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Ratings, Rating Agencies and the Global Financial System

  • Book
  • © 2002

Overview

Editors:
  1. Richard M. Levich

    1. Stern School of Business, New York University, USA

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  2. Giovanni Majnoni

    1. World Bank, USA

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  3. Carmen M. Reinhart

    1. University of Maryland, USA

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About this book

Ratings, Rating Agencies and the Global Financial System brings together the research of economists at New York University and the University of Maryland, along with those from the private sector, government bodies, and other universities. The first section of the volume focuses on the historical origins of the credit rating business and its present day industrial organization structure. The second section presents several empirical studies crafted largely around individual firm-level or bank-level data. These studies examine (a) the relationship between ratings and the default and recovery experience of corporate borrowers, (b) the comparability of credit ratings made by domestic and foreign rating agencies, and (c) the usefulness of financial market indicators for rating banks, among other topics. In the third section, the record of sovereign credit ratings in predicting financial crises and the reaction of financial markets to changes in credit ratings is examined. The final section of the volume emphasizes policy issues now facing regulators and credit rating agencies.

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Table of contents (21 chapters)

  1. Front Matter

    Pages i-xi
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  2. Introduction

    1. Introduction: Ratings, Rating Agencies and the Global Financial System: Summary and Policy Implications

      • Richard M. Levich, Giovanni Majnoni, Carmen M. Reinhart
      Pages 1-15

  3. History, Value and Industrial Structure of Credit Rating and Reporting Agencies

    1. Front Matter

      Pages 17-17
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    2. An Historical Primer on the Business of Credit Rating

      • Richard Sylla
      Pages 19-40

    3. The Credit Rating Industry: An Industrial Organization Analysis

      • Lawrence J. White
      Pages 41-63

    4. The Paradox of Credit Ratings

      • Frank Partnoy
      Pages 65-84

    5. Discussion

      • Martin S. Fridson
      Pages 85-88

    6. Discussion

      • Mark J. Fiannery
      Pages 89-95

  4. Empirical Evidence on Credit Rating Agencies: Pricing and Regulatory Aspects

    1. Front Matter

      Pages 97-97
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    2. The Role of Credit Ratings in Bank Capital

      • Edward I. Altman, Anthony Saunders
      Pages 99-116

    3. A Guide to Choosing Absolute Bank Capital Requirements

      • Mark Carey
      Pages 117-138

    4. Credit Ratings and the Japanese Corporate Bond Market

      • Frank Packer
      Pages 139-158

    5. How Good is the Market at Assessing Bank Fragility? A Horse Race Between Different Indicators

      • Paola Bongini, Luc Laeven, Giovanni Majnoni
      Pages 159-176

    6. Rating Banks in Emerging Markets: What Credit Rating Agencies Should Learn from Financial Indicators

      • Liliana Rojas-Suarez
      Pages 177-201

    7. Discussion: Altman and Saunders on Relative Credit Risk & Carey on Absolute Credit Risk

      • Richard J. Herring
      Pages 202-212

    8. Discussion

      • Larry D. Wall
      Pages 213-220

    9. Discussion

      • Linda Allen
      Pages 221-224

  5. Empirical Evidence on Credit Ratings Agency’s Performance: Macroeconomic Aspects

    1. Front Matter

      Pages 225-225
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    2. Rating Agencies and Financial Markets

      • Graciela Kaminsky, Sergio Schmukler
      Pages 227-249

    3. Sovereign Credit Ratings Before and After Financial Crises

      • Carmen M. Reinhart
      Pages 251-268
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Editors and Affiliations

  • Stern School of Business, New York University, USA

    Richard M. Levich

  • World Bank, USA

    Giovanni Majnoni

  • University of Maryland, USA

    Carmen M. Reinhart

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