Ülke Riski, Derecelendirme Kuruluşları, Aksaklıklar ve Yeni Düzenlemeler

Yıl 2011, Cilt: 16 Sayı: 16, - , 01.12.2011

Timur Gür , Hüseyin Öztürk

Öz

Kredi Derecelendirme Kuruluşları (KDK) ve bu kuruluşların ülkelere verdiği, uluslararası sermaye piyasalarında da geniş bir kullanım alanı bulan kredi notları, yaşanan her finansal kriz sonrasında giderek artan bir şekilde eleştiriye maruz kalmaktadır. Birçok uluslararası otorite, kredi derecelendirme sektörünün düzenlenmesine ve denetlenmesine yönelik olarak önerilerde bulunmuş ve birçok ülke, kredi derecelendirme sektörünün düzenlenmesi ve denetimi yolunda önemli adımlar atmıştır. Özelikle akademik çalışmalar KDK’ların verdiği notların veriliş yönteminin keyfiliğini, içerdiği metodolojik ve yöntemsel problemleri ve notların krizleri öngörme performanslarını ciddi biçimde eleştirmektedir. Bu çalışma, uluslararası bütünleşme ve küreselleşme çerçevesinde önemi artan ülke riskinin ölçümü süresinde büyük önem atfedilen KDK’lara yönetilen temel eleştirileri geniş bir perspektiften ele almak amacını gütmekte ve bu alandaki eksiklikleri göz önüne sermektedir. Çalışma ayrıca A.B.D.‘de ortaya çıkıp tüm dünyaya yayılan 2007–2009 dünya finansal krizi çerçevesinde KDK’lara yönelik yeni düzenlemeleri, denetim öneri ve çalışmalarını konu ile ilgili kesimlere tanıtmaktadır.

Anahtar Kelimeler

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Kaynakça

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