Did Foreign Ownership of Korean Credit Rating Agencies Improve