf 606 $aInvestment & securities$2imf 606 $aCredit ratings$2imf 606 $aCredit risk$2imf 606 $aSystemic risk$2imf 606 $aSecurities$2imf 606 $aCredit$2imf 606 $aMoney$2imf 606 $aFinancial regulation and supervision$2imf 606 $aFinancial sector policy and analysis$2imf 606 $aFinancial institutions$2imf 606 $aFinancial risk management$2imf 606 $aFinancial instruments$2imf 607 $aUnited States$2imf 615 0$aRating agencies (Finance) 615 0$aFinancial crises. 615 7$aBanks and Banking 615 7$aFinance: General 615 7$aInvestments: General 615 7$aMoney and Monetary Policy 615 7$aFinancial Crises 615 7$aGeneral Financial Markets: Government Policy and Regulation 615 7$aInvestment Banking 615 7$aVenture Capital 615 7$aBrokerage 615 7$aRatings and Ratings Agencies 615 7$aFinancial Institutions and Services: Government Policy and Regulation 615 7$aMonetary Policy, Central Banking, and the Supply of Money and Credit: General 615 7$aFinancing Policy 615 7$aFinancial Risk and Risk Management 615 7$aCapital and Ownership Structure 615 7$aValue of Firms 615 7$aGoodwill 615 7$aGeneral Financial Markets: General (includes Measurement and Data) 615 7$aMonetary economics 615 7$aFinancial services law & regulation 615 7$aFinance 615 7$aInvestment & securities 615 7$aCredit ratings 615 7$aCredit risk 615 7$aSystemic risk 615 7$aSecurities 615 7$aCredit 615 7$aMoney 615 7$aFinancial regulation and supervision 615 7$aFinancial sector policy and analysis 615 7$aFinancial institutions 615 7$aFinancial risk management 615 7$aFinancial instruments 700 $aSy$b Amadou$01462056 801 0$bDcWaIMF 906 $aBOOK 912 $a9910788333103321 996 $aThe Systemic Regulation of Credit Rating Agencies and Rated Markets$93685536 997 $aUNINA