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Länderrisiko: Die ökonomischen Konsequenzen einer Herabstufung durch die Rating-Agenturen

  • Benjamin Käfer


    (University of Kassel)

  • Jochen Michaelis


    (University of Kassel)

Bei der Kritik an den Rating-Agenturen wird häufig missachtet, dass ihre Macht weitgehend politikgemacht ist. Es sind der Staat und die EZB, die über Gesetze und Regulierungen den Ratings eine Multiplikatorwirkung zuschreiben. Dieser Beitrag skizziert anhand der Länder-ratings die einschlägigen Wirkungskanäle.

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Paper provided by Philipps-Universität Marburg, Faculty of Business Administration and Economics, Department of Economics (Volkswirtschaftliche Abteilung) in its series MAGKS Papers on Economics with number 201202.

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Length: 12 pages
Date of creation: 2012
Date of revision:
Publication status: Forthcoming in
Handle: RePEc:mar:magkse:201202
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  1. Panetta, Fabio & Correa, Ricardo & Davies, Michael & Di Cesare, Antonio & Marques, José-Manuel & Nadal de Simone, Francisco & Signoretti, Federico & Vespro, Cristina & Vildo, Siret & Wieland, Martin &, 2011. "The impact of sovereign credit risk on bank funding conditions," MPRA Paper 32581, University Library of Munich, Germany.
  2. Lawrence J. White, 2010. "Markets: The Credit Rating Agencies," Journal of Economic Perspectives, American Economic Association, vol. 24(2), pages 211-26, Spring.
  3. Anil K. Kashyap & Jeremy C. Stein, 2004. "Cyclical implications of the Basel II capital standards," Economic Perspectives, Federal Reserve Bank of Chicago, issue Q I, pages 18-31.
  4. Bolton, Patrick & Jeanne, Olivier, 2011. "Sovereign Default Risk and Bank Fragility in Financially Integrated Economies," CEPR Discussion Papers 8358, C.E.P.R. Discussion Papers.
  5. Ashok Vir Bhatia, 2002. "Sovereign Credit Ratings Methodology: An Evaluation," IMF Working Papers 02/170, International Monetary Fund.
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