评级博弈

The Rating Game

信用评级机构已经成为金融市场中不可或缺的一部分,市场对这些机构的依赖根深蒂固。但是,这些民间评级机构的评估本应针对民间金融市场,如今却赫然应用于公共领域。信用评级机构在公共政策活动中扮演着制度化的角色,在后危机时代针对监管体制的改革必须对信用评级机构的角色功能加以考虑。

Credit rating agencies have become an essential part of the financial landscape. Reliance on these agencies is very entrenched. However, these private rating agencies’ assessments, which are designed for private financial markets, have been inserted into the public domain. Nowadays, the credit rating agencies play an institutionalization role in policy activities, especially in the banking supervision. As such, the post-crisis regulatory reform must take into account the role and function of the credit rating agencies.