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What Can and Cannot Be Done about Rating Agencies

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  • Nicolas Veron

    ()
    (Peterson Institute for International Economics)

Abstract

The constantly developing global financial system needs better risk assessments than Credit Rating Agencies (CRAs) have been collectively able to deliver during recent crises. More comprehensive public disclosure by issuers on their financial risks, which would not require intermediation by CRAs, is the best chance for new and better risk assessment methodologies and practices to emerge. To put it in a simplistic but concise way, what is needed is "a John Moody for the 21st century." CRAs themselves can perhaps be somewhat improved by adequate regulation and supervision, but public policy initiatives that focus only on CRAs are unlikely to adequately address the need for substantially better financial risk assessments. If real progress is to be made towards a better public understanding of financial risks, it will have to involve innovative approaches that even well-regulated CRAs, on the basis of recent experience, may not be the best placed to deliver.

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Paper provided by Peterson Institute for International Economics in its series Policy Briefs with number PB11-21.

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Date of creation: Nov 2011
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Handle: RePEc:iie:pbrief:pb11-21

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  1. Jonathan Katz & Emanuel Salinas & Constantinos Stephanou, 2009. "Credit Rating Agencies," World Bank Other Operational Studies 10227, The World Bank.
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Cited by:
  1. Chiwitt, Ulrich, 2014. "Ratingagenturen - Fluch oder Segen? Eine kritische Bestandsaufnahme," Arbeitspapiere der FOM, FOM Hochschule für Oekonomie & Management 48, FOM Hochschule für Oekonomie & Management.

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