Are Rating Agencies Powerful? An Investigation Into the Impact and Accuracy of Sovereign Ratings

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Publisher : International Monetary Fund
ISBN 13 : 1463931859
Total Pages : 35 pages
Book Rating : 4.4/5 (639 download)

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Book Synopsis Are Rating Agencies Powerful? An Investigation Into the Impact and Accuracy of Sovereign Ratings by : Mr.John Kiff

Download or read book Are Rating Agencies Powerful? An Investigation Into the Impact and Accuracy of Sovereign Ratings written by Mr.John Kiff and published by International Monetary Fund. This book was released on 2012-01-01 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt: We find that Credit Rating Agencies (CRA)'s opinions have an impact in the cost of funding of sovereign issuers and consequently ratings are a concern for financial stability. While ratings produced by the major CRAs perform reasonably well when it comes to rank ordering default risk among sovereigns, there is evidence of rating stability failure during the recent global financial crisis. These failures suggest that ratings should incorporate the obligor's resilience to stress scenarios. The empirical evidence also supports: (i) reform initiatives to reduce the impact of CRAs' certification services; (ii) more stringent validation requirements for ratings if they are to be used in capital regulations; and (iii) more transparency with regard to the quantitative parameters used in the rating process.

Sovereign Rating News and Financial Markets Spillovers

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Publisher : International Monetary Fund
ISBN 13 : 1455225061
Total Pages : 30 pages
Book Rating : 4.4/5 (552 download)

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Book Synopsis Sovereign Rating News and Financial Markets Spillovers by : Bertrand Candelon

Download or read book Sovereign Rating News and Financial Markets Spillovers written by Bertrand Candelon and published by International Monetary Fund. This book was released on 2011-03-01 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the spillover effects of sovereign rating news on European financial markets during the period 2007-2010. Our main finding is that sovereign rating downgrades have statistically and economically significant spillover effects both across countries and financial markets. The sign and magnitude of the spillover effects depend both on the type of announcements, the source country experiencing the downgrade and the rating agency from which the announcements originates. However, we also find evidence that downgrades to near speculative grade ratings for relatively large economies such as Greece have a systematic spillover effects across Euro zone countries. Rating-based triggers used in banking regulation, CDS contracts, and investment mandates may help explain these results.

Sovereign Ceilings "lite"?The Impact of Sovereign Ratings on Corporate Ratings

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Publisher :
ISBN 13 :
Total Pages : 33 pages
Book Rating : 4.:/5 (931 download)

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Book Synopsis Sovereign Ceilings "lite"?The Impact of Sovereign Ratings on Corporate Ratings by : Eduardo Borensztein

Download or read book Sovereign Ceilings "lite"?The Impact of Sovereign Ratings on Corporate Ratings written by Eduardo Borensztein and published by . This book was released on 2013 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt:

EU Supervision of Credit Rating Agencies

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Publisher :
ISBN 13 :
Total Pages : 76 pages
Book Rating : 4.:/5 (318 download)

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Book Synopsis EU Supervision of Credit Rating Agencies by :

Download or read book EU Supervision of Credit Rating Agencies written by and published by . This book was released on 2015 with total page 76 pages. Available in PDF, EPUB and Kindle. Book excerpt: "The 2008 financial crisis focused attention on the credit rating agencies and their impact on financial markets. At the time, there was very little regulation of the agencies in Europe. In 2011, the European Securities and Markets Authority (ESMA) was created to register, monitor and supervise them. This report examines whether ESMA has successfully established itself as the credit rating agencies watchdog for the EU. We conclude that while ESMA has laid down good foundations, its rules and guidelines are not yet complete and significant risks remain to be addressed in the future."--Publisher's description.

Sovereign Credit Rating

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Author :
Publisher : Routledge
ISBN 13 : 1317192990
Total Pages : 177 pages
Book Rating : 4.3/5 (171 download)

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Book Synopsis Sovereign Credit Rating by : Ahmed Naciri

Download or read book Sovereign Credit Rating written by Ahmed Naciri and published by Routledge. This book was released on 2016-12-19 with total page 177 pages. Available in PDF, EPUB and Kindle. Book excerpt: The current degradation of sovereign balance sheets raises very real concerns about how sovereign creditworthiness is measured by credit rating agencies. Given the disastrous economic and social effects of any downgrade, the book offers an alternative and calls for more transparency about the quantitative measures used in calibrating the rating process and how sovereign ratings are validated. It argues that oversight is required and procedures improved, including subjecting methodologies of assessing default to more standardization and monitoring. Sovereign Credit Rating explains the process of sovereign creditworthiness assessment and explores the consequences of possible inaccuracies in the process. Developing an innovative new methodology to assess ratings accuracy, it shows that the announcement of each rating action by the major credit rating agencies show alarming inconsistencies. Written by an internationally recognized author and professor, this unique book will be of interest to researchers and advanced students in corporate governance, accounting, public finance and regulation.

