REMARKS ON CREDIT RATING AGENCIES

Year 2014, Volume: 5 Issue: 2, 96 - 113, 30.01.2015

Murat Demir , Fehiman Eminer

Abstract

Demand of borrowing from external sources has increased dramatically for many countries.Borrowing from external sources is associated with sovereign ratings of a country. Strong credit rating will play an important role in determining the cost of borrowing. This reality has became more important by the end of 1970s with neo-liberal era. Credit Rating Agencies have become active promoter of neo-liberal policies. As sovereign ratings regarded as main indicator for external borrowing Credit Rating Agencies has become questinable after 1990s. This study discusses the impacts, reliability and consistency of the Credit Rating Agencies

Keywords

Credit Rating Agencies, borrowing, credit rating, neo-liberal policies

Kredi Derecelendirme Kuruluşları Üzerine Düşünceler

Abstract

Ülkeler farklı finansman yollarına başvurarak kaynak sağlayabilmelerine rağmen giderek artan bir şekilde hazine tahvili ile uluslararsı borçlanmayı tercih etmektedirler. Bu durumda kredi kuruluşlarının vereceği kredi notu ülkelerin borçlanma maliyetinin de belirleyicisi olduğundan, bu kuruluşların önemi özellikle neo-liberal politikaların hakim olduğu 1970’li yılların sonundan itibaren artmaktadır. Kredi Derecelendirme Kuruluşlarının neo-liberal politikaların uygulanmasına hizmet etmesi veya bu anlamda var olmaları 1970 sonrasında başlamış ancak bu yapı 1990’lı yıllardan itibaren bu kuruluşların güvenilirliklerinin sorgulanması ile yeni bir dönüşüm daha geçirmiştir. Bu çalışmada neo-liberal süreçte kredi derecelendirme kuruluşlarının etkiler, güvenilirlikleri, tutarlılıkları tartışılmaktadır.

