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Rating, Kapitalmarktsignale und Risikomanagement: Reformansätze nach der Transatlantischen Bankenkrise

Author

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  • Paul J.J Welfens

    (Europäisches Institut für Internationale Wirtschaftsbeziehungen (EIIW))

Abstract

The ratings of leading rating agencies are crucial signals for economic agents in capital markets, namely with respect to creditworthiness of companies, banks and governments which place bonds in the market. The increasing role of securitization of loans has reinforced the role of ratings. The analysis highlights - based on portfolio theory - the role of ratings with respect to macro-prudential aspects, here some well known distortion problems are taken into account, too. As regards alternative modes of rating it is pointed out that with respect to welfare aspects rating in the form of a public good is superior to an alternative approach which organizes ratings on the basis of providing a private good. For the first time a macro model of an open economy which includes ratings is presented here. Moreover, the focus is on potential G-20 reforms and policy approaches in the EU.

Suggested Citation

  • Paul J.J Welfens, 2010. "Rating, Kapitalmarktsignale und Risikomanagement: Reformansätze nach der Transatlantischen Bankenkrise," EIIW Discussion paper disbei175, Universitätsbibliothek Wuppertal, University Library.
    • Handle: RePEc:bwu:eiiwdp:disbei175
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    References listed on IDEAS

    as
    1. Paul J. J. Welfens & Cillian Ryan & Suthiphand Chirathivat & Franz Knipping (ed.), 2009. "EU - Asean," Springer Books, Springer, number 978-3-540-87389-1, June.
    2. Erich Harbrecht & Martin Wieland & Ralf Elsas & Ottmar Schneck, 2010. "Ist eine europäische Ratingagentur sinnvoll, und wie sollte sie organisiert sein?," ifo Schnelldienst, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 63(01), pages 03-11, January.
    3. Paul J.J. Welfens, 2011. "Innovations in Macroeconomics," Springer Books, Springer, number 978-3-642-11909-5, June.
    4. Ellen Walther-Klaus, 2008. "University meets economy," Springer Books, in: Paul J. J. Welfens & Ellen Walther-Klaus (ed.), Digital Excellence, pages 1-5, Springer.
    5. Paul J. J. Welfens & Mathias Weske (ed.), 2007. "Digital Economic Dynamics," Springer Books, Springer, number 978-3-540-36030-8, June.
    6. Skreta, Vasiliki & Veldkamp, Laura, 2009. "Ratings shopping and asset complexity: A theory of ratings inflation," Journal of Monetary Economics, Elsevier, vol. 56(5), pages 678-695, July.
    7. Paul J.J. Welfens & John T. Addison (ed.), 2009. "Innovation, Employment and Growth Policy Issues in the EU and the US," Springer Books, Springer, number 978-3-642-00631-9, June.
    8. Michael Vogelsang, 2010. "Digitalization in Open Economies," Contributions to Economics, Springer, number 978-3-7908-2392-9.
    9. Kenneth A. Froot & Jeremy C. Stein, 1991. "Exchange Rates and Foreign Direct Investment: An Imperfect Capital Markets Approach," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 106(4), pages 1191-1217.
    10. Harry G. Broadman & Tiiu Paas & Paul J.J. Welfens (ed.), 2006. "Economic Liberalization and Integration Policy," Springer Books, Springer, number 978-3-540-31183-6, June.
    11. Paul Welfens, 2009. "Transatlantische Bankenkrise: Dynamik und neue Reformoptionen," Wirtschaftsdienst, Springer;ZBW - Leibniz Information Centre for Economics, vol. 89(10), pages 684-690, October.
    12. Paul J.J. Welfens & Martin Keim, 2007. "Finanzmarktintegration und Wirtschaftsentwicklung im Kontext der EU-Osterweiterung," EIIW Discussion paper disbei151, Universitätsbibliothek Wuppertal, University Library.
    13. Paul J.J. Welfens & Anna Wziątek-Kubiak (ed.), 2005. "Structural Change and Exchange Rate Dynamics," Springer Books, Springer, number 978-3-540-28526-7, June.
    14. Paul J. J. Welfens, 2008. "Digital Integration, Growth and Rational Regulation," Springer Books, Springer, number 978-3-540-74595-2, June.
    15. Carmen M. Reinhart, 2002. "An Introduction," The World Bank Economic Review, World Bank, vol. 16(2), pages 149-150, August.
    16. Paul J.J. Welfens & Franz Knipping & Suthiphand Chirathivat & Cillian Ryan (ed.), 2006. "Integration in Asia and Europe," Springer Books, Springer, number 978-3-540-28730-8, June.
    17. Güttler, André & Raupach, Peter, 2008. "The impact of downward rating momentum on credit portfolio risk," Discussion Paper Series 2: Banking and Financial Studies 2008,16, Deutsche Bundesbank.
    18. Paul J. J. Welfens & Ellen Walther-Klaus (ed.), 2008. "Digital Excellence," Springer Books, Springer, number 978-3-540-72621-0, June.
    19. Edward Graham & Nina Oding & Paul J.J. Welfens (ed.), 2005. "Internationalization and Economic Policy Reforms in Transition Countries," Springer Books, Springer, number 978-3-540-29047-6, June.
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    More about this item

    Keywords

    Rating; Kapitalmarkt; Risikomanagement;
    All these keywords.

    JEL classification:

    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • G24 - Financial Economics - - Financial Institutions and Services - - - Investment Banking; Venture Capital; Brokerage
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill

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