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To err is human: rating agencies and the interwar foreign government debt crisis

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.
Year of publication:
2010-12
Authors: Flandreau, Marc ; Gaillard, Norbert ; Packer, Frank
Institutions: Bank for International Settlements (BIS)
Subject: sovereign credit ratings | Great Depression | financial crisis | international bond markets
Extent:
application/pdf
text/html
Series:
Type of publication: Book / Working Paper
Notes:
Number 335 46 pages
Source:
Persistent link: https://www.econbiz.de/10008773906
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