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Expected effects of the opening of the on-shore credit ratings’ market in China for the Big Three and its rationale

Author

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  • Paweł Niedziółka

    (Warsaw School of Economics, Collegium of Socio-Economics)

Abstract

The research focuses on the determination of the directions of development of the CRA market in China in the context of its opening for the Big Three as well as current economic challenges. Two sets of hypotheses are being considered. The first one assumes that the liberalisation of access rules for foreign CRAs is designed to attract foreign capital and direct it to the sectors characterised by relatively high indebtedness. The second hypothesis states that the certification effect and credibility to be gained by Chinese CRAs in the corporate bond markets due to the improvement of their competencies, fiercer competition and tightening of supervisory approach may be transferred to the sovereign ratings segment.

Suggested Citation

  • Paweł Niedziółka, 2020. "Expected effects of the opening of the on-shore credit ratings’ market in China for the Big Three and its rationale," Bank i Kredyt, Narodowy Bank Polski, vol. 51(2), pages 189-210.
    • Handle: RePEc:nbp:nbpbik:v:51:y:2020:i:2:p:189-210
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    More about this item

    Keywords

    rating; sovereign risk; China; bond market; Big Three;
    All these keywords.

    JEL classification:

    • F34 - International Economics - - International Finance - - - International Lending and Debt Problems
    • G01 - Financial Economics - - General - - - Financial Crises

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