Ratings, Rating Agencies and the Global Financial System

  • Richard M. Levich
  • Giovanni Majnoni
  • Carmen M. Reinhart

Table of contents

  1. Front Matter
    Pages i-xi
  2. Introduction

    1. 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
    2. Frank Partnoy
      Pages 65-84
    3. Martin S. Fridson
      Pages 85-88
    4. Mark J. Fiannery
      Pages 89-95
  4. Empirical Evidence on Credit Rating Agencies: Pricing and Regulatory Aspects

    1. Front Matter
      Pages 97-97
    2. Edward I. Altman, Anthony Saunders
      Pages 99-116
    3. Larry D. Wall
      Pages 213-220
    4. Linda Allen
      Pages 221-224
  5. Empirical Evidence on Credit Ratings Agency’s Performance: Macroeconomic Aspects

    1. Front Matter
      Pages 225-225
    2. Graciela Kaminsky, Sergio Schmukler
      Pages 227-249

About this book

Introduction

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.

Keywords

Bank banking credit risk financial market financial markets rating stock market

Editors and affiliations

  • Richard M. Levich
    • 1
  • Giovanni Majnoni
    • 2
  • Carmen M. Reinhart
    • 3
  1. 1.Stern School of BusinessNew York UniversityUSA
  2. 2.World BankUSA
  3. 3.University of MarylandUSA

Bibliographic information

  • DOI https://doi.org/10.1007/978-1-4615-0999-8
  • Copyright Information Kluwer Academic Publishers 2002
  • Publisher Name Springer, Boston, MA
  • eBook Packages Springer Book Archive
  • Print ISBN 978-1-4613-5344-7
  • Online ISBN 978-1-4615-0999-8
  • Series Print ISSN 1387-6899
  • About this book