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How, If At All, Should Credit Ratings Agencies (CRAs) Be Regulated? 1

C. A. E. Goodhart

in Time for a Visible Hand: Lessons from the 2008 World Financial Crisis

Published in print:
2010
Published Online:
February 2010
ISBN:
9780199578801
eISBN:
9780191723285
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199578801.003.0009
Subject:
Economics and Finance, Macro- and Monetary Economics, Financial Economics

This chapter examines how, if at all, should credit rating agencies be regulated. The author argues that most proposed regulation of CRAs is either useless or likely to be counterproductive. The CRAs ... More


Introduction

Mathias Dewatripont, Jean-Charles Rochet, and Jean Tirole

in Balancing the Banks: Global Lessons from the Financial Crisis

Published in print:
2010
Published Online:
October 2017
ISBN:
9780691145235
eISBN:
9781400834648
Item type:
chapter
Publisher:
Princeton University Press
DOI:
10.23943/princeton/9780691145235.003.0001
Subject:
Business and Management, Finance, Accounting, and Banking

This introductory chapter begins by briefly setting out the book's purpose, which is to offer a perspective on what happened during the recent financial crisis and especially on the lessons to be ... More


The EU and Global Securities Markets Regulation

Lucia Quaglia

in The European Union and Global Financial Regulation

Published in print:
2014
Published Online:
August 2014
ISBN:
9780199688241
eISBN:
9780191767517
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199688241.003.0004
Subject:
Political Science, European Union

The EU regulatory capacity in securities markets was relatively weak until the late 1990s, but was substantially enhanced with the so-called Lamfalussy reform. After the global financial crisis, the ... More


Credit Reporting

Thomas A. Durkin, Gregory Elliehausen, Michael E. Staten, and Todd J. Zywicki

in Consumer Credit and the American Economy

Published in print:
2014
Published Online:
August 2014
ISBN:
9780195169928
eISBN:
9780199384976
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780195169928.003.0006
Subject:
Economics and Finance, Microeconomics

Desire to improve lending information and reduce risk costs has given rise to credit reporting agencies, colloquially known as credit bureaus. Borrowers have an incentive to disguise their relative ... More


Public Regulation of Global Indicators

Sabino Cassese and Lorenzo Casini

in Governance by Indicators: Global Power through Quantification and Rankings

Published in print:
2012
Published Online:
September 2012
ISBN:
9780199658244
eISBN:
9780199949915
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199658244.003.0018
Subject:
Law, Public International Law

This chapter addresses several arguments for and against the regulation of various global indicators. It uses the rating produced by credit rating agencies and argues that, in normative terms, the ... More


Fatal Decisions:: Washington and London’s Deliberate Mistakes

Leo F. Goodstadt

in Reluctant Regulators: How the West Created and How China Survived the Global Financial Crisis

Published in print:
2011
Published Online:
September 2011
ISBN:
9789888083251
eISBN:
9789882207349
Item type:
chapter
Publisher:
Hong Kong University Press
DOI:
10.5790/hongkong/9789888083251.003.0003
Subject:
Economics and Finance, South and East Asia

The major accusation that the officials who were responsible for monetary affairs had to face was that they ignored the already visible indications for such a crisis. In this chapter, four case ... More


Professional Consensus, Political Silence, and Sovereign Creditworthiness

Kenneth Dyson

in States, Debt, and Power: 'Saints' and 'Sinners' in European History and Integration

Published in print:
2014
Published Online:
August 2014
ISBN:
9780198714071
eISBN:
9780191782558
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780198714071.003.0013
Subject:
Political Science, European Union

This chapter examines the private governance of public debt and the nature of the world of creditor-debtor state relations. This world comprises a thin political superstructure, in which there is ... More


Information as a condition of justice in financial markets: The regulation of credit-rating agencies

Boudewijn de Bruin

in Just Financial Markets?: Finance in a Just Society

Published in print:
2017
Published Online:
May 2017
ISBN:
9780198755661
eISBN:
9780191816789
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780198755661.003.0011
Subject:
Political Science, Political Economy

This chapter argues for deregulation of the credit-rating market. Credit-rating agencies are supposed to contribute to the informational needs of investors trading bonds. They provide ratings of debt ... More


Déjà Vu: Reckless Lending and Securitization by Financial Conglomerates Triggered a Global Financial Crisis in 2007

Arthur E. Wilmarth Jr. Jr.

in Taming the Megabanks: Why We Need a New Glass-Steagall Act

Published in print:
2020
Published Online:
September 2020
ISBN:
9780190260705
eISBN:
9780190260736
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780190260705.003.0011
Subject:
Economics and Finance, Financial Economics

Like the credit boom of the 1920s, the toxic credit bubble of the 2000s precipitated a devastating global financial crisis. The desire to earn quick profits from originating and securitizing subprime ... More


Reengineering the Financial Regulatory System

James D. Cox

in New Directions in Financial Services Regulation

Published in print:
2011
Published Online:
August 2013
ISBN:
9780262015615
eISBN:
9780262295789
Item type:
chapter
Publisher:
The MIT Press
DOI:
10.7551/mitpress/9780262015615.003.0013
Subject:
Economics and Finance, Economic Systems

This chapter reviews six areas that are commonly identified as areas that are in need of reform. The process includes the mapping out of some proposed approaches, and at the same time it examines the ... More


