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The systemic regulation of credit rating agencies and rated markets

Author: Amadou N R Sy; International Monetary Fund.; IMF Institute.
Publisher: [Washington, D.C.] : International Monetary Fund, 2009.
Series: IMF working paper, WP/09/129.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Database:WorldCat
Summary:
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 necessary to address the systemic risk inherent to ratings. The paper illustrates how financial markets have increasingly  Read more...
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Genre/Form: Electronic books
Additional Physical Format: Print version:
Sy, Amadou N.R.
Systemic regulation of credit rating agencies and rated markets.
[Washington, D.C.] : International Monetary Fund, IMF Institute, 2009
(OCoLC)436024733
Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Amadou N R Sy; International Monetary Fund.; IMF Institute.
ISBN: 1282843435 9781282843431 9781451917055 1451917058
OCLC Number: 451207112
Notes: At head of title: IMF Institute.
"June 2009."
"This paper is based on a presentation at the October 2008 Conference of the AMF Scientific Advisory Board, "Structured Finance Products: What Are the Challenges for Markets and Regulators," AMF and Banque de France, Paris.
Description: 1 online resource (36 pages) : illustrations.
Series Title: IMF working paper, WP/09/129.
Responsibility: prepared by Amadou N.R. Sy.

Abstract:

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 necessary to address the systemic risk inherent to ratings. The paper illustrates how financial markets have increasingly relied on ratings. It shows how downgrades have led to systemic market losses and increased illiquidity. The paper suggests the use of "ratings maps" and stress-tests to assess the systemic risk of ratings, and increased capital or liquidity buffers to manage such risk.

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