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Ratings since the Asian crisis

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  • Reisen, Helmut

Abstract

The increased importance of rating agencies for emerging-market finance has brought their work to the attention of a wider group of observers - and under criticism. This paper evaluates whether the importance of ratings for developing-country finance has changed since the Asian Crisis and whether rating agencies have modified the determinants for their rating decisions. It also provides an analysis on recent suggestions by the Basel Committee on Banking Supervision, as these are very important for gauging the future role of sovereign ratings for foreign debt finance in developing countries.
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Suggested Citation

  • Reisen, Helmut, 2003. "Ratings since the Asian crisis," Copublicaciones, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL), number 1790.
    • Handle: RePEc:ecr:col014:1790
    Note: Includes bibliography
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    References listed on IDEAS

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    Cited by:

    1. repec:spo:wpecon:info:hdl:2441/10184 is not listed on IDEAS
    2. Marwan Elkhoury, 2007. "Credit Rating Agencies And Their Potential Impact On Developing Countries," UNCTAD Discussion Papers 186, United Nations Conference on Trade and Development.
    3. José Antonio Ocampo, 2005. "A Broad View of Macroeconomic Stability," Working Papers 1, United Nations, Department of Economics and Social Affairs.
    4. Marcus Noland, 2005. "Popular Attitudes, Globalization and Risk," International Finance, Wiley Blackwell, vol. 8(2), pages 199-229, August.
    5. Martínez, Juan & Santiso, Javier, 2003. "Financial Markets and Politics: The Confidence Game in Latin American Emerging Economies," MPRA Paper 12909, University Library of Munich, Germany.
    6. Ffrench-Davis, Ricardo, 2010. "Macroeconomics for development: from financierism" to "productivism""," Revista CEPAL, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL), December.
    7. Mora, Nada, 2006. "Sovereign credit ratings: Guilty beyond reasonable doubt?," Journal of Banking & Finance, Elsevier, vol. 30(7), pages 2041-2062, July.
    8. Thierry Mayer, 2006. "Policy Coherence for Development : A Background paper on Foreign Direct Investment," Sciences Po Economics Publications (main) hal-01065640, HAL.
    9. Ricardo Ffrench-Davis, 2008. "From Financieristic To Real Macroeconomics: Seeking Development Convergence In Ees," Working Papers wp272, University of Chile, Department of Economics.
    10. Ffrench-Davis, Ricardo, 2003. "Financial crisis and national policy issues: an overview," Copublicaciones, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL), number 1785.
    11. repec:spo:wpmain:info:hdl:2441/10184 is not listed on IDEAS
    12. Mr. John Kiff & Sylwia Nowak & Miss Liliana B Schumacher, 2012. "Are Rating Agencies Powerful? An Investigation Into the Impact and Accuracy of Sovereign Ratings," IMF Working Papers 2012/023, International Monetary Fund.
    13. Sebastián Nieto Parra & Javier Santiso, 2008. "Wall Street and Elections in Latin American Emerging Economies," OECD Development Centre Working Papers 272, OECD Publishing.
    14. Knedlik, Tobias & Ströbel, Johannes, 2006. "The role of banking portfolios in the transmission from currency crises to banking crises - potential effects of Basel II," IWH Discussion Papers 21/2006, Halle Institute for Economic Research (IWH).
    15. Mr. Eduardo Borensztein & Mr. Patricio A Valenzuela & Kevin Cowan, 2007. "Sovereign Ceilings “Lite”? The Impact of Sovereign Ratings on Corporate Ratings in Emerging Market Economies," IMF Working Papers 2007/075, International Monetary Fund.
    16. Matthieu Bussière & Annukka Ristiniemi, 2012. "Credit Ratings and Debt Crises," Working papers 396, Banque de France.
    17. José Ocampo, 2007. "The Instability and Inequities of the Global Reserve System," International Journal of Political Economy, Taylor & Francis Journals, vol. 36(4), pages 71-96.
    18. Luiz de Mello & Diego Moccero, 2006. "Consolidating Macroeconomic Adjustment in Brazil," OECD Economics Department Working Papers 531, OECD Publishing.
    19. Choy, Swee Yew & Chit, Myint Moe & Teo, Wing Leong, 2021. "Sovereign credit ratings: Discovering unorthodox factors and variables," Global Finance Journal, Elsevier, vol. 48(C).
    20. Ocampo, José Antonio, 2003. "Capital-account and counter-cyclical prudential regulations in developing countries," Copublicaciones, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL), number 1796.
    21. Helmut Reisen & Martin Grandes & Nicolas Pinaud, 2005. "Macroeconomic Policies: New Issues of Interdependence," OECD Development Centre Working Papers 241, OECD Publishing.
    22. Ms. Laura E. Kodres & Kristian Hartelius & Kenichiro Kashiwase, 2008. "Emerging Market Spread Compression: Is it Real or is it Liquidity?," IMF Working Papers 2008/010, International Monetary Fund.
    23. Stephany Griffith-Jones, 2014. "Pour une libéralisation prudente du secteur financier : implications en matière de politique économique," Revue d’économie du développement, De Boeck Université, vol. 22(2), pages 81-112.
    24. Ilene GRABEL, 2004. "Trip Wires And Speed Bumps: Managing Financial Risks And Reducing The Potential For Financial Crises In Developing Economies," G-24 Discussion Papers 33, United Nations Conference on Trade and Development.
    25. Patrycja Chodnicka-Jaworska, 2018. "Banks credit ratings – is the size of the credit rating agency important?," Faculty of Management Working Paper Series 32018, University of Warsaw, Faculty of Management.

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