CREDIT RATINGS AND THE BIS REFORM AGENDA

Abstract

This is an updated and revised paper from the authors’ report on “An Analysis and Critique of the BIS Proposal on Capital Adequacy and Ratings” [S-CDM-00-02] (submitted to the BIS and published in the Journal of Banking & Finance 25:1 January, 2001). This paper was first prepared for the NYU Salomon Center/University of Maryland research project on “The Role of Credit Reporting Systems in the International Economy,” sponsored by the Center for International Political Economy. It was prepared for the project’s conference in Washington D.C. on March 1-2, 2001 at the headquarters of the World Bank.