KREDİ DERECELENDİRME KURULUŞLARI VE YUNANİSTAN BORÇ KRİZİ

Yıl 2015, Sayı: 15, 0 - , 20.06.2015

Yılmaz Bayar

https://doi.org/10.18092/ijeas.36549

Cited By: 4

Öz

Kredi derecelendirme kuruluşları, kredi derecelendirmeleri ile şirket veya ülkelerin kredibilitelerine ilişkin asimetrik bilginin azaltılmasına katkı sağlayarak küresel finansal sistemde önemli kuruluşlar haline gelmişlerdir. Finansal piyasaların küreselleşmesi ile birlikte kredi derecelendirme kuruluşlarının küresel finansal sistem içerisindeki etkisi de zaman içerisinde artmıştır. Bununla birlikte Asya Krizi, Küresel Finansal Kriz, Euro Bölgesi Borç Krizi gibi krizler ile Enron ve WorldCom gibi şirketlerin iflası kredi derecelendirmelerinin sorgulanmasına yol açmıştır. Bu çalışmada öncelikle kredi derecelendirme kuruluşlarının tarihsel süreçte gelişimleri ve başlıca kredi derecelendirme kuruluşlarının ülkelerin kredi derecelendirmelerine yaklaşımları ele alınmış ve daha sonra kredi derecelendirme kuruluşlarının Yunanistan Borç Krizi üzerindeki etkileri incelenmiştir. Çalışma sonucunda kredi derecelendirme kuruluşlarının Yunanistan’ın ekonomisindeki olumsuz gelişmelere paralel olarak zamanında ve doğru olarak kredi derecelendirmesi yapmadıkları, borç krizi ortaya çıktıktan sonra yaptıkları art arda ölçüsüz kredi not düşürümleri ile borç krizinin derinleşmesine katkı sağladıkları tespit edilmiştir.

Anahtar Kelimeler: Kredi Derecelendirme Kuruluşları, Ülke Kredi Derecelendirmesi, Yunanistan Borç Krizi

JEL Sınıflandırması: G24, H63               

 CREDIT RATING AGENCIES AND GREECE DEBT CRISIS

ABSTRACT

Credit rating agencies became important institutions in the global financial system by contributing to reduce asymmetric information about creditworthiness of companies and countries with their credit ratings. The effect of credit rating agencies has been increased in the global financial system together with globalization of financial markets. However crises such as Asian Crisis, Global Financial Crisis, Eurozone Debt Crisis and bankruptcies of companies such as Enron and Worldcom led credit ratings to be investigated. This study firstly dealt with historical development of credit rating agencies and credit rating approaches of major credit rating agencies and then examined the effects of credit rating agencies on Greece Debt Crisis. We find that credit rating agencies did not make credit rating accurately and on time in parallel with negative developments in Greek economy and they contributed to the deepening of sovereign debt crisis with their successive unmeasured downgrading outburst of debt crisis.

Keywords: Credit Rating Agencies, Credit Rating, Greece Debt Crisis

JEL Classification: G24, H63

Anahtar Kelimeler

Kredi Derecelendirme Kuruluşları, Ülke Kredi Derecelendirmesi, Yunanistan Borç Krizi

