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dc.contributor.authorDe Bruin, Boudewijn
dc.date.accessioned2019-09-26T00:23:28Z
dc.date.available2019-09-26T00:23:28Z
dc.date.created2018-04-14 23:41
dc.date.issued2017
dc.identifieroai:philpapers.org/rec/DEBIAA
dc.identifierhttps://philpapers.org/rec/DEBIAA
dc.identifier.urihttp://hdl.handle.net/20.500.12424/625551
dc.description.abstractThis chapter argues for deregulation of the credit-rating market. Credit-rating agencies are supposed to contribute to the informational needs of investors trading bonds. They provide ratings of debt issued by corporations and governments, as well as of structured debt instruments (e.g. mortgage-backed securities). As many academics, regulators, and commentators have pointed out, the ratings of structured instruments turned out to be highly inaccurate, and, as a result, they have argued for tighter regulation of the industry. This chapter shows, however, that the role of credit-rating agencies in achieving justice in finance is not as great as these commentators believe. It therefore argues instead for deregulation. Since the 1930s, lawgivers have unjustifiably elevated the rating agencies into official, legally binding sources of information concerning credit risk, thereby unjustifiably causing many institutional investors to outsource their epistemic responsibilities, that is, their responsibility to investigate credit risk themselves.
dc.languageen
dc.language.isoeng
dc.subjectPhilosophy
dc.title'Information as a Condition of Justice in Financial Markets: The Regulation of Credit-Rating Agencies
dc.typeinfo:eu-repo/semantics/article
ge.collectioncodeGA
ge.dataimportlabelOAI metadata object
ge.identifier.legacyglobethics:14434768
ge.identifier.permalinkhttps://www.globethics.net/gel/14434768
ge.lastmodificationdate2018-04-14 23:41
ge.lastmodificationuseradmin@pointsoftware.ch (import)
ge.submissions0
ge.oai.exportid53
ge.oai.repositoryid4212
ge.oai.streamid1
ge.setnameGlobeEthicsLib
ge.setspecglobeethicslib
ge.linkhttps://philpapers.org/rec/DEBIAA


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