Ekonomia polityczna ratingu kredytowego - ALICIJA MALEVSKA (Autor) (Akademia Ignatianum w Krakowie, 2019)
https://wydawnictwowam.pl/prod.ekonomia-polityczna-ratingu-kredytowego.16397.htm?sku=82415
Publikacja recenzowana
This book provides the analysis of the position and influence of credit rating agencies on the contemporary international scene. In the last decades, three world’s largest credit rating agencies occupying an oligopolistic position in the rating market (Moody’s, Standard & Poor’s and Fitch Ratings) have risen beyond their traditional role of financial advisors, becoming influential political actors. Due to the dynamic changes in the global economy, the timeframe and scope of the analysis overlaps with the sovereign debt crisis in the eurozone. A hypothesis has been formed that the major credit rating agencies assigning sovereign ratings during the economic crisis have a significant impact on the policy makers, while their influence on the decisions of economic actors is limited. Qualitative and quantitative methods were used to verify the hypothesis. Qualitative analysis was based on the method of the political discourse content analysis during the crisis, which included representatives of EU member states and the institutions. Additionally, legal acts regulating activities of credit rating agencies adopted in recent years were analyzed. The quantitative study was conducted using a statistical event analysis in order to find a correlation between investors’ reactions reflected in bond yields of the EU countries and downgrading decisions of credit rating agencies. The results of the study prove that in the period of economic downturn policymakers pay more attention to the sovereign rating change than investors. Therefore, the hypothesis of strong position of credit rating agencies as political actors on the international scene has been confirmed.
Keywords: nauki o polityce i administracji