دور وكالات التنقيط العالمية: بين الحد من الأزمات المالية و التسبب فيها

Boudekhdekh, Karim and Kerbache, Rahma (2013): دور وكالات التنقيط العالمية: بين الحد من الأزمات المالية و التسبب فيها.

Abstract

Credit rating agencies occupies a major role in the global economy in the last two décades. Its appearence was mainly to help investors in the Financial markets to take rational investment decisions by providing a rating that reflects The creditworthiness of the debtor and hence reduce the Financial risks in the Financial markets. However, because of the importance of the crdit rating process in the Financial economy, the Monopoly of the three big rating agencies with more than 95% of market share, the conflicts of interests between credit rating agencies and firms subject to the rating process and the lack of modern and effective measuring tools of Financial risks, credit rating agencies become one of the factors that cause the 2008 Financial crisis, and this is means that it's very important to reform its role to help restor confidence in Financial markets and hence the stability of the Financial system.

• Item Type: MPRA Paper
• English Title: The role of credit rating agencies: between the reduction of financial crisis incidence and the causing of it
• Language: Arabic
• Keywords: credit rating agencies, Financial risks, Financial crisis, bonds.
• Subjects: F - International Economics > F3 - International Finance; G - Financial Economics > G2 - Financial Institutions and Services; G - Financial Economics > G2 - Financial Institutions and Services > G24 - Investment Banking ; Venture Capital ; Brokerage ; Ratings and Ratings Agencies

References

1-Jonathan Katz, and others : « Credit Rating Agencies, no easy regulatory solutions », the world bank, October 2009, p3. 2-Ilanah Jospé et autre : « les failles des agences de notation », 2012, p28, document sur : http://www.infoguerre.fr/fichiers/Les_failles_des_agences_de_notation_2012.pdf 3-Gérard Gourguechon : « les agences de notation », document sur : http://alternatives-economiques.fr/blogs/gadrey/files/agences-de-notation26p.pdf , p8. 4-Lawrence White: « credit rating agencies and financial crisis », Journal of international banking law and regulation, Volume 25, Issue 4, 2010 p4. 5-Maurice Mullard : « the credit rating agencies and their contribution to the Financial crisis », The Political Quarterly, Vol. 83, No. 1, January–March 2012, p80. 6-John Patrick Hunt: « credit rating agencies and the worldwide credit crisis », Columbia Business Law Review, Vol. 2009, No. 1 , p32. 7-Partnoy Frank: "How and why credit rating agencies are not like Other gatekeepers", Brookings Institution.2006, p. 13.