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Credit Rating Agencies
A critical introduction to the complex world of the credit rating industry: how it works, how it has evolved, the role it played in the financial crisis, and how it is regulated.
| Clasificación: | Libro Electrónico |
|---|---|
| Autor principal: | |
| Formato: | Electrónico eBook |
| Idioma: | Inglés |
| Publicado: |
Newcastle Upon Tyne :
Agenda Publishing,
2022.
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| Colección: | Finance Matters.
|
| Temas: | |
| Acceso en línea: | Texto completo |
Tabla de Contenidos:
- Cover
- Half Title
- Series Information
- Title Page
- Dedication
- Copyright Page
- Contents
- Acknowledgements
- List of figures and tables
- List of abbreviations
- Introduction
- Why CRAs have become important
- The CRAs' role in the global financial crisis of 2008
- Current status of the rating agencies: "anything but discredited players"?
- The resilience of CRAs
- Overview of the book
- 1 The "what" and the "who" about credit rating
- What is a rating and what is it not?
- CRAs as a case of structural power
- The Big Three
- Standard & Poor's Global Ratings
- Moody's Investors Service
- Fitch Ratings
- Technological change and the commodification of rating
- 2 What do credit rating agencies do?
- The authors of the common language of credit risk
- The rating scale
- Investment grade, or not investment grade
- that is the question
- Rating methodologies
- Sovereigns
- Sub-sovereigns
- Corporate rating methodology
- Discussion
- Rating through the cycle
- The caveat of the invisible in the visible: reading between the lines
- 3 The use of ratings
- Issuers, investors and intermediaries
- The collateral framework of the European Central Bank
- The standardized approach for credit risk in the Basel regulatory framework
- What are the alternatives to the regulatory use of ratings?
- Is there no alternative to external CRA ratings?
- The initiative of the Financial Stability Board to reduce the CRA reliance
- Wishful thinking: back to Basel I?
- 4 Credit rating agencies under criticism
- Conflicts of interest
- The US home bias
- The lack of competition
- The timeliness of ratings
- The CRA critique and the CRAs' authority
- 5 Regulating the credit rating agencies
- US efforts
- Transnational efforts
- EU efforts
- An assessment of the CRA regulations enacted after the GFC
- 6 Credit rating in China
- A brief history
- The major players
- Dagong's sovereign ratings: challenging the Big Three or just reinventing the wheel?
- Dysfunctionality in the rating market: causes and indicators
- Liberalizing China's rating market
- Conclusion
- Notes
- References
- Index