Katz, JonathanSalinas, EmanuelStephanou, Constantinos2012-08-132012-08-132009-10https://hdl.handle.net/10986/10227In the United States and Europe faulty credit ratings and flawed rating processes are widely perceived as being among the key contributors to the global financial crisis. That has brought them under intense scrutiny and led to proposals for radical reforms. The ongoing debate, while centered in major developed markets, will also influence policy choices in emerging economies: whether to focus on strengthening the reliability of ratings or on creating alternative mechanisms and institutions that can perform more effectively the role that in developed markets has traditionally been conferred on credit rating agencies.CC BY 3.0 IGOACCESS TO CAPITALACCESS TO CAPITAL MARKETSADVERSE EFFECTADVISORY SERVICESAMOUNT OF RISKASSET CLASSASSET CLASSESASSET MANAGERSBANKING CRISISBANKRUPTCYBARRIERS TO ENTRYBASIS POINTSBONDBONDSBROKERAGEBROKERAGE COMPANIESCAPITAL ADEQUACYCAPITAL ADEQUACY REQUIREMENTSCAPITAL MARKETCAPITAL MARKETSCAPITAL REQUIREMENTSCODE OF CONDUCTCODES OF CONDUCTCOLLATERALCOLLECTIVE ACTIONCOLLECTIVE ACTION PROBLEMSCONFLICTS OF INTERESTCONTRACT PROVISIONSCORPORATE BONDSCORPORATE DEBTCREDIT ASSESSMENTCREDIT DECISIONSCREDIT DEFAULTCREDIT DEFAULT SWAPCREDIT RATINGCREDIT RATING AGENCIESCREDIT RATING AGENCYCREDIT RATINGSCREDIT RISKCREDIT UNDERWRITINGCREDITWORTHINESSDEBTDEBT CRISESDEBT DEFAULTSDEBT INSTRUMENTDEBT ISSUEDEBT ISSUESDEBT MARKETDEBT OFFERINGDEBT OFFERINGSDEBT RATINGSDEBT SECURITIESDEFAULTSDISCLOSURE OBLIGATIONSDISCLOSURE OF INFORMATIONDISCLOSURE REQUIREMENTSDUE DILIGENCEELIGIBLE INVESTMENTSEMERGING-MARKETENFORCEMENT MECHANISMEQUITY ISSUESEQUITY MARKETSEQUITY SECURITIESEXCHANGE COMMISSIONEXPLOITATIONEXPOSURESEXTERNAL CREDITFEDERAL RESERVEFINANCIAL ADVICEFINANCIAL CONTRACTSFINANCIAL CRISISFINANCIAL INSTITUTIONSFINANCIAL INSTRUMENTSFINANCIAL MARKETSFINANCIAL PROBLEMSFINANCIAL REFORMSFINANCIAL RISKFINANCIAL SECTORSFINANCIAL SERVICESFINANCIAL STABILITYFINANCIAL STATEMENTSFINANCIAL SYSTEMFUNGIBLEGLOBAL BANKINGGLOBAL FINANCIAL SYSTEMGLOBAL MARKETGOVERNANCE MECHANISMSGOVERNMENT REGULATIONGROUP CREDITGUARANTEE AGENCYHISTORICAL PERFORMANCEINFORMATION ASYMMETRIESINSTITUTIONAL INVESTORSINTERNATIONAL COOPERATIONINTERNATIONAL MARKETSINTERNATIONAL SETTLEMENTSINVESTINGINVESTMENT BANKSINVESTMENT DECISIONSINVESTMENT MANAGEMENTISSUANCEJURISDICTIONSLEGAL AUTHORITYLENDERSLIABILITYMARKET ACCEPTANCEMARKET DISCIPLINEMARKET LIQUIDITYMARKET MANIPULATIONMARKET PARTICIPANTSMARKET PRICESMARKET SHAREMARKET STRUCTUREMONEY MANAGERSMORTGAGEMORTGAGE LENDERSMORTGAGESMUTUAL FUNDSNEGOTIATIONSOLIGOPOLISTIC MARKETOLIGOPOLYPOLICY RESPONSESPORTFOLIOPORTFOLIO MANAGERSPRICE VOLATILITYPRINCIPAL-AGENT PROBLEMSPRIVATE SECTOR DEVELOPMENTPROBABILITY OF DEFAULTPROFIT MARGINPROFIT MARGINSPROFITABILITYPROSPECTUSPRUDENTIAL REGULATIONPUBLIC DISCLOSUREPUBLIC DISCLOSURESPUBLIC INFORMATIONPUBLIC POLICYRECORD KEEPINGREGULATORY CAPITALREGULATORY FRAMEWORKREGULATORY FRAMEWORKSREGULATORY POLICIESREGULATORY REFORMSREGULATORY REQUIREMENTSREGULATORY STANDARDSREGULATORY TREATMENTREPUTATIONRISK OF DEFAULTRISK WEIGHTSS&PSALARIESSCANDALSSECURITIESSECURITIES COMMISSIONSSECURITIES INDUSTRYSECURITIES MARKETSSECURITIES REGULATORSSELF-REGULATIONSHARE PRICESOVEREIGN ISSUERSTIME HORIZONTRADINGTRANSPARENCYTRANSPARENCY REQUIREMENTSTURNOVERUNDERLYING ASSETSUNDERWRITERUNDERWRITERSUNIONWorld Bank10.1596/10227