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Länderrisiko: Die ökonomischen Konsequenzen einer Herabstufung durch die Rating-Agenturen

Author

Listed:
  • Benjamin Käfer

    (University of Kassel)

  • Jochen Michaelis

    (University of Kassel)

Abstract

Bei der Kritik an den Rating-Agenturen wird häufig missachtet, dass ihre Macht weitgehend politikgemacht ist. Es sind der Staat und die EZB, die über Gesetze und Regulierungen den Ratings eine Multiplikatorwirkung zuschreiben. Dieser Beitrag skizziert anhand der Länder-ratings die einschlägigen Wirkungskanäle.

Suggested Citation

  • Benjamin Käfer & Jochen Michaelis, 2012. "Länderrisiko: Die ökonomischen Konsequenzen einer Herabstufung durch die Rating-Agenturen," MAGKS Papers on Economics 201202, Philipps-Universität Marburg, Faculty of Business Administration and Economics, Department of Economics (Volkswirtschaftliche Abteilung).
    • Handle: RePEc:mar:magkse:201202
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    References listed on IDEAS

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    1. Patrick Bolton & Olivier Jeanne, 2011. "Sovereign Default Risk and Bank Fragility in Financially Integrated Economies," IMF Economic Review, Palgrave Macmillan;International Monetary Fund, vol. 59(2), pages 162-194, June.
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    3. Bank for International Settlements, 2011. "The impact of sovereign credit risk on bank funding conditions," CGFS Papers, Bank for International Settlements, number 43, december.
    4. Mr. Ashok Vir Bhatia, 2002. "Sovereign Credit Ratings Methodology: An Evaluation," IMF Working Papers 2002/170, International Monetary Fund.
    5. Lawrence J. White, 2010. "Markets: The Credit Rating Agencies," Journal of Economic Perspectives, American Economic Association, vol. 24(2), pages 211-226, Spring.
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