Kaynakça

• ADELSON, Mark H. (2012), “The Role Of Credit Ratings in the Financial System”, İnternet Adresi: http://www.standardandpoors.com/ratings/articles/en
• /us/?articleType=HTML&assetID=1245333790527, Erişim Tarihi: 06.05.2013.
• AFONSO, António, GOMES, Pedro ve ROTHER, Philipp (2007), “What “Hides” Behind Sovereign Debt Ratings?”, European Central Bank Working Paper Series, No.711, İnternet Adresi: http://papers.ssrn.com/sol3/papers.cfm?abstract
• _id=954705, Erişim Tarihi: 15.05.2013.
• DE SANTIS, Roberto A. (2012), “The Euro Area Sovereign Debt Crisis: Safe Haven, Credit Rating Agencies and the Spread of the Fever from Greece, Ireland and Portugal”, European Central Bank Working Papers No.1419, İnternet Adresi: https://www.ecb.int/pub/pdf/scpwps/ecbwp1419.pdf, Erişim Tarihi: 02.06.2013.
• ELKHOURY, Marwan (2008), “Credit Rating Agencies and Their Potential Impact on Developing Countries”, United Nations Conference on Trade and Development Discussion Papers No.186, İnternet Adresi: http://unctad.org/en/Docs/osgdp20081_en.pdf, Erişim Tarihi: 10.05.2013.
• EUROPEAN CENTRAL BANK (2000), “Convergence Report 2000”, İnter-net Adresi: http://www.ecb.europa.eu/pub/pdf/conrep/cr2000en.pdf, Erişim Tarihi: 02.06.2013.
• EUROPEAN COMMISSION (2007), “One Currency for one Europe: The Road to the Euro”, İnternet Adresi: http://ec.europa.eu/economy_finance/publi
• cations/publication6730_en.pdf, Erişim Tarihi: 01.06.2013.
• EUROPEAN COMMISSION (2009), “Greece and the Euro”, İnternet Adresi: http://ec.europa.eu/economy_finance/euro/countries/greece_en.htm, Erişim Tarihi: 02.06.2013.
• EUROSTAT (2013a), “Kamu Finansmanı İstatistikleri”, İnternet Adresi: http://epp.eurostat.ec.europa.eu/portal/page/portal/government_finance_statistics/data/main_tables, Erişim Tarihi: 02.06.2013.
• EUROSTAT (2013b), “Reel Gayri Safi Yurtiçi Hasıla Büyüme Oranları”, İn-ternet Adresi: http://epp.eurostat.ec.europa.eu/tgm/table.do?tab=table&init=1&
• plugin=1&language=en&pcode=tec00115, Erişim Tarihi: 02.06.2013.
• EUROSTAT (2013c), “Cari Açık Dengesi”, İnternet Adresi: http://epp.eurostat.ec.europa.eu/tgm/table.do?tab=table&init=1&language=en&pcode=tec00043, Erişim Tarihi: 02.06.2013.
• EUROSTAT (2013d), “Uzun Dönem Devlet Tahvili Faiz Oranları”, İnternet Ad-resi: http://epp.eurostat.ec.europa.eu/tgm/table.do?tab=table&plugin=1&language
• =en&pcode=teimf050, Erişim Tarihi: 02.06.2013.
• FITCH (2013), “Our Organization”, İnternet Adresi: http://www.fitchratings
• .com/web/en/dynamic/about-us/about-us.jsp, Erişim Tarihi: 06.05.2013.
• FITCH (2012a), “Sovereign Rating Criteria”, İnternet Adresi: http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=685737, Erişim Tarihi: 06.05.2013.
• FITCH (2012b), “Fitch Complete Sovereign Rating History”, İnternet Adresi: http://www.fitchratings.com/web_content/ratings/sovereign_ratings_history.xls, Eri-şim Tarihi: 07.06.2013.
• GAILLARD, Norbert (2012), A Century of Sovereign Ratings, New York: Springer Science+Business Media.
• HILSENRATH, Jon (2010), “Q&A: Carmen Reinhart on Greece, U.S. Debt and Other ‘Scary Scenarios’”, İnternet Adresi: http://blogs.wsj.com/economics/
• /02/05/qa-carmen-reinhart-on-greece-us-debt-and-other-scary-scenarios/, Eri-şim Tarihi: 01.06.2013.
• IVA, Vuksanović ve VUKAŠIN, Kuč (2010), “The Role and Significance of Rating Agencies during the Crisis Period”, International Conference of the Faculty of Economics Sarajevo, Saraybosna.
• LANGOHR, Herwig M. ve LANGOHR Patricia T. (2008), The Rating Agencies and Their Credit Ratings: What They Are, How They Work and Why They Are Relevant, West Sussex:John Wiley & Sons Ltd.
• LEVICH, Richard M., MAJNONI, Giovanni ve REINHART, Carmen M. (2002), “Introduction: Ratings, Rating Agencies and the Global Financial System: Summary and Policy Implications” İçinde, Ratings, Rating Agencies and the Global Financial System, Kluwer Academic Publishers, Boston, ss:1-16.
• MOODY’S (2008), “Sovereign Bond Ratings”, İnternet Adresi: http://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_109490, Erişim Tarihi:06.05.2013.
• MOODY’S (2013a), “Moody's History: A Century of Market Leadership”, İnternet Adresi: https://www.moodys.com/Pages/atc001.aspx, Erişim Tari-hi:06.05.2013.
• MOODY’S (2013b), “Sovereign and Supranational Ratings and Ceilings”, İnternet Adresi: http://v2.moodys.com/moodys/cust/content/loadcontent.aspx?
• source=staticcontent/businesslines/sovereign-subsovereign/ratingslistgbr.htm&
• param=all, Erişim Tarihi:07.06.2013.
• NELSON, Rebecca M., BELKIN, Paul ve MIX, Derek E. (2011), “Greece’s Debt Crisis: Overview, Policy Responses, and Implications”, İnternet Adresi: http://www.fas.org/sgp/crs/row/R41167.pdf, Erişim Tarihi:06.06.2013.
• OECD (2010), “Competition and Credit Rating Agencies”, İnternet Adresi: http://www.oecd.org/regreform/sectors/46825342.pdf, Erişim Tarihi: 07.05.2013.
• REINHART, Carmen M. (2009), “The Economic and Fiscal Consequences of Financial Crises: North and South”, İnternet Adresi: https://openknowledge.
• worldbank.org/bitstream/handle/10986/4596/deor_11_3_8.pdf?sequence=1, Erişim Tarihi: 01.06.2013.
• S&P (2013a), “A History of Standard & Poor’s”, İnternet Adresi: http://www.standardandpoors.com/about-sp/timeline/en/us/, Erişim Tarihi: 06.05.2013.
• S&P (2013b), “Sovereigns”, İnternet Adresi: http://www.standardandpoors.
• com/ratings/sovresearch/en/us, Erişim Tarihi: 06.05.2013.
• S&P (2013c), “Sovereign Rating And Country T&C Assessment Histories”, İnternet Adresi: http://www.standardandpoors.com/spf/upload/Ratings_US/TC
• _Assessment_Histories_1_4_13.pdf, Erişim Tarihi: 07.05.2013.
• S&P (2012), “How We Rate Sovereigns”, İnternet Adresi: http://www.stan
• dardandpoors.com/spf/ratings/How_We_Rate_Sovereigns_3_13_12.pdf, Erişim Tarihi: 16.05.2013.
• WHITE, Lawrence J.(2001), “The Credit Rating Industry: An Industrial Organization Analysis”, Conference on "The Role of Credit Reporting Systems in the International Economy, 1-2 Mart 2001, Washington.