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Ratingagenturen in der Kritik: Eine Analyse der Reformforderungen und -vorschläge

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  • Theurl, Theresia
  • Schaetzle, Dominik
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    Abstract

    Ratingagenturen sind einflussreiche und mächtige Organisationen. Im Zusammenhang mit der Finanzmarktkrise und mit den aktuellen Verschuldungsproblemen europäischer Staaten und der USA sind sie wieder einmal in das Rampenlicht der medialen und öffentlichen Aufmerksamkeit getreten. Dies geschah nicht das erste Mal. Ihnen wird eine Mitschuld an den negativen Entwicklungen gegeben, sie werden kritisiert, nicht rechtzeitig vor sich abzeichnenden Problemen gewarnt zu haben. In Konsequenz wird nicht nur eine bisher nur in Ansätzen vorhandene staatliche Regulierung der Ratingagenturen gefordert, sondern es wurden zahlreiche Reformforderungen und -vorschläge präsentiert, die die Governance von Ratingagenturen grundsätzlich verändern sollen. Dies reichen von einem Wandel der Bezahlungsmodalitäten, weg von der Beauftragung und Bezahlung durch die Kapitalnehmer und hin zu den Investoren, über die Schaffung von staatlichen und/oder europäischen Agenturen, hin zu einer verpflichtenden Haftung für die Ratingurteile sowie zu einer Veränderung der Marktzutrittsregeln und einer Intensivierung des Wettbewerbs zwischen Ratingagenturen durch andere Maß-nahmen. In diesem IfG-Arbeitspapier werden diese Reformvorschläge analysiert, mit der Zielsetzung ihre Wirkungen auf die Ratingqualität sowie auf die Erfüllung der Funktionen der Ratingagenturen auszuloten. Dabei stellt sich heraus, dass wichtiger noch als die Neuerfindung der Ratingagen-turen eine realistische Erwartungshaltung bezüglich ihrer Aktivitäten ist sowie die Überprüfung der Investitionsvorschriften, die Ratings voraussetzen. Die Überlegungen führen zum Ergebnis einer stärkeren staatli-chen Regulierung, die jedoch die Anreizstrukturen der Ratingagenturen berücksichtigt und positiv beeinflusst. Das Arbeitspapier entstammt dem IfG-Forschungscluster I: Institutionenökonomische Analysen. --

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    Bibliographic Info

    Paper provided by Westfälsche Wilhelms-Universität Münster (WWU), Institut für Genossenschaftswesen in its series Arbeitspapiere with number 116.

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    Date of creation: 2011
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    Handle: RePEc:zbw:wwuifg:116

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