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The systemic regulation of credit rating agencies and rated markets /
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 nec...
| Clasificación: | Libro Electrónico |
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| Autor principal: | |
| Autores Corporativos: | , |
| Formato: | Electrónico eBook |
| Idioma: | Inglés |
| Publicado: |
[Washington, D.C.] :
International Monetary Fund,
2009.
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| Colección: | IMF working paper ;
WP/09/129. |
| Temas: | |
| Acceso en línea: | Texto completo |
| Sumario: | 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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| Notas: | At head of title: IMF Institute. "June 2009." "This paper is based on a presentation at the October 2008 Conference of the AMF Scientific Advisory Board, "Structured Finance Products: What Are the Challenges for Markets and Regulators," AMF and Banque de France, Paris. |
| Descripción Física: | 1 online resource (36 pages) : illustrations |
| Bibliografía: | Includes bibliographical references (pages 33-36). |
| ISBN: | 1282843435 9781282843431 9781451917055 1451917058 |
| ISSN: | 2227-8885 ; |