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Country risk. --- Credit ratings. --- Ethnic relations. --- Polarization (Social sciences)

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Since the mid-1980s, the securitization of future flow receivables has grown in importance as a financing alternative for the public sector. In a world of perfect capital markets, there appears to be little rationale-in terms of reducing the average cost of public sector financing-to resort to secured borrowing. However, for many developing countries, financial markets are far from perfect. In particular, there may be an important role for secured financing where increased uncertainty or financial market volatility leads to credit rationing driven by information asymmetries. Secured financing, however, does not provide a free lunch. Such arrangements subordinate existing and future creditors and, as a result, may raise the cost of future borrowing. In addition, high transaction costs, the thin market in secured instruments, the risk of legal challenges, and reduced budget and debt management flexibility may offset the cost advantage of public sector securitization.

Exports and Imports --- Investments: General --- Macroeconomics --- Money and Monetary Policy --- Public Finance --- Public Enterprises --- Public-Private Enterprises --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- International Lending and Debt Problems --- Taxation, Subsidies, and Revenue: General --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Civil service & public sector --- Investment & securities --- International economics --- Public finance & taxation --- Monetary economics --- Public sector --- Securitization --- Debt service --- Legal support in revenue administration --- Credit ratings --- Economic sectors --- Financial services --- External debt --- Revenue administration --- Money --- Finance, Public --- Asset-backed financing --- Revenue --- Philippines

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Ratings, Rating Agencies and the Global Financial System brings together the research of economists at New York University and the University of Maryland, along with those from the private sector, government bodies, and other universities. The first section of the volume focuses on the historical origins of the credit rating business and its present day industrial organization structure. The second section presents several empirical studies crafted largely around individual firm-level or bank-level data. These studies examine (a) the relationship between ratings and the default and recovery experience of corporate borrowers, (b) the comparability of credit ratings made by domestic and foreign rating agencies, and (c) the usefulness of financial market indicators for rating banks, among other topics. In the third section, the record of sovereign credit ratings in predicting financial crises and the reaction of financial markets to changes in credit ratings is examined. The final section of the volume emphasizes policy issues now facing regulators and credit rating agencies.

AA / International- internationaal --- 333.481 --- 336.312.3 --- 333.663 --- Credit ratings --- Credit bureaus --- Corporations --- -International finance --- 332.742 --- International monetary system --- International money --- Finance --- International economic relations --- Business corporations --- C corporations --- Corporations, Business --- Corporations, Public --- Limited companies --- Publicly held corporations --- Publicly traded corporations --- Public limited companies --- Stock corporations --- Subchapter C corporations --- Business enterprises --- Corporate power --- Disincorporation --- Stocks --- Trusts, Industrial --- Credit --- Credit information services --- Credit reporting agencies --- Mercantile agencies --- Commercial ratings --- Credit checks --- Credit guides --- Credit investigations --- Credit reports --- Ratings, Credit --- Monetaire crisissen, hervormingen, saneringen en stabilisering. --- Solvabiliteit, kredietwaardigheid van de landen. Risicolanden. --- rating van bedrijven. --- Information services --- Credit bureaus. --- Credit ratings. --- International finance. --- Financiële markten --- Kredietrating --- Kredietwezen --- Finance. --- Financiële markten. --- Kredietrating. --- Kredietwezen. --- International finance --- Business finance --- Capitalization (Finance) --- Corporate finance --- Corporate financial management --- Corporation finance --- Financial analysis of corporations --- Financial management, Corporate --- Financial management of corporations --- Financial planning of corporations --- Managerial finance --- Going public (Securities) --- Monetaire crisissen, hervormingen, saneringen en stabilisering --- rating van bedrijven --- Solvabiliteit, kredietwaardigheid van de landen. Risicolanden --- Macroeconomics. --- Finance, general. --- Macroeconomics/Monetary Economics//Financial Economics. --- Economics --- Funding --- Funds --- Currency question