The Role of Rating Agencies in the International Financial System

• Autorzy: Magdalena Markiewicz

Warianty tytułu

Rola agencji ratingowych w międzynarodowym systemie finansowym

• Języki publikacji: EN

Abstrakty

EN

Rating agencies are the companies that assess the creditworthiness of debt instruments as well as issuers themselves. They evaluate information on the issuer and disclose it to the investors. Ratings refer to the current credibility of governments, institutions and companies. There are two approaches to credit rating agencies (CR As). The first one is expressed by supporters and bases on the free, objective and undisturbed information given to the market by agencies. The second one, articulated by the opponents' side, indicates the influence of ratings for the downgrade of other issuers' grade throughout the effect of spillover. The aim of the study is to analyze the changes in functioning of rating agencies in the consequence of the global crisis that began in 2007. The paper discusses the characteristics of rating agencies and the legal approach concerning the main problems in the rating process in the USA and in the European Union in the context of "the issuer pays" problem and the methodology of rating process. The article bases on the foundation that the financial system will continuously develop and change towards still more complex and sophisticated instruments, therefore there will be a permanent need to attain an adequate and simple risk measures.(fragment of text)

Agencje ratingowe są podmiotami prowadzącymi działalność analityczną, polegającą na ocenie sytuacji ekonomiczno-finansowej podmiotów działających na międzynarodowym rynku finansowym. Na tej podstawie agencje te wydają noty ratingowe, informujące inwestorów, klientów, kontrahentów i konkurentów o bezpieczeństwie inwestycji w emitowane przez badane kraje, banki i przedsiębiorstwa papiery wartościowe lub zakupu oferowanych przez nie usług. Wiarygodność finansowa firmy nie może być wyższa niż wiarygodność finansowa kraju, z którego pochodzi, co w wypadku obniżenia ratingu danego państwa może utrudnić także działania firm znajdujących się w bardzo dobrej kondycji finansowej. Agencje ratingowe są ważnym elementem opiniotwórczym gospodarki, a procedurze przyznawania oceny wiarygodności finansowej poddają się najpoważniejsze i największe instytucje finansowe świata oraz państwa i miasta. rynek agencji ratingowych jest zdominowany przez kilka wielkich firm działających na całym świecie. współczesny międzynarodowy kryzys finansowy podważył rzetelność i wiarygodność ocen wydawanych przez agencje ratingowe. W rozdziale tym przedstawiono zmiany w funkcjonowaniu agencji ratingowych, wynikające z objęcia ich działania nadzorem europejskim oraz konsekwencji powołania tego nadzoru dla międzynarodowego systemu finansowego.(abstrakt oryginalny)

Słowa kluczowe

EN

International finance; Rating agency; Financial services institutions

PL

Finanse międzynarodowe; Agencje ratingowe; Instytucje usług finansowych

• Czasopismo: Trends in the World Economy
• Rocznik: 2012
• Tom: 4 New Challenges in the Contemporary World Economy
• Strony: 145--163

Twórcy

autor

Magdalena Markiewicz

• University of Gdansk, Poland

Bibliografia

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