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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


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


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


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


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


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


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


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


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


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


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


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


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


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


Information Intermediaries

John Armour, Dan Awrey, Paul Davies, Luca Enriques, Jeffrey N. Gordon, Colin Mayer, and Jennifer Payne

in Principles of Financial Regulation

Published in print:
2016
Published Online:
October 2016
ISBN:
9780198786474
eISBN:
9780191828782
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780198786474.003.0006
Subject:
Law, Constitutional and Administrative Law, Company and Commercial Law

Before they execute their trading strategies, virtually all informed traders in securities markets have to acquire at least some information from intermediaries that specialize in conveying and/or ... More


No skin in the game: Delegating Monitoring to Financial Analysts

Graeme Guthrie

in The Firm Divided: Manager-Shareholder Conflict and the Fight for Control of the Modern Corporation

Published in print:
2017
Published Online:
May 2017
ISBN:
9780190641184
eISBN:
9780190641214
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780190641184.003.0009
Subject:
Economics and Finance, Financial Economics

Boards can delegate some of the task of monitoring management to financial analysts, who reduce the asymmetry of information between a firm’s insiders and outside investors, which makes the various ... More


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