000			02927cam a2200481Ia 4500
001			ocn830472885
003			OCoLC
005			20240829110331.0
006			m d
007			cr cnu---unuuu
008			130319s2013 dcua ob i000 0 eng d
040			_aDJB _cDJB _dOCLCA _dN$T
020			_a9781475546132 (electronic bk.)
020			_a1475546130 (electronic bk.)
035			_a(OCoLC)830472885
035			_a561220 _b(N$T)
050		4	_aHG3881.5.I58 _bW67 No. 13/64eb
072		7	_aBUS _x027000 _2bisacsh
082	0	4	_a332.7 _223
049			_aN$TA
100	1		_aKiff, John. _9679145
245	1	0	_aRating through-the-cycle : _h[electronic resource] : _bwhat does the concept imply for rating stability and accuracy? / _cJohn Kiff, Michael Kisser and Liliana Schumacher.
260			_a[Washington, D.C.] : _bInternational Monetary Fund, _cc2013.
300			_a1 online resource (29 p.) : _bcol. ill.
490	1		_aIMF working paper ; _vWP/13/64
500			_aTitle from PDF title page (IMF Web site, viewed Mar. 19, 2013).
500			_a"Monetary and Capital Markets"--p. 2 of pdf.
500			_a"March 2013"--p. 2 of pdf.
520			_a"Credit rating agencies face a difficult trade-off between delivering both accurate and stable ratings. In particular, its users have consistently expressed a preference for rating stability, driven by the transactions costs induced by trading when ratings change frequently. Rating agencies generally assign ratings on a through-the-cycle basis whereas banks' internal valuations are often based on a point-in-time performance, that is they are related to the current value of the rated entity's or instrument's underlying assets. This paper compares the two approaches and assesses their impact on rating stability and accuracy. We find that while through-the-cycle ratings are initially more stable, they are prone to rating cliff effects and also suffer from inferior performance in predicting future defaults. This is because they are typically smooth and delay rating changes. Using a through-the-crisis methodology that uses a more stringent stress test goes halfway toward mitigating cliff effects, but is still prone to discretionary rating change delays"--Abstract.
504			_aIncludes bibliographical references (p. 24-25).
650		0	_aCredit ratings _xEvaluation. _9679146
650		0	_aCredit bureaus. _9179985
650		7	_aBUSINESS & ECONOMICS / Finance _2bisacsh _9195626
655		4	_aElectronic books. _9396
700	1		_aKisser, Michael. _9642124
700	1		_aSchumacher, Liliana. _9679147
710	2		_aInternational Monetary Fund. _bMonetary and Capital Markets Department. _9642125
830		0	_aIMF working paper ; _vWP/13/64.
856	4	0	_3EBSCOhost _uhttps://search.ebscohost.com/login.aspx?direct=true&scope=site&db=nlebk&db=nlabk&AN=561220
938			_aEBSCOhost _bEBSC _n561220
910			_acpp3089
994			_a02 _bN$T
999			_c670277 _d670277