评估评估者

坎布里奇——在全球监管者建立的新金融秩序中,改革信用评级机构应当成为关键因素。 现代资本市场中作用举足轻重的信用评级机构在金融危机之前的那些年没有起到任何作用。 我们需要建立有效机制对评估者进行评估。

人们普遍认为评级机构辜负了投资者的信任。 标准普尔、穆迪和惠誉在繁荣时期确定为安全的许多金融产品后来却被证明是极端危险的。 问题还不仅仅局限在这些金融产品: 在其他债券发行人自主选择并支付评级机构酬劳的情况下,评级机构仍然具有以高分来回报主顾的强烈动机。

应该采取什么措施? 一种方法是降低评级机构意见的重要性。 很多情况下,评级的重要性部分来源于迫使或鼓励机构投资者及投资工具持有从著名评级机构得分足够高的资产组合的法律要求。

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