Ratings, Rating Agencies and the Global Financial System brings together the research of economists at New York University and the University of Maryland, along with those from the private sector, government bodies, and other universities. The first section of the volume focuses on the historical origins of the credit rating business and its present day industrial organization structure. The second section presents several empirical studies crafted largely around individual firm-level or bank-level data. These studies examine (a) the relationship between ratings and the default and recovery experience of corporate borrowers, (b) the comparability of credit ratings made by domestic and foreign rating agencies, and (c) the usefulness of financial market indicators for rating banks, among other topics. In the third section, the record of sovereign credit ratings in predicting financial crises and the reaction of financial markets to changes in credit ratings is examined. The final section of the volume emphasizes policy issues now facing regulators and credit rating agencies.
The family book, a kind of diary written by and about the family for its various members, was established by scholars as a genre in Italy in the 1980s. Although initially regarded as an Italian genre, the family book can also be found in other parts of Europe. Nevertheless, the genre can be traced back to Florence, where it first emerged and consequently flourished with the lavish production of such documents. This abundance springs from the social structure of the city, where such texts were essential for establishing and cultivating the basis for the social promotion of Florentine families. This book presents a reconstruction of the evolution and persistency of Tuscan family books, as well as a study of several aspects of social history, including: reading and private libraries, domestic devotion, and the memory of historical events. Starting with the Renaissance, the investigation then broadens to the 17th-18th centuries and considers other forms of memory, such as private diaries and autobiographies. A final section is dedicated to the issue of memory in the egodocuments of early modern Europe. This book was translated by Susan Amanda George.
The financial crisis showed, once again, that neglecting real estate booms can have disastrous consequences. In this paper, we spell out the circumstances under which a more active policy agenda on this front would be justified. Then, we offer tentative insights on the pros and cons as well as implementation challenges of various policy tools that can be used to contain the damage to the financial system and the economy from real estate boom-bust episodes.
Ratings, Rating Agencies and the Global Financial System brings together the research of economists at New York University and the University of Maryland, along with those from the private sector, government bodies, and other universities. The first section of the volume focuses on the historical origins of the credit rating business and its present day industrial organization structure. The second section presents several empirical studies crafted largely around individual firm-level or bank-level data. These studies examine (a) the relationship between ratings and the default and recovery experience of corporate borrowers, (b) the comparability of credit ratings made by domestic and foreign rating agencies, and (c) the usefulness of financial market indicators for rating banks, among other topics. In the third section, the record of sovereign credit ratings in predicting financial crises and the reaction of financial markets to changes in credit ratings is examined. The final section of the volume emphasizes policy issues now facing regulators and credit rating agencies.
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