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The New York University Salomon Center Series on Financial Markets and Institutions

Ratings, Rating Agencies and the Global Financial System

Authors: Levich, Richard M., Majnoni, Giovanni, Reinhart, Carmen

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About this book

Ratings, Rating Agencies and the Global Financial System brings together the research of economists at New York University and the University of Maryland, along with those from the private sector, government bodies, and other universities. The first section of the volume focuses on the historical origins of the credit rating business and its present day industrial organization structure. The second section presents several empirical studies crafted largely around individual firm-level or bank-level data. These studies examine (a) the relationship between ratings and the default and recovery experience of corporate borrowers, (b) the comparability of credit ratings made by domestic and foreign rating agencies, and (c) the usefulness of financial market indicators for rating banks, among other topics. In the third section, the record of sovereign credit ratings in predicting financial crises and the reaction of financial markets to changes in credit ratings is examined. The final section of the volume emphasizes policy issues now facing regulators and credit rating agencies.

Table of contents (21 chapters)

  • Introduction: Ratings, Rating Agencies and the Global Financial System: Summary and Policy Implications

    Levich, Richard M. (et al.)

    Pages 1-15

  • An Historical Primer on the Business of Credit Rating

    Sylla, Richard

    Pages 19-40

  • The Credit Rating Industry: An Industrial Organization Analysis

    White, Lawrence J.

    Pages 41-63

  • The Paradox of Credit Ratings

    Partnoy, Frank

    Pages 65-84

  • Discussion

    Fridson, Martin S.

    Pages 85-88

Buy this book

eBook $189.00
price for USA (gross)
  • ISBN 978-1-4615-0999-8
  • Digitally watermarked, DRM-free
  • Included format: PDF
  • ebooks can be used on all reading devices
  • Immediate eBook download after purchase
Hardcover $239.00
price for USA
  • ISBN 978-1-4020-7016-7
  • Free shipping for individuals worldwide
  • Usually dispatched within 3 to 5 business days.
Softcover $239.00
price for USA
  • ISBN 978-1-4613-5344-7
  • Free shipping for individuals worldwide
  • Usually dispatched within 3 to 5 business days.
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Bibliographic Information

Bibliographic Information
Book Title
Ratings, Rating Agencies and the Global Financial System
Authors
Series Title
The New York University Salomon Center Series on Financial Markets and Institutions
Series Volume
9
Copyright
2002
Publisher
Springer US
Copyright Holder
Springer Science+Business Media New York
eBook ISBN
978-1-4615-0999-8
DOI
10.1007/978-1-4615-0999-8
Hardcover ISBN
978-1-4020-7016-7
Softcover ISBN
978-1-4613-5344-7
Series ISSN
1387-6899
Edition Number
1
Number of Pages
XI, 379
Topics