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Super Sovereign: The Case For an International Sovereign Rating Organization
內容大綱
The recent downgrading of the United States’ credit rating brought into focus the fact that sovereign credit rating is today a largely unregulated industry. While ratings are a prime driver of investment decisions and collateral eligibility standards, they are also a potential contributor to global financial instability. This article compares the three dominant American ratings agencies — Moody’s, S&P, and Fitch — to the Chinese agency Dagong, and discusses the flaws of the current sovereign credit rating industry, including the dominance and minimal regulation of the three major agencies, as well as their limited anticipatory function and potential triggering of misguided economic policies. The article concludes by discussing an alternative — a supra-national organization with a functional focus and political impartiality.