期刊名称：BIS Quarterly Review: International Banking and Financial Market Developments = BIZ-Quartalsbericht: Internationales Bankgeschäft und internationale Finanzmärkte
印刷版ISSN：1012-9979
出版年度：2015
卷号：2015
语种：English
出版社：Bank for International Settlements
摘要：The three major credit rating agencies have reassessed sovereign credit risks in the light of the Great Financial Crisis, increasing the transparency of their methodologies. This has resulted in material shifts in the rank-ordering of risks. Simple statistical models explain the lion's share of ratings differentials and capture some, but not all, of the methodological changes. Support is not found for the hypothesis of bias against emerging market economies (EMEs). Some rating agencies other than the big three offer alternative risk rankings that are more favourable to EMEs. However, these tend to be less closely aligned with the rankings provided by market prices and institutional investors.