The Governance of Credit Rating Agencies

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Author :
Publisher : Edward Elgar Publishing
ISBN 13 : 1786439948
Total Pages : 360 pages
Book Rating : 4.7/5 (864 download)

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Book Synopsis The Governance of Credit Rating Agencies by : Andrea Miglionico

Download or read book The Governance of Credit Rating Agencies written by Andrea Miglionico and published by Edward Elgar Publishing. This book was released on 2019 with total page 360 pages. Available in PDF, EPUB and Kindle. Book excerpt: The global crisis revealed that credit rating agencies (CRAs) are capable of bringing about potential distortions in the financial sector, thereby resulting in a reduction in market confidence which, in turn, influences negotiations and expectations. CRAs need to be held accountable for lack of transparency and inaccurate ratings, however the existing regulatory framework does not secure adequate investor protection. This book provides a new and important contribution to research in the area, at a crucial time in the debate around financial regulation and investment regimes.

To the Brink of Destruction

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Publisher : Cornell University Press
ISBN 13 : 1501760254
Total Pages : 114 pages
Book Rating : 4.5/5 (17 download)

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Book Synopsis To the Brink of Destruction by : Timothy J. Sinclair

Download or read book To the Brink of Destruction written by Timothy J. Sinclair and published by Cornell University Press. This book was released on 2021-11-15 with total page 114 pages. Available in PDF, EPUB and Kindle. Book excerpt: To the Brink of Destruction exposes how America's rating agencies helped generate the global financial crisis of 2007 and beyond, surviving and thriving in the aftermath. Despite widespread scrutiny, rating agencies continued to operate on the same business model and wield extraordinary power, exerting extensive influence over public policy. Timothy J. Sinclair brings the shadowy corners of this story to life by examining congressional testimony, showing how the wheels of accountability turned—and ultimately failed—during the crisis. He asks how and why the agencies risked their lucrative franchise by aligning so closely with a process of financial innovation that came undone during the crisis. What he finds is that key institutions, including the agencies, changed from being judges to being advocates years before the crisis, eliminating a vital safety valve meant to hinder financial excess. Sinclair's well-researched investigation offers a clear, accessible explanation of structured finance and how it works. To the Brink of Destruction avoids tired accusations, instead providing novel insight into the role rating agencies played in the worst crisis of modern global capitalism.

Rating Through-the-Cycle

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Publisher : International Monetary Fund
ISBN 13 : 147551459X
Total Pages : 38 pages
Book Rating : 4.4/5 (755 download)

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Book Synopsis Rating Through-the-Cycle by : Mr.John Kiff

Download or read book Rating Through-the-Cycle written by Mr.John Kiff and published by International Monetary Fund. This book was released on 2013-03-08 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: Credit rating agencies face a difficult trade-off between delivering both accurate and stable ratings. In particular, its users have consistently expressed a preference for rating stability, driven by the transactions costs induced by trading when ratings change frequently. Rating agencies generally assign ratings on a through-the-cycle basis whereas banks' internal valuations are often based on a point-in-time performance, that is they are related to the current value of the rated entity's or instrument's underlying assets. This paper compares the two approaches and assesses their impact on rating stability and accuracy. We find that while through-the-cycle ratings are initially more stable, they are prone to rating cliff effects and also suffer from inferior performance in predicting future defaults. This is because they are typically smooth and delay rating changes. Using a through-the-crisis methodology that uses a more stringent stress test goes halfway toward mitigating cliff effects, but is still prone to discretionary rating change delays.

