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1、ThePoliticalQuarterly,Vol.83,No.1,January–March2012TheCreditRatingAgenciesandTheirContributiontotheFinancialCrisisMAURICEMULLARDIntroduction.TheCRA‘businessissuerpays’modelThecentralconcernofthisarticleistowhichalteredtheprioritiesoftheCRAsexplorethequestionofwhethertheCre

2、ditastheybecamemorefocusedongen-RatingAgencies(CRAs)contributedtoeratingfeesandhigherprofits.thefinancialcrisisof2007.Indebating.Theissueofconflictofinterestbetweenthisissuetherearetwoperspectives.Thethecommitmentoftheimpartialfirstispresentedbytheseniormanagersagencyandissuer

3、feesthatunder-oftheCRAswhopointedoutthatallmajorminedtheethicsoftheresearch-basedmarketparticipants,includingtheCRAs,analysisandthemanagerialismofthedidnotpredictthedepthofthefinancialCRAs.crisisandthatthecrisiswasanexogenous.Thefailureofthemathematicalmod-event.Thealternat

4、iveviewtendstoputels,mainlybecausethedatadidnottheemphasisoninstitutionalfailures,in-reflectthenewmortgagesandreliedoncludingdeficienciesinthemathematicalclassicthirty-yeartraditionalmort-modelsusedbytheCRAs,theconflictofgages.Thenewadjustableratemort-interestsinherentintheus

5、erpaysmodelgages,teasermortgagesandnon-andthequasimonopolypositionsofthedocumentedmortgageswerequal-1itativelydifferentfromtraditionalCRAs.EvidenceproducedintestimoniesbyanalystsandMoody’sandStandard&mortgages.Furthermore,therewasPoor’s(S&P)tendedtoputthefocusonreluctanceon

6、thepartoftheCRAstomarketsharethatunderminedtheethicsdeployrevisedmathematicalmodels.ofindependentimpartialanalysis..EvidencegivenbyanalystsatanumberInthefollowingsectionsitshallbeofenquiriesshowedthereluctanceofarguedthatthestudyoftheratingspro-someofthemtoratesomeissuesas

7、cessconfirmstheviewthatthepriorityoftheywereignored,marginalisedandinthemanagementteamsattheCRAswassomecasesmaderedundantbytheirtomaintainmarketshareandtoissueamanagementteams.ratingforabond,evenwhentheirana-.Despitetheheavyworkloads,thelystsexpressedconcernaboutthesound-CR

8、Aswereunderstaffedandthenewnessofthesecuritieswasacontributorystaffbeingrecruiteddidnothave