The Development of American Rating Agencies Driven by Rating-Dependent Regulations
There was a freely development of rating agencies since John Moodys the first rating agency was founded in 1909. This was broken up after Regulation H the initiate of rating-dependent regulations was issued in 1930, which was used by the Federal Reserve Banks on their membership government. Rating-dependent regulations effectively granted to rating agencies hundreds of valuable regulatory licenses after the sharply increase in the early 1970s. And it was the rating-dependent regulations instead of the needs of capital market that drove the rapid growth of main rating agencies, bringing them extraordinarily high profits. This also companied not only with the uncertainty of information value of rating, but also with the seriously unfair competition of rating industry and the persistent growth of economic risk.
Rating Rating agencies Rating-dependent regulation
Yu Wu
Financial department, The School of Finance, Renmin University of China, Beijing, 100872, China
国际会议
武汉
英文
495-498
2011-10-17（万方平台首次上网日期，不代表论文的发表时间）