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Ratings, Rating Agencies and the Global Financial System

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ISBN-10: 1402070160

ISBN-13: 9781402070167

Edition: 2002

Authors: Giovanni Majnoni, Richard M. Levich, Carmen Reinhart

List price: $269.00
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Description:

The business of credit ratings began in the United States in the early 1900s. Over time, credit ratings have gradually taken on an expanding role, both in the United States and abroad and in official financial market regulation as well as in private capital market decisions. However, in 1999 the Bank for International Settlements (through its Committee on Banking Supervision) proposed rule changes that would provide an explicit role for credit ratings in determining a bank's required regulatory risk capital. Once implemented, this BIS proposal (often referred to as Basel 2) would vastly elevate the importance of credit ratings by linking the required measure of bank capital to the credit…    
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Book details

List price: $269.00
Copyright year: 2002
Publisher: Springer
Publication date: 8/31/2002
Binding: Hardcover
Pages: 379
Size: 6.25" wide x 9.50" long x 1.00" tall
Weight: 1.738
Language: English

List of Contributors
Preface
Introduction: "Ratings, Rating Agencies and the Global Financial System: Summary and Policy Implications"
History, Value and Industrial Structure of Credit Rating and Reporting Agencies
A Historical Primer on the Business of Credit Rating
The Credit Rating Industry: An Industrial Organization Analysis
The Paradox of Credit Ratings
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Empirical Evidence on Credit Rating Agencies: Pricing and Regulatory Aspects
The Role of Credit Ratings in Bank Capital
A Guide to Choosing Absolute Bank Capital Requirements
Credit Ratings and the Japanese Corporate Bond Market
How Good is the Market at Assessing Bank Fragility? A Horse Race Between Different Indicators
Rating Banks in Emerging Markets: What Credit Rating Agencies Should Learn from Financial Indicators
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Discussant
Discussant
Empirical Evidence on Credit Ratings Agency's Performance: Macroeconomic Aspects
Rating Agencies and Financial Markets
Sovereign Credit Ratings Before and After Financial Crises
Equity Risk Premiums
Policy Issues Facing Regulators and Credit Rating Agencies
Rating Agencies: Is There an Agency Issue?
Do Banks Provision for Bad Loans in Good Times? Empirical Evidence and Policy Implications
Policy Issues Facing Rating Agencies
Credit Risk and Financial Instability
Author Index
Subject Index