Keywords

Kredi Derecelendirme Kuruluşları, borçlanma, kredi notu, neo-liberal politikalar

References

• Akdemir, A. ve Karslı, D. (2012), “An Assessment of Strategic Importance of
• Credit Rating Agencies for Companies and Organizations”, Procedia-Social and Behavioral Sciences, 58: 1628-1639.
• Amato, J. D. ve Furfine, C. H. (2004), “Are Credit Ratings Procyclical?”, Journal of Banking & Finance, 28: 2641-2677.
• Andre´ Guttler and Wahrenburg Mark, (2007), “The adjustment of credit ratings in advance of defaults”, https://ideas.repec.org/a/eee/jbfina/v31y2007i3p751- 7html, Erişim Tarihi: 17.10.2013.
• Arbatli, E. and Escolano, J. (2012), “Fiscal Transparency, Fiscal Performance and Credit Ratings”, IMF Working Paper, WP/12/156, 1-32.
• Ayaz, M. S. (2012), Uluslararası Kredi Derecelendirme Kuruluşları: Eleştirel Bir
• Bakış, www.bilgesam.org., Erişim Tarihi: 12.10.2013.
• Babuşçu, Ş. (1997), Bankacılıkta Risk Derecelendirmesi (rating) ve Türk
• Bankacılık Sektörüne Uygulanması, Sermaye Piyasası Kurulu, Tisamat Basımevi, Ankara. Bannier, C. and Hirsch, C. W. (2010), “The Economic Function of Credit Rating
• Agencies What Does the Watchlist Tell Us?”, Journal of Banking & Finance, 34: 3037-3049.
• Becker, B. and Milbourn, T. (2011), “How did Increased Competition Affect
• Credit Ratings?”, Journal of Financial Economics, 101: 493-514. Benmelech, E. and Dlugosz, J. (2009), “The Credit Rating Crisis”, Acemoglu,
• Daron, Rogoff, Kenneth ve Woodford, Michael (eds.), Macroeconomics Annual, National Bureau of Economic Research, 24: 161-207. Berker, http://fitchratings.com.tr/ftp/ 02013. Kredi Derecelendirmesi, Fitch Erişim Tarihi: derecelendirme/drc_20.pdf,
• Blaurock, U. (2007), “Control and Responsibility of Credit Rating Agencies”,
• Electronic Journal of Comparative Law, 11(3): 1-37
• Cantor, R. and Packer, F. (1996), “Determinants and Impact of Sovereign Credit
• Ratings”, FRBNY Economic Policy Review/October 1996: 37-53.
• Cantor, R. and Packer, F. (1994), “The Credit Rating Industry”, FRBNY Quarterly Review/ Summer-Fall 1994, 1-26.
• Cheng, M. ve Neamtiu, M. (2009), “An Empirical Analysis of Changes in Credit
• Rating Properties: Timeliness, Accuracy and Volatility”, Journal of Accounting and Economics, 47: 108–130. Cordes, T. (2012), “Sovereign Ratings and Economic Liberalisation”, APSA 2012
• Annual Meeting Paper, http://papers.ssrn.com/sol3/papers.cfm?abstract_id= 2106616, Erişim: 11.08.2013.
• Datz, G. (2004), “Reframing Development And Accountability: The Influence of
• Sovereign Credit Ratings On Policy Making in Developing Countries”, Third World Quarterly, 25(2): 303-318. Duff, A. and Einig, S. (2009a), “Credit Ratings Quality: The Perceptions of
• Market Participants and Other Interested Parties”, The British Accounting Review, 41: 141-153. Duff, A. and Einig, S. (2009b), “Understanding Credit Ratings Quality: Evidence from UK Debt Market Participants”, The British Accounting Review, 41(2): 107
• Eğilmez, M. (2010), Makro Ekonomi, Türkiye’den Örneklerle, Remzi Kitabevi, İstanbul.
• Elkhoury, M. (2008), “Credit Rating Agencies and Their Potential Impact On
• Developing Countries”, United Nations Conference On Trade And Development, Unctad/Osg/Dp/2008/1, Discussion Papers, No. 186, 1-33.
• Ferri, G., Liu, L. and Stiglitz, J. E. (1999), “The Procyclical Role of Rating
• Agencies: Evidence from the East Asian Crisis”, Economic Notes, 28(3): 335- 3
• Heflin, F., Shaw, K., and Wild, J. (2011), “Credit Ratings and Disclosure
• Channels”, Research in Accounting Regulation, 23: 20-33. Hunt, J. (2009), “Credit Rating Agencies and the 'Worldwide Credit Crisis': The Limits of Reputation, the Insufficiency of Reform, and a Proposal for
• Improvement”, Columbia Business Law Review, 2009(1): 1-74.
• Ioannou, S. (2013), “The Political Economy of Credit Rating Agencies. The Case of Sovereign Ratings”, http://www.boeckler.de/pdf/v_2013_10_24_ioannou.pdf
• Japan Credit Rating Agency, Ltd JCR, Types of Credit Ratind and Definitions of Rating Symbols http://www.jcr.co.jp http://www.jcr.co.jp/reportqa/pdfen/ 2012072710en.pdf, Erişim Tarihi: 14.09.2013.
• Karagöl E. T. ve Mıhçıokur, Ü. İ. (2012), Kredi Derecelendirme Kuruluşları:
• Alternatif Arayışlar, Siyaset, Ekonomi ve Toplum Araştırmaları Vakfı No: 7 SETA Kim, S. J. and Wu, E. (2008), “Sovereign Credit Ratings, Capital Flows and Financial Sector Development in Emerging Markets”, Emerging Markets Review, 9: 17-39.
• Kraussl, R. (2005), “Do Credit Rating Agencies Add to the Dynamics of
• Emerging Market Crises?”, Journal of Financial Stability, 1: 355-385. Livingston, M., Wei, J. ve Zhou, L. (2010), “Moody’s and S&P Ratings: Are
• They Equivalent? Conservative Ratings and Split Rated Bond Yields”, Journal of Money, Credit and Banking, 42(7): 1267-1293.
• Manso, G. (2013), “Feedback Effects of Credit Ratings”, Journal of Financial Economics, 109: 535–548.
• Mora, N. (2006), “Sovereign Credit Ratings: Guilty Beyond Reasonable Doubt?”,
• Journal of Banking & Finance, l(30): 2041–2062.
• Nye, R.P. ve Eke, S. (2004), “Türkiye’de Kredi Derecelendirmesi”, Activeline, Sayı 50, 32-40.
• Partnoy, F. (2001), “The Paradox of Credit Ratings”, Law and Economics Research, Paper No. 20: 1-23.
• Partnoy, F. (2006), “How and Why Credit Rating Agencies are Not Like Other
• Gatekeepers”, San Diego Legal Studies, Paper No. 07-46: 58-102. Scalet, S. ve Kelly, T. F. (2012), “The Ethics of Credit Rating Agencies: What
• Happened and the Way Forward”, Journal of Business Ethics, 111(4): 477-490. Setty, G., Dodd, R. (2003), “Credit Rating Agencies: Their Impact on Capital
• Flows to Developing Countries”, Financial Policy Forum; Derivatives Study Center, Special Policy Report 6. Sinclair, T. J. (2000), “Reinventing authority: embedded knowledge networks and the new global finance”, Environment and Planning C: Government and Policy, 18(4): 487-502.
• Standard and Poor’s, (2008), Corporate Ratings Criteria, The McGraw-Hill
• Companies, New York, www.corporatecriteria.standardandpoors.com, Erişim Tarihi: 15.09.2013.
• Standart and Poor’s (October 2006), “Sovereign Credit Ratings: A Primer”, http://www.standardandpoors.com/ratings/articles/en/ap/?assetID=124522784139 8#ID225, Erişim Tarihi: 19.09.2013.
• Sylla, R. (2002), “An Historical Primer on the Business of Credit Rating” The New York University Salomon Center Series on Financial Markets and Institutions, Volume 9: 19-40.
• Takan, M. (2002), Bankacılık, Teori, Uygulama ve Yönetim, Nobel Yayın, 2. Baskı, Ankara.
• Tichy, G. (2011), “Credit Rating Agencies: Part of the Solution or Part of the Problem?”,
• September/October 2011, 232-262, http://www.intereconomics.eu/downloads/ getfile.php?id=789, Erişim Tarihi: 14.09.2013. European Economic Policy,
• Wyss, D. (2008), “Credit Ratings”, Qfinance, http://www.qfinance.com/ financing- best-practice/credit-ratings?full#s1, Erişim Tarihi: 14.09.2013.
• Yardımcıoğlu, M. ve Bora, K. (2013), “Uluslararası Kredi Derecelendirme
• Kuruluşlarının Çalışma Prensipleri, İşleyişleri, Küresel Dünyadaki Rol ve İşlevleri”, KSÜ İ.İ.B.F Dergisi, 2013(1): 111-118. http://www.moodysanalytics.com/~/media/Brochures/About_Us/History-of
• Moodys-Analytics.ashx, Erişim Tarihi: 09.09.2013.
• Murat Demir, recieved his bachelor degree in public finance from Anodolu