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|Title: ||信用評等機構於證券化之角色與責任 ——次貸危機後之觀察|
|Other Titles: ||The Role and Responsibility of Credit Rating Agencies in Securitization: From the Perspective of the Subprime Mortgage Crisis|
Asset Securitization;Credit Rating;Credit Rating Agencies;Subprime Mortgage Crisis;Subprime Mortgage;NRSRO;Gatekeepers;Basel II;Structured Finance
|Issue Date: ||2016-05-20 16:37:27 (UTC+8)|
Starting in the second half of 2007, the U.S. subprime mortgage crisis sparked and triggered widespread disruption of the global financial system in 2008, and the global economy suffered a great recession. The subprime mortgage crisis can be attributed to a number of causes, including securitization and credit rating agencies. Through an “origination to distribution” model, securitization transferred the risk of subprime mortgages, their “toxic assets”, to global investors, which triggered the subsequent global financial crisis characterized by “systemic crisis” and “credit crunch”. Credit rating agencies were blamed for underestimating the credit risk of securitization products, which led to wrongful credit rating. As one of the “gatekeepers” in the financial market, credit rating agencies failed to signalize warning to investors when the market situation deteriorated, resulting in the loss of investor confidence. Their “reputation capital” became impaired. During the subprime mortgage crisis, some international organizations and regulators reviewed the role and responsibility of credit rating agencies in structured finances. In February 2008, the Committee of European Securities Regulators (CESR) published a consultation paper entitled “The Role of Credit Rating Agencies in Structured Finance.” In May 2008, international Organization of Securities Commissions (IOSCO) published the report of “The Role of Credit Rating Agencies in the Structured Finance Market.” In July 2008, the U.S. SEC released “Summary Report of Issues Identified in the Commission Staff’s Examinations of Selected Credit Rating Agencies.” In April 2009, the G-20 stated it would impose “more effective oversight of the activities of Credit Rating Agencies” in its ”Declaration on Strengthening the Financial System.”\r The subprime mortgage crisis uncovered the flaws and misconduct of credit rating agencies and provided a good opportunity to review and improve them. The present essay attempts to find the causes why credit rating agencies made incorrect ratings in subprime mortgage securitization and analyzes the aforesaid proposal for improvement of international organizations or regulators. In this essay, we also review the role and responsibility of credit rating agencies in securitization, and make recommendations for regulating credit rating agencies in Taiwan.
|Relation: ||法學評論, 121, 313-392|
|Data Type: ||article|
|Appears in Collections:||[法學評論 TSSCI] 期刊論文|
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