Aline Darbellay - Böcker

This highly topical book examines how the leading credit rating agencies - Moody's, Standard & Poor's and Fitch - have risen to prominence in the wake of the financial crisis.It investigates how the Big Three have become ever more profitable even though the quality of their ratings has declined and rating scandals have tarnished their reputation. After a century of being left quasi-unregulated the rating industry is now subject to sweeping reforms. This informative study analyzes the post-crisis overhaul in the United States and the European Union. The focus lies on the interactions between regulatory intervention and competitive incentives among the Big Three. This book highlights the challenges faced by policymakers trying to regulate the rating industry and simultaneously decrease over-reliance on ratings.Regulating Credit Rating Agencies will appeal to academics in law and economics, practitioners, policymakers, lawmakers and regulators.Contents: Foreword Part I: Prelude to the Credit Rating Industry 1. Introduction 2. History of Credit Rating Agencies 3. Description of the Credit Rating Industry Part II: Regulatory Structure 4. Rating-based Regulations 5. Regulatory Treatment of Credit Rating Agencies 6. Regulatory Trends Part III: Uses and Abuses of Credit Ratings in Structured Finance 7. Growth of the Structured Finance Segment 8. Wrong Incentives in the Credit Rating Industry 9. Regulatory Response to the Problems of Structured Finance Ratings Part IV: System-wide Effects of Credit Rating Downgrades 10. System-relevance of Credit Ratings 11. Market Reactions to Credit Rating Downgrades and their Consequences 12. Regulatory Response to the Systemic Issue Part V: Trends and Outlook 13. Restoring Competition in the Credit Rating Industry 14. Concluding Remarks Bibliography Index

Globalization has deeply transformed the world economy: rule of law gained ground, especially in Eastern Europe and Latin America, poverty fell significantly, particularly in Asia, and capitalism triumphed, sometimes with massive state intervention. In the meantime, financial interdependence grew dramatically. The core argument of this book is that the high degree of financial interdependence forged during the “golden age” of globalization from 1991–2016 is now the main impediment to the reduction of the elevated public debts observed in many countries. Therefore, it investigates how the world economy may be deleveraged and how interdependence may be reduced or, wherever possible, made compatible with a deleveraging process.Readers of this book will gain a comprehensive understanding of the multifaceted challenges stemming from high public debt burdens. Drawing on insights from economics, law, and political science, it argues that public debts may be reaching unsustainable levels in advanced as well as developing and emerging countries. This evolution is exacerbated by various forms of interdependence in which governments have been entangled since the globalization years. The book offers an overview of key issues, such as the interconnectedness between governments and “too-big-to-fail” financial institutions; the way financial crises lead to massive bailouts and significant increases in public debts; the debt sustainability problems posed by higher interest rates, geopolitical tensions, and climate change and the lack of coordination between the IMF and the Paris Club, on the one hand, and China, on the other hand, during the debt restructuring processes of developing countries.Owing to its multidisciplinary approach, the book will attract the interest of scholars and students from wide ranging fields, including political scientists, economists, and lawyers.

Advocating for more standardised data governance practices and promoting the digital economy, Data Governance in AI, FinTech and LegalTech investigates the rationale, legal base and tools of data governance in the financial sector. This timely book makes a significant contribution to the debate around how rapidly-evolving digital finance practices should be regulated.Contributions from leading researchers examine a range of financial services, offering a comprehensive assessment of the available tools for constructing multi-layered matrix systems for data governance in the financial services sector. Chapters explore data governance in the cryptocurrency market, crypto-asset providers, legal services for mergers and acquisitions, consumer insurance, consumer finance, digital platform services, securities exchanges and the green bond market. The book serves to define the legal contours of data governance, taking account of the influence of shifting business models, the views of multiple stakeholders and emerging issues surrounding data protection, privacy and cybersecurity.This is a crucial read for scholars of law and finance who are researching data regulation, data governance and financial market law. Exploring both the opportunities and risks arising from the digital transformation of financial markets, it will also be invaluable for practitioners and policy makers working in the financial sector, law, risk management and compliance.