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Las agencias de rating y la crisis fi nanciera de 2008: ¿El fi n de un poder sin control?

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  • María Concepción Verona Martel

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  • José Juan Déniz Mayor

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Abstract

RESUMENEn el presente trabajo se analiza la infl uencia de las agencias de califi cación crediticia en los mercados de valores, a través de una revisión de trabajos empíricos realizados en diferentes países, así como los recientes esfuerzos delos gobiernos por establecer normas que las regulen, dada su relevancia y el cuestionado papel que han desempeñado desde el comienzo de la crisis de 2008. La importancia de este estudio radica en que permite corroborar la hipótesis de que estas agencias tienen un poder real sobre los mercados fi nancieros, por lo que es preciso diseñar instrumentos que permitan asegurarque sus ratings sean elaborados en forma responsable y fiable.ABSTRACTTHE RATING AGENCIES AND THE FINANCIAL CRISIS IN 2008: THE END OF AN UNCONTROLLED POWER?This article analizes the influence of the credit qualification of the security markets through a review of empirical works made in different countries, as well as the recent efforts of governments to establish rules that regulate them in view of their relevance and the questioned role that they have performed since the beginning of 2008´s crisis. The importance of thisstudy lies in the corroboration of the hypothesis that these agencies have a real power over the financial markets and that is why it is necessary to design instruments that assure that the ratings are made in a trustworthy and responsible way.RESUMOAS AGÊNCIAS DE RATING E A CRISE FINANCEIRA DE 2008: O FIM DE UM PODER SEM CONTROLE?No presente trabalho se analisa a influência das agências de qualificação creditícia nos mercados de valores, através de uma revisão de trabalhos empíricos realizados em diferentes países, assim como os recentes esforços dos governos por estabelecer normas que as regulem, dada sua relevância e o questionado papel que tem desempenhado desde o começo da crise de 2008. A importância deste estudo radica em que permite corroborar a hipótese de que estas agências têm um poder real sobre os mercados financeiros, pelo que é preciso desenhar instrumentos que permitam assegurar que seus ratings sejam elaborados em formaresponsável a fiável.RÉSUMÉLES AGENCES RATING ET LA CRISE FINANCIÈRE DE 2008:LA FIN D´UN POUVOIR SANS CONTRÔLE?Dans cet article nous analysons l´influence des agences de crédit dans les marchés des valeurs mobilières, à travers une revue des études empiriques menées dans différents pays, et les efforts récents du gouvernement d´établir des normes pour les réglementer, en tenant compte leur pertinence et le rôle joué depuis le début de la crise de 2008. L´importance de cette étude c´est que nous permet de confirmer l´hypothèse selon laquelle ces organismes ont un réel pouvoir sur les marchés financiers, ce qui rend nécessaire de concevoir des outils pour s´assurer que leurs évaluations soient réalisées de manière responsable et fiable.

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  • María Concepción Verona Martel & José Juan Déniz Mayor, 2011. "Las agencias de rating y la crisis fi nanciera de 2008: ¿El fi n de un poder sin control?," Revista Criterio Libre, Universidad Libre - Sede Principal, June.
  • Handle: RePEc:col:000370:008818
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    Keywords

    PALABRAS CLAVE: Agencias de rating; rating; regulación; crisis fi nanciera.Keywords: Rating; rating agencies; regulation; financial crisis.Palavras-chave: Agências de rating; rating; regulação; crise financeiraMots clés: Agences de notation; rating; réglementation; crise financière;

    JEL classification:

    • G01 - Financial Economics - - General - - - Financial Crises
    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading
    • G24 - Financial Economics - - Financial Institutions and Services - - - Investment Banking; Venture Capital; Brokerage

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