IDEAS home Printed from https://ideas.repec.org/
MyIDEAS: Login to save this paper or follow this series

Ratingagenturen - Fluch oder Segen? Eine kritische Bestandsaufnahme

  • Chiwitt, Ulrich
Registered author(s):

    [Vorwort] Ratingagenturen sind in den letzten Jahren verstärkt in die Kritik geraten, da viele Investoren speziell während der Subprime-Krise aufgrund falsch eingeschätzter Bewertungen massive Verluste erlitten haben. Den Agenturen wird oftmals unterstellt, sie hätten, im Falle der Beauftragung durch Emittenten, Bewertungen in der Hoffnung auf Folgeaufträge günstiger ausfallen lassen. Als Reaktion auf diese und weitere Kritikpunkte wurden die Ratingagenturen 2013 mittels EU-Rating-Verordnung unter die Aufsicht der ESMA (European Securities and Markets Authority) gestellt. Die darin erlassenen Vorschriften sollen u. a. dazu beitragen, die Transparenz zu verbessern und potenzielle Interessenkonflikte zu vermeiden. Der starke Einfluss von Ratingagenturen wird auch in Hinblick auf die Bewertung von Volkswirtschaften deutlich. So haben in der Vergangenheit Abstufungen zu empfindlichen Konsequenzen für die entsprechenden Länder geführt. Teilweise, so die Kritik, seien die Bewertungen nicht mit genügend Weitblick vorgenommen und die Folgen, z. B. in Hinblick auf Ansteckungseffekte anderer Länder, nicht in Betracht gezogen worden. Dass eine negative Bewertung für die betreffenden Länder relevante Auswirkungen nach sich ziehen kann, ist immer wieder zu beobachten, allerdings ist es auch notwendig, hoch bewertete Länder vor den Konsequenzen, wie z. B. Kapitalflucht aus dem Ausland, zu schützen. Vor diesem Hintergrund werden im vorliegenden Beitrag die zentralen Funktionen von Ratingagenturen im Kontext der vorliegenden Marktunvollkommenheiten reflektiert. Dabei werden die aktuellen Regulierungsmaßnahmen mit ihrem Inhalt und ihren Wirkungsweisen hinsichtlich der Machtstellung der großen Ratingagenturen kritisch in die Diskussion mit einbezogen.

    If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.

    File URL: http://econstor.eu/bitstream/10419/97504/1/787592447.pdf
    Download Restriction: no

    Paper provided by FOM Hochschule für Oekonomie & Management in its series Arbeitspapiere der FOM with number 48.

    as
    in new window

    Length:
    Date of creation: 2014
    Date of revision:
    Handle: RePEc:zbw:fomarb:48
    Contact details of provider: Web page: http://www.fom.de/

    More information through EDIRC

    References listed on IDEAS
    Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

