Post by Marc Flandreau on Jun 23, 2011 5:44:53 GMT 4
To Err is Human: Rating Agencies and the Interwar Foreign Government Debt Crisis
Marc Flandreau
Graduate Institute of International and Development Studies (HEI)
Norbert Gaillard
Fondation Nationale des Sciences Politiques (FNSP) - Main
Frank Packer
Bank for International Settlements (BIS)
BIS Working Paper No. 335
Abstract:
During the 1930s, rating agencies took up a central role in regulatory supervision that they still have today. The proximate cause for this changeover was the economic shock of the Great Depression. Exploring the performance of rating agencies in assessing the risks of sovereign debt, an important segment of the bond market, we do not find that superior forecasting capacities can explain the agencies' growing importance.
papers.ssrn.com/sol3/Delivery.cfm/SSRN_ID1858565_code456443.pdf?abstractid=1858565&mirid=2
Marc Flandreau
Graduate Institute of International and Development Studies (HEI)
Norbert Gaillard
Fondation Nationale des Sciences Politiques (FNSP) - Main
Frank Packer
Bank for International Settlements (BIS)
BIS Working Paper No. 335
Abstract:
During the 1930s, rating agencies took up a central role in regulatory supervision that they still have today. The proximate cause for this changeover was the economic shock of the Great Depression. Exploring the performance of rating agencies in assessing the risks of sovereign debt, an important segment of the bond market, we do not find that superior forecasting capacities can explain the agencies' growing importance.
papers.ssrn.com/sol3/Delivery.cfm/SSRN_ID1858565_code456443.pdf?abstractid=1858565&mirid=2