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Does Europe Need Its Own Rating Agencies?

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  • Giovanni Ferri

    ()
    (University of Bari)

  • Punziana Lacuitignola

    (University of Bari)

Abstract

Monetary unions generally boost financial markets. But European private capital markets have progressed at an unsatisfactory pace even with the euro. What accounts for this? We focus on an increasingly key financial infrastructure: Rating Agencies (RAs). Taking an international perspective, we show that: (i) financial market development increases with the presence of national RAs; (ii) in four studied Asian countries, smaller-sized companies disproportionately hold a rating from national RAs, while disregarding the global RAs (Moody’s, S&P, Fitch). We argue that the absence of European RAs may currently limit the extent of rated companies and financial market evolution in Euroland.

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File URL: http://www.dse.uniba.it/Quaderni/SERIES/WP_0033.pdf
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Paper provided by Dipartimento di Scienze Economiche e Metodi Matematici - Università di Bari in its series series with number 0033.

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Length: 1035
Date of creation: Jul 2010
Date of revision: Jul 2010
Handle: RePEc:bai:series:wp0033

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Keywords: national vs. global credit rating agencies; financial market development;

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Cited by:
  1. Ferri, Giovanni & Lacitignola, Punziana & Lee, Jeong Yeon, 2013. "Foreign ownership and the credibility of national rating agencies: Evidence from Korea," Journal of Comparative Economics, Elsevier, vol. 41(3), pages 762-776.

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