Geopolitical Risk, Sustainability and “Cross-Border Spillovers” in Emerging Markets, Volume II

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Publisher : Springer Nature
ISBN 13 : 3030714195
Total Pages : 594 pages
Book Rating : 4.0/5 (37 download)

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Book Synopsis Geopolitical Risk, Sustainability and “Cross-Border Spillovers” in Emerging Markets, Volume II by : Michael I. C. Nwogugu

Download or read book Geopolitical Risk, Sustainability and “Cross-Border Spillovers” in Emerging Markets, Volume II written by Michael I. C. Nwogugu and published by Springer Nature. This book was released on 2022-01-01 with total page 594 pages. Available in PDF, EPUB and Kindle. Book excerpt: Many emerging market countries are bank-based economies and are increasingly affected by geopolitical risks, U.S. dollar dynamics, regulations, preferential trade agreements (PTAs), MNCs (that often function like international organizations), social networks, labor dynamics, cross-border spillovers and the inefficient expansion of formal/informal microfinance. Country risks, informal economies (that account for 20-50 percent of the national economy of many emerging market countries), investor protection, enforcement commitment, compliance costs, sustainability (environmental, social, economic and political sustainability), economic growth, political stability, financial stability, geopolitical risk, social networks, household economics, inequality and international trade outcomes can vary dramatically across many DECs and LDECs due to these phenomena. The COVID-19 pandemic has illustrated the many problems inherent in political systems, economic policy and governments’ emergency powers during pandemics/epidemics and economic/financial crisis. This second volume focuses on geopolitical risks that are intertwined with constitutional political economy and labor issues, alongside addressing some of the financial and constitutional crises that occurred in Europe, Asia and the U.S. during 2007-2020. This book provides analysis of complex systems and the preferences and reasoning of state/government and corporate actors in order to develop better artificial intelligence and decision-system models of geopolitical risk, public policy and international capital flows, all of which are increasingly important decision factors for investment managers, boards-of-directors and government officials.

Industrial Engineering in the Covid-19 Era

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Publisher : Springer Nature
ISBN 13 : 3031258479
Total Pages : 308 pages
Book Rating : 4.0/5 (312 download)

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Book Synopsis Industrial Engineering in the Covid-19 Era by : Fethi Calisir

Download or read book Industrial Engineering in the Covid-19 Era written by Fethi Calisir and published by Springer Nature. This book was released on 2023-02-05 with total page 308 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book gathers extended versions of the best papers presented at the Global Joint Conference on Industrial Engineering and Its Application Areas (GJCIE), held as a hybrid event on October 29–30, 2022, in/from Istanbul Technical University. Continuing the tradition of previous volumes, it highlights recent developments of industrial engineering at the purpose of using and managing digital and intelligent technologies for application to a wide range of field, including manufacturing, healthcare, e-commerce and sustainable development. A special emphasis is given to engineering methods and strategies for managing pandemics and reducing their adverse effects on businesses.

Italian Banking and Financial Law: Crisis Management Procedures, Sanctions, Alternative Dispute Resolution Systems and Tax Rules

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Publisher : Springer
ISBN 13 : 1137507624
Total Pages : 229 pages
Book Rating : 4.1/5 (375 download)

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Book Synopsis Italian Banking and Financial Law: Crisis Management Procedures, Sanctions, Alternative Dispute Resolution Systems and Tax Rules by : D. Siclari

Download or read book Italian Banking and Financial Law: Crisis Management Procedures, Sanctions, Alternative Dispute Resolution Systems and Tax Rules written by D. Siclari and published by Springer. This book was released on 2016-01-12 with total page 229 pages. Available in PDF, EPUB and Kindle. Book excerpt: Within an environment made difficult by the continuing economic crisis, the Italian model for crisis management and resolution has helped to avoid many difficulties faced by intermediaries across the globe. However, the Italian model for crisis management will be forced to adapt to the new EU Bank Recovery and Resolution Directive, which introduces a unified regime for such events in all EU countries. This book explores the various methods for crisis management employed in Italian finance. The authors discuss procedures used in the banking and insurance sectors, such as deposit guarantee schemes and alternative dispute resolution systems. They also explore the evolution of the administrative sanctioning systems, and the roles of tax rules and credit rating agencies in Italian finance. This book analyses the evolution of the various crisis management processes, and discusses potential goals and improvements within the context of recent measures suggested by the European Commission.

The democratic advantage

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Publisher : Hoover Press
ISBN 13 : 9780817957230
Total Pages : 60 pages
Book Rating : 4.9/5 (572 download)

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Book Synopsis The democratic advantage by : Barry R. Weingast

Download or read book The democratic advantage written by Barry R. Weingast and published by Hoover Press. This book was released on with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt:

OECD Economic Surveys: Euro Area 2018

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Publisher : OECD Publishing
ISBN 13 : 9264302093
Total Pages : 92 pages
Book Rating : 4.2/5 (643 download)

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Book Synopsis OECD Economic Surveys: Euro Area 2018 by : OECD

Download or read book OECD Economic Surveys: Euro Area 2018 written by OECD and published by OECD Publishing. This book was released on 2018-06-19 with total page 92 pages. Available in PDF, EPUB and Kindle. Book excerpt: The euro area economy is growing robustly, and GDP growth is projected to remain strong in 2018 and 2019. These improved economic conditions should facilitate further reforms needed to enhance euro area resilience to downturns and ensure its long-term sustainability. Rapid resolution of ...

