To err is human: rating agencies and the interwar foreign government debt crisis

Marc Flandreau, Norbert Gaillard and Frank Packer ()

No 335, BIS Working Papers from Bank for International Settlements

Abstract: During the 1930s, rating agencies took up a central role in regulatory supervision that they still have today. The proximate cause for this changeover was the economic shock of the Great Depression. Exploring the performance of rating agencies in assessing the risks of sovereign debt, an important segment of the bond market, we do not find that superior forecasting capacities can explain the agencies' growing importance.

Keywords: sovereign credit ratings; Great Depression; financial crisis; international bond markets (search for similar items in EconPapers)
Pages: 46 pages
Date: 2010-12
New Economics Papers: this item is included in nep-his, nep-ifn and nep-reg
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Citations: View citations in EconPapers (6)

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Related works:
Journal Article: To err is human: US rating agencies and the interwar foreign government debt crisis (2011)
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Persistent link: https://EconPapers.repec.org/RePEc:bis:biswps:335

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