Financial Access: Household-level Evidence

T.A. Bhavani and N.R. Bhanumurthy

in Financial Access in Post-Reform India

Published in print:
2012
Published Online:
September 2012
ISBN:
9780198076650
eISBN:
9780199081868
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780198076650.003.0005
Subject:
Economics and Finance, Macro- and Monetary Economics

Chapter 5 focuses on the empirical analysis of financial access at the level of households. Initially, it presents evidence for the availability of financial services in the Indian villages. This is ... More


The Role of Credit Rating Agencies in Sovereign Debt Markets

Aline Darbellay

in Sovereign Debt and Human Rights

Published in print:
2018
Published Online:
January 2019
ISBN:
9780198810445
eISBN:
9780191847783
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780198810445.003.0009
Subject:
Law, Human Rights and Immigration, Public International Law

Since the global financial crisis of 2007-2009, the leading credit rating agencies (CRAs) have faced an increasing level of legal and regulatory scrutiny in the United States (US) and in the European ... More


Credit Intelligence & Modelling: Many Paths through the Forest of Credit Rating and Scoring

Raymond A. Anderson

Published in print:
2021
Published Online:
January 2022
ISBN:
9780192844194
eISBN:
9780191926976
Item type:
book
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780192844194.001.0001
Subject:
Mathematics, Applied Mathematics, Mathematical Finance

This book, “Forest Paths” for short, started as a detailed guide for the construction of predictive models for credit and other risk assessment, for use in big-bank retail lending. It became a ... More


A Recipe for Ratings Reform

Charles W. Calomiris

in The Economists' Voice 2.0: The Financial Crisis, Health Care Reform, and More

Published in print:
2014
Published Online:
November 2015
ISBN:
9780231160155
eISBN:
9780231504324
Item type:
chapter
Publisher:
Columbia University Press
DOI:
10.7312/columbia/9780231160155.003.0011
Subject:
Economics and Finance, Public and Welfare

This chapter considers the role of credit ratings agencies in the recent financial crisis. The evidence of rating agency failure shows up in inflated ratings and low-quality ratings. The inflation of ... More


Comments by Harvey J. Goldschmid

Roger B. Porter, Robert R. Glauber, and Thomas J. Healey

in New Directions in Financial Services Regulation

Published in print:
2011
Published Online:
August 2013
ISBN:
9780262015615
eISBN:
9780262295789
Item type:
chapter
Publisher:
The MIT Press
DOI:
10.7551/mitpress/9780262015615.003.0005
Subject:
Economics and Finance, Economic Systems

This chapter takes on a similar view as that of the previous chapter: that the underlying cause of the crisis in 2008 was due to private-sector failures. It maps out what was wrong about the view ... More


Debt Securities

Alan N. Rechtschaffen

in Capital Markets, Derivatives and the Law: Evolution After Crisis

Published in print:
2014
Published Online:
May 2014
ISBN:
9780199971541
eISBN:
9780199361458
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199971541.003.0007
Subject:
Law, Company and Commercial Law

Related to Treasury securities are debt securities, which are offered by a wide range of issuers throughout the capital markets. The issuer is obligated by fixed-income securities to make fixed ... More


Manufacturers Save the Retailer

Richard Harris

in Building a Market: The Rise of the Home Improvement Industry, 1914-1960

Published in print:
2012
Published Online:
September 2013
ISBN:
9780226317663
eISBN:
9780226317687
Item type:
chapter
Publisher:
University of Chicago Press
DOI:
10.7208/chicago/9780226317687.003.0007
Subject:
History, American History: 20th Century

In 1928 the market for new homes and apartments continued to falter. Real change occurred only in the next four years, when everyone in the building industry finally realized that they had to take ... More


Risk and Mortgage-Backed Securities in a Time of Transition

Harold C. Barnett

in Investment Risk Management

Published in print:
2015
Published Online:
January 2015
ISBN:
9780199331963
eISBN:
9780190214098
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199331963.003.0021
Subject:
Economics and Finance, Financial Economics

The residential mortgage-backed securities (MBS) market expanded and collapsed as securitizers packaged increasingly toxic loans into private label MBS. New affordability products and expectation of ... More


Uncertain Meanings of Risk: Calculative Practices and Risk Conceptions in Credit Rating Agencies

Natalia Besedovsky

in Uncertain Futures: Imaginaries, Narratives, and Calculation in the Economy

Published in print:
2018
Published Online:
August 2018
ISBN:
9780198820802
eISBN:
9780191860430
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780198820802.003.0011
Subject:
Business and Management, Political Economy

This chapter studies calculative risk-assessment practices in credit rating agencies. It identifies two fundamentally different methodological approaches for producing ratings, which in turn shape ... More


GSE Credit Risk Transfer Deals

Debra Chen

in The Handbook of Mortgage-Backed Securities: 7th Edition

Published in print:
2016
Published Online:
October 2016
ISBN:
9780198785774
eISBN:
9780191827594
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780198785774.003.0010
Subject:
Economics and Finance, Financial Economics, Macro- and Monetary Economics

This chapter analyzes the government-sponsored enterprise (GSE) credit risk transfer (CRT) deals of Fannie Mae and Freddie Mac, part of the Federal Housing Finance Agency’s (FHFA) initiative to bring ... More


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