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Addicted to Ratings: The Case for Reducing Governments’ Reliance on Credit Ratings

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  • Philippe Bergevin

    (C.D. Howe Institute)

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    Abstract

    Credit rating agencies have been blamed for their role in the recent financial crisis, notably for having assigned high ratings to complex financial instruments that yielded billions in losses to investors. As a consequence, a number of reforms have been proposed or introduced – including for example increased disclosure of rating methodologies. This Backgrounder argues that reducing the government use of credit ratings may be the single most important step towards restoring the credibility and integrity of rating agencies.

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    File URL: http://www.cdhowe.org/pdf/backgrounder_130.pdf
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    Bibliographic Info

    Article provided by C.D. Howe Institute in its journal C.D. Howe Institute Backgrounder.

    Volume (Year): (2010)
    Issue (Month): 130 (May)
    Pages:

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    Handle: RePEc:cdh:backgr:130

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    Related research

    Keywords: Financial Services; credit-rating agencies (CRAs); third party credit risk assessment; nationally recognized statistical rating organizations (NRSROs);

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    References

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    Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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    1. Michael Parkin, 2010. "How Soon? How Fast? Interest Rates and Other Monetary Policy Decisions in 2010," e-briefs 92, C.D. Howe Institute.
    2. Lawson A.W. Hunter, Q.C. & Edward Iacobucci & Michael J. Trebilcock, 2010. "Scrambled Signals: Canadian Content Policies in a World of Technological Abundance," C.D. Howe Institute Commentary, C.D. Howe Institute, issue 301, January.
    3. Philippe Bergevin, 2010. "Change is in the Cards: Competition in the Canadian Debit Card Market," C.D. Howe Institute Backgrounder, C.D. Howe Institute, issue 125, February.
    4. William B.P. Robson & Colin Busby, 2010. "Freeing up Food: The Ongoing Cost, and Potential Reform, of Supply Management," C.D. Howe Institute Backgrounder, C.D. Howe Institute, issue 128, April.
    5. David Johnson, 2007. "School Grades: Identifying Albert's Best Public Schools," C.D. Howe Institute Backgrounder, C.D. Howe Institute, issue 104, September.
    6. Pierre Siklos, 2010. "Taking Monetary Aggregates Seriously," e-briefs 94, C.D. Howe Institute.
    7. Colin Busby, 2010. "Supporting Employees who Deploy: The Case for Financial Assistance to Employers of Military Reservists," C.D. Howe Institute Backgrounder, C.D. Howe Institute, issue 123, January.
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