KREDİ DERECELENDİRME KURULUŞLARI VE ETKİLERİ ÜZERİNE BİR ÇALIŞMA

Year 2019, , 1 - 19, 22.07.2019

Alev Özer Torgalöz

https://doi.org/10.30794/pausbed.395397

Abstract

çalışma, ülke kredi derecelendirmesi kavramına
politik ekonomi açısından bir açıklama sağlama amacıyla hazırlanmıştır. Bu
bağlamda, kredi notlarının ülke ekonomilerine olan etkileri üzerinde
çalışılmıştır. İşletme ve ekonomi literatürleri, kredi derecelendirme
kuruluşlarının hatalarını eleştirmekle beraber, bu kuruluşları dünya
ekonomisinin önemli aktörleri arasında değerlendirmektedir. Bu eleştiriler de
göz önünde bulundurularak, bu çalışma, politik ekonomi açısından, kredi
notlarının ülkelere politik ve ekonomik açıdan etkileri üzerinde durmaktadır.
Bu incelemelerle, kredi notlarının etkilerinin kısıtlı oluşu ve derecelendirme
kuruluşlarının uluslararası ekonomide bilgi sağlama rollerinin dışında
değerlendirilmemesi gerektiği sonucuna varılmıştır. Ayrıca, derecelendirme
kuruluşlarına yönelik değişiklikler için bazı politika önermelerinde de
bulunulmuştur.  