IMF Research Bulletin, March 2012

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Publisher : International Monetary Fund
ISBN 13 : 1475598866
Total Pages : 18 pages
Book Rating : 4.4/5 (755 download)

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Book Synopsis IMF Research Bulletin, March 2012 by : International Monetary Fund. Research Dept.

Download or read book IMF Research Bulletin, March 2012 written by International Monetary Fund. Research Dept. and published by International Monetary Fund. This book was released on 2012-03-08 with total page 18 pages. Available in PDF, EPUB and Kindle. Book excerpt: The research summaries in the March 2012 issue of the IMF Research Bulletin are "Foreign Direct Investment and the Crisis: Is This Time Different?" (by Yuko Kinoshita) and "Food Prices and Inflation" (by James P. Walsh). The Q&A covers seven questions on "Unemployment through the Prism of the Great Recession" (by Prakash Loungani). This issue also launches a new feature "Conversations with Visiting Scholars" with an interview with Tom Sargent, winner of the 2011 Nobel Prize in Economic Sciences. Also included in this issue are details on visiting scholars at the IMF, a listing of recently published IMF Working Papers, and information on the next issue of "IMF Economic Review."

Emerging Markets in an Upside Down World

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Publisher : John Wiley & Sons
ISBN 13 : 1118879678
Total Pages : 280 pages
Book Rating : 4.1/5 (188 download)

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Book Synopsis Emerging Markets in an Upside Down World by : Jerome Booth

Download or read book Emerging Markets in an Upside Down World written by Jerome Booth and published by John Wiley & Sons. This book was released on 2014-04-21 with total page 280 pages. Available in PDF, EPUB and Kindle. Book excerpt: The world is upside down. The emerging market countries are more important than many investors realise. They have been catching up with the West over the past few decades. Greater market freedom has spread since the end of the Cold War, and with it institutional changes which have further assisted emerging economies in becoming more productive, flexible, and resilient. The Western financial crisis from 2008 has quickened the pace of the relative rise of emerging markets - their relative economic power, and with it political power, but also their financial power as savers, investors and creditors. Emerging Markets in an Upside Down World - Challenging Perceptions in Asset Allocation and Investment argues that finance theory has misunderstood risk and that this has led to poor investment decisions; and that emerging markets constitute a good example of why traditional finance theory is faulty. The book accurately describes the complex and changing global environment currently facing the investor and asset allocator. It raises many questions often bypassed because of the use of simplifying assumptions and models. The narrative builds towards a checklist of issues and questions for the asset allocator and investor and then to a discussion of a variety of regulatory and policy issues. Aimed at institutional and retail investors as well as economics, finance, business and international relations students, Emerging Markets in an Upside Down World covers many complex ideas, but is written to be accessible to the non-expert.

Financialization, Austerity, and Inclusion in Latin America and the Caribbean

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Publisher : Lexington Books
ISBN 13 : 1793647968
Total Pages : 183 pages
Book Rating : 4.7/5 (936 download)

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Book Synopsis Financialization, Austerity, and Inclusion in Latin America and the Caribbean by : Rana S. Gautam

Download or read book Financialization, Austerity, and Inclusion in Latin America and the Caribbean written by Rana S. Gautam and published by Lexington Books. This book was released on 2023-12-06 with total page 183 pages. Available in PDF, EPUB and Kindle. Book excerpt: Gautam, Pinheiro, and Wilson analyze the spread of financialization in Latin America and the Caribbean, highlighting the ideational origins of financialization outside the region, its effects on government budgeting and social inclusion, and options for increased inclusivity.

Issues and Actors in the Global Political Economy

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Publisher : Bloomsbury Publishing
ISBN 13 : 1137390476
Total Pages : 338 pages
Book Rating : 4.1/5 (373 download)

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Book Synopsis Issues and Actors in the Global Political Economy by : André Broome

Download or read book Issues and Actors in the Global Political Economy written by André Broome and published by Bloomsbury Publishing. This book was released on 2014-03-11 with total page 338 pages. Available in PDF, EPUB and Kindle. Book excerpt: A major new text on contemporary global political economy that focuses centrally on key issues and actors. Concise and accessibly written, it provides an ideal introduction to the contemporary dynamics and processes of change in the global political economy.