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Rating Through-the-Cycle
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.
IMF Research Bulletin, December 2013
In the December 2013 IMF Research Bulletin, the Research Summaries look at “Reforming Dual Labor Markets in Advanced Economies” (Giovanni Ganelli) and “Rating Through-The-Cycle: What Does the Concept Imply for Rating Stability Accuracy” (John Kiff, Michael Kisser, and Liliana Schumacher). The Q&A discusses Seven Questions on Financial Crises (Stijn Claessens, M. Ayhan Kose, Luc Laeven, and Fabián Valencia). This issue also includes a listing of recent IMF Working Papers and IMF Staff Discussion Notes, as well as Recommended Readings from the IMF Bookstore. The top-viewed articles from recent of issues of “IMF Economic Review” are featured.
Credit Risk Modeling using Excel and VBA
It is common to blame the inadequacy of credit risk models for the fact that the financial crisis has caught many market participants by surprise. On closer inspection, though, it often appears that market participants failed to understand or to use the models correctly. The recent events therefore do not invalidate traditional credit risk modeling as described in the first edition of the book. A second edition is timely, however, because the first dealt relatively briefly with instruments featuring prominently in the crisis (CDSs and CDOs). In addition to expanding the coverage of these instruments, the book will focus on modeling aspects which were of particular relevance in the financial ...
Das Paar im Fokus
In welchem Verhältnis standen Selbstverständnis und Praxis institutionalisierter nichtkonfessioneller sowie katholischer Eheberatungsstellen? In ihrer an der Schnittstelle von Sozialgeschichte, Geschichte der Sozialen Arbeit und Kirchengeschichte angesetzten Studie blickt Vera-Maria Giehler auch auf der Mikroebene in die Beratungssituation selbst. Mit den zum ersten Mal ausgewerteten Briefwechseln, Protokollen und Berichten aus Beratungsstellen soll so eine Forschungslücke zu einem zeitgenössisch viel diskutierten Themenfeld geschlossen werden. Eheberatung diente den Ratsuchenden, jedoch auch gesellschaftlichen Ordnungsvorstellungen. Die Autorin arbeitet verschiedene Aspekte der Beratung...
Index of Patents Issued from the United States Patent Office
pt. 1. List of patentees.--pt. 2. Index to subjects of inventions.
Bundesdeutscher Protestantismus und Geschlechterdiskurse 1949-1971
"Eine Revolution auf leisen Sohlen" - so lasst sich die Auseinandersetzung westdeutscher protestantischer Akteurinnen und Akteure mit Diskursen zu Geschlecht beschreiben. Fur die Bundesrepublik 1949-1971 sind gesellschaftliche Individualisierungs-, Pluralisierungs- und Differenzierungserscheinungen auch der Geschlechterrollenvorstellungen zu konstatieren. Sarah Jager untersucht anhand der Themenfelder Familie, Sexualaufklarung, Sittlichkeitsbewegung in Literatur und Film, weibliche Erwerbsarbeit, Sexualethik sowie Ehe- und Familienberatung die ethische Auseinandersetzung des Protestantismus mit diesen Veranderungsprozessen. Es kam zu einer Gleichzeitigkeit des Ungleichzeitigen, zu abwehrenden und kritischen Reaktionen ebenso wie zu einer vorsichtigen Aufnahme und Mitgestaltung. Dies fuhrte zu einer Liberalisierung und Individualisierung evangelischer ethischer Positionierung, die zunehmend das Individuum in den Fokus des eigenen Nachdenkens stellte.