Keywords

Kredi derecelendirme, politik ekonomi, kredi derecelendirme kuruluşlar

References

• Afonso, A., Gomes P., and Rother, P. (2007). “What ‘Hides’ behind Sovereign Debt Ratings?”, European Central Bank Working Paper Series, 711.
• Audino, D. (1996). “The Rating Agency Approach to Credit Risks”, Euromoney Publications, United States.
• Beers, D. T. and Cavanaugh, M. (2004). “Sovereign Credit Ratings: A Primer”, S&P.
• Bhatia, A. V. (2002). “Sovereign Credit Ratings Methodology: An Evaluation”, IMF Working Paper, Treasurer’s Department, October 2002. Bissoondoyal – Bheenick, E. (2005). “An Analysis of the Determinants of Sovereign Ratings”, Global Finance Journal, 15, 251-280.
• Boratav, K. (2003). Türkiye İktisat Tarihi: 1908-2007. [History of the Turkish Economy: 1908-2007]. Ankara: İmge Kitabevi.
• Bruner, C. M. and Abdelal, R. (2005). “To Judge Leviathan: Sovereign Credit Ratings, National Law, and the World Economy”, Journal of Public Policy, 25/2, 191-217.
• Cantor, Richard and Packer, F. (1996). “Determinants and Impact of Sovereign Credit Ratings”, FRBNY Economic Policy Review, October 1996.
• Cantor, R and Packer, F. (1994). “The Credit Rating Industry”, FRBNY Quarterly Review (Summer-Fall 1994).
• Castells, M. (1996). The Rise of the Network Society. Great Britain: Blackwell Publishers. Cohn, T. (2004). Global Political Economy. United States: Longman Publisher Group.
• Datz, G. (2004). “Reframing Development and Accountability: The Influence of Sovereign Credit Ratings on Policy Making in Developing Countries”, Third World Quarterly, 25/2, 303- 318.
• Eichengreen, B. (1999). Toward a New International Financial Architecture. Washington DC: Institute for International Economics.
• Ferreira M. A. and Gama P. M. (2007). “Does Sovereign Debt Ratings News Spill Over to International Stock Markets?”, Journal of Banking and Finance, 31, 3162-3182. Hiç, M. (2008). A Survey on Turkey’s Economy and Politics 1923- 2007. Create Space.
• Hindess, B. cited in Larner, W. and W. Walters (eds.). (2004). Global Governmentality: Governing International Spaces. United States: Routledge.
• Kerwer, D. (2001). “Standardising as Governance: The Case of Credit Rating Agencies”. Gemeinschaftsgüter: Recht, Politik und Ökonomie. http://www.coll.mpg.de/pdf_dat/001_3.pdf. Retrieved on 06. 01. 2009
• King, M. R. and Sinclair, T. J. (2003). “Private Actors and Public Policy: A Requiem for the New Basel Capital Accord”. International Political Science Review, 24/3, 345- 362.
• King, M. R. and Sinclair, T. J. (2001). “Grasping at Straws: A Rating Downgrade for the Emerging International Financial Architecture”, CSGR Working Paper, 82/01.
• Kucukkocaoglu, G. (2005). “Derecelendirme Kurumları, Enformasyon Sistemleri” [Rating Agencies, Informaiton Systems]. http://www.baskent.edu.tr/~gurayk/finpazcuma7.doc. Retrieved on 16. 11. 2008
• Kunczik, M. (2001). “Globalization: News Media, Images of Nations and the Flow of International Capital with Special Reference to the Role of Rating Agencies”. Deutsches Übersee Institut. http://www.gigahamburg.de/dl/download.php?d=/content/publikationen/archiv/duei_arbeitspapiere/ap_04_0102.pdf. Retrieved on 08. 02. 2009
• Larner, W. and Le Heron cited in Larner, W. and W. Walters (eds.) (2004). Global Governmentality: Governing International Spaces. United States: Routledge.
• Lehmann, A. (2004). “Sovereign Credit Ratings and Private Capital Flows to Low-Income Countries”, African Development Bank, Blackwell Publishing: U.S.A.
• Löwenheim, O. (2008). “Examining the State: a Foucauldian Perspective on International ‘Governance Indicators’”, Third World Quarterly, 29/2, 255-274.
• Mitchell, T. (1998). “Fixing the Economy”, Cultural Studies, 12/1, 82101.
• Partnoy, F. (2006). “How and Why Credit Rating Agencies are not Like Other Gatekeepers?”, Legal Studies Study Paper Series, 07/46.
• Porter, T. (2005). Globalization and Finance. Great Britain: Polity Press.
• Rose, N. and Miller, P. (1992). “Political Power beyond the State: Problematics of Government”, The British Journal of Sociology, 43/2.
• Rosenbaum, J. (2008). Der Politische Einfluss von Rating-Agenturen. [The Political Influence of Rating Agencies]. Germany: VS Verlag für Sozialwissenschaften.
• Sassen, S. (2002). “Cracked Casings: Changing Analytics for the Study of Transnational Processes” in N. O. Tsuya and J. W. White (eds.), Collaboration and Comparison in International Social Science Study, Social Science Study Council Working Paper Series.
• Schirm, S. A. (ed.). (2004). New Rules for Global Markets: Public and Private Governance in the World Economy. Great Britain: Palgrave Macmillan.
• Sinclair, T. (1994). “Between State and Market: Hegemony and Institutions of Collective Action under Conditions of International Capital Mobility”, Policy Sciences, 27, 447-466.
• Sinclair, T. J. (2005). The New Masters of Capital. United States of America: Cornell University Press.
• Sinclair, T. J. (1994). Passing Judgments: Credit Rating Processes As Regulatory Mechanisms Of Governance In Emerging World Order, Review Of International Political Economy, 1/1, 133- 159.
• Sinclair, T. J. (2001). “The Infrastructure of Global Governance: Quasi – Regulatory Mechanisms and The New Global Finance”, Global Governance, 7/4, 147-61
• Sinclair, T. J. (2000). “Reinventing Authority: Embedded Knowledge Networks and the New Global Finance”, Environment and Planning C: Government and Policy, 18, 487-502.
• Sinclair, T. J. cited in Cooley, A. 2003. “Thinking Rationally About Hierarchy and Global Governance”, Review of International Political Economy, 10/4, 672- 684.
• Sklair, L. (2001). The Transnational Capitalist Class. Great Britain: Blackwell Publishers.
• Soederberg, S. (2003). “The Promotion of ‘Anglo-American’ Corporate Governance in the South: Who Benefits from the New International Standard?”, Third World Quarterly, 24/1, 7-27.
• Ul Haque, N., N. Mark and Mathieson, D. J. (1998). “The Relative Importance of Political and Economic Variables in Creditworthiness Ratings”, International Monetary Found Study Department. (April 1998).
• Ul Haque, N. (1997). “Rating the Raters of Country Creditworthiness”, Finance and Development, 34/1, 10-13.
• Yentürk, N. (2003). Körlerin Yürüyüşü: Türkiye Ekonomisi ve 1990 Sonrası Krizler. [The Walk of Blinds: Turkish Economy and Crises after 1990]. İstanbul: İstanbul Bilgi Üniversitesi Yayınları.