The systemic regulation of credit rating agencies and rated markets

The systemic regulation of credit rating agencies and rated markets / prepared by Amadou N.R. Sy.

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...

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Bibliographic Details
Main Author: Sy, Amadou N. R. (Author)
Corporate Authors: International Monetary Fund, IMF Institute
Format: eBook
Language:English
Published: [Washington, D.C.] : International Monetary Fund, 2009.
Series:IMF working paper ; WP/09/129.
Subjects:
Financial crises.
Rating agencies (Finance)
Financial instruments.
Credit ratings > Law and legislation.
Risk management.
risk management.
Financial crises
Financial instruments
Risk management
Online Access:Click for online access
Table of Contents:
  • I. Introduction; II. Lessons from Previous Rating Crises; III. Credit Ratings in Capital Markets; A. The Demand and Supply for Credit Ratings; B. Use of Credit Ratings in Legislation, Regulations and Supervisory Policies (LRSPs); C. Costs and Benefits of Ratings; IV. The Systemic Risk of Ratings; V. Role of CRAs in Structured Products Markets; A. The Rapid Growth of Structured Products; B. AAA as the Gold Standard; VI. Model Risk in the Rating of Structured Credit Products; VII. Governance Issues in the Rating of Structured Credit Products; VIII. Policy Recommendations.
  • A. Regulating CRAsB. Regulating Rated Securities Markets; C. Ensuring Systemic Stability; IX. Conclusions; X. Reference.

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