    as in new window
    1. Arnoud W. A. Boot & Todd T. Milbourn, 2002. "Credit Ratings as Coordination Mechanisms," William Davidson Institute Working Papers Series 457, William Davidson Institute at the University of Michigan.
    2. Sy, Amadou N. R., 2002. "Emerging market bond spreads and sovereign credit ratings: reconciling market views with economic fundamentals," Emerging Markets Review, Elsevier, vol. 3(4), pages 380-408, December.
    3. Amadou N. R. Sy, 2009. "The Systemic Regulation of Credit Rating Agencies and Rated Markets," IMF Working Papers 09/129, International Monetary Fund.
    4. Marco Pagano & Paolo Volpin, 2009. "Credit Ratings Failures and Policy Options," CSEF Working Papers 239, Centre for Studies in Economics and Finance (CSEF), University of Naples, Italy.
    5. Akerlof, George A, 1970. "The Market for 'Lemons': Quality Uncertainty and the Market Mechanism," The Quarterly Journal of Economics, MIT Press, vol. 84(3), pages 488-500, August.
    6. Lawrence J. White, 2010. "Markets: The Credit Rating Agencies," Journal of Economic Perspectives, American Economic Association, vol. 24(2), pages 211-26, Spring.
    7. Jeon, Doh-Shin & Lovo, Stefano, 2013. "Credit Rating Industry: a Helicopter Tour of Stylized Facts and Recent Theories," IDEI Working Papers 762, Institut d'Économie Industrielle (IDEI), Toulouse.
    8. Ross Levine, 2004. "Finance and Growth: Theory and Evidence," NBER Working Papers 10766, National Bureau of Economic Research, Inc.
    9. Jeon, Doh-Shin & Lovo, Stefano, 2013. "Credit rating industry: A helicopter tour of stylized facts and recent theories," International Journal of Industrial Organization, Elsevier, vol. 31(5), pages 643-651.
    10. Siegfried Utzig, 2010. "The Financial Crisis and the Regulation of Credit Rating Agencies : A European Banking Perspective," Finance Working Papers 21990, East Asian Bureau of Economic Research.
    11. Jonathan Katz & Emanuel Salinas & Constantinos Stephanou, 2009. "Credit Rating Agencies," World Bank Other Operational Studies 10227, The World Bank.
    12. Rabah Arezki & Bertrand Candelon & Amadou Sy, 2011. "Sovereign Rating News and Financial Markets Spillovers: Evidence from the European Debt Crisis," CESifo Working Paper Series 3411, CESifo Group Munich.
    13. Jakob de Haan & Fabian Amtenbrink, 2011. "Credit Rating Agencies," DNB Working Papers 278, Netherlands Central Bank, Research Department.
      • Jakob De Haan & Fabian Amtenbrink, 2011. "Credit Rating Agencies," Chapters, in: Handbook of Central Banking, Financial Regulation and Supervision, chapter 19 Edward Elgar.
    14. Nicolas Veron, 2011. "What Can and Cannot Be Done about Rating Agencies," Policy Briefs PB11-21, Peterson Institute for International Economics.
    15. Afonso, António & Furceri, Davide & Gomes, Pedro, 2011. "Sovereign credit ratings and financial markets linkages: application to European data," Working Paper Series 1347, European Central Bank.
    16. Stiglitz, Joseph E & Weiss, Andrew, 1981. "Credit Rationing in Markets with Imperfect Information," American Economic Review, American Economic Association, vol. 71(3), pages 393-410, June.
    17. Christopher F. Baum & Margarita Karpava & Dorothea Schäfer & Andreas Stephan, 2013. "Credit Rating Agency Announcements and the Eurozone Sovereign Debt Crisis," Discussion Papers of DIW Berlin 1333, DIW Berlin, German Institute for Economic Research.
    18. Hooper, Vince & Hume, Timothy & Kim, Suk-Joong, 2008. "Sovereign rating changes--Do they provide new information for stock markets?," Economic Systems, Elsevier, vol. 32(2), pages 142-166, June.
    19. John Kiff, 2013. "Sovereign credit ratings: help or hindrance?," BIS Papers chapters, in: Bank for International Settlements (ed.), Sovereign risk: a world without risk-free assets?, volume 72, pages 34-38 Bank for International Settlements.
    20. Brooks, Robert & Faff, Robert W. & Hillier, David & Hillier, Joseph, 2004. "The national market impact of sovereign rating changes," Journal of Banking & Finance, Elsevier, vol. 28(1), pages 233-250, January.
    21. Jeon, Doh-Shin & Lovo, Stefano, 2013. "Credit Rating Industry: a Helicopter Tour of Stylized Facts and Recent Theories," TSE Working Papers 13-376, Toulouse School of Economics (TSE).
    22. Hill, Paula & Brooks, Robert & Faff, Robert, 2010. "Variations in sovereign credit quality assessments across rating agencies," Journal of Banking & Finance, Elsevier, vol. 34(6), pages 1327-1343, June.
    23. Utzig, Siegfried, 2010. "The Financial Crisis and the Regulation of Credit Rating Agencies: A European Banking Perspective," ADBI Working Papers 188, Asian Development Bank Institute.
    Full references (including those not matched with items on IDEAS)

    This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

    When requesting a correction, please mention this item's handle: RePEc:zbw:fomarb:48. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (ZBW - German National Library of Economics)

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If references are entirely missing, you can add them using this form.

    If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    This information is provided to you by IDEAS at the Research Division of the Federal Reserve Bank of St. Louis using RePEc data.