Although the role of credit rating agencies is considered very important, there arose many blames on the negative functions of them after the recent global financial crisis. Global credit rating agencies were even pinpointed as one of many culprits of the crisis. Under theses circumstances, G20 countries including the US and European Union were strengthening the regulations on the credit rating industry.
The paper claims that even in the situations where regulations were globally being strengthened on the industry, the Korean regulatory authority should vitalize the domestic credit rating industry instead due to the different circumstances they face. For example, while global credit rating agencies are blamed mainly for poor credit rating in the structured financing area, in Korea major problem area is issuer credit rating, and it is different in that global credit rating agencies have strengthened their competitiveness in free market atmosphere, but domestic ones could not prepare for this since they have grown under the guidance and protection of our government.
Main results of the paper are summarized as follows; First, the paper suggests some new regulations needed for Korean credit rating agencies after reviewing the problems of global credit rating agencies and the suggested new regulations prepared by US SEC, EU and IOSCO including the so-called Dodd-Frank Act of USA in detail. Second, the paper analyzes how the situations our credit rating agencies face are different from those of global credit rating agencies and explains why we should vitalize them contrary to the current international move. And finally policy suggestions are given for our government and credit rating agencies themselves.
국내 기업 신용평가산업의 환경변화와 향후 활성화 방안(Environmental change in World credit rating industry after global financial crisis and policy suggestions for vitalizing Korean credit rating agencies)
|Series Title; No||KIF 금융리포트|
|Subject Country||South Korea(Asia and Pacific)|
|Subject||Economy < Financial Policy
Industry and Technology < Entrepreneurship
|Holding||한국금융연구원; KDI 국제정책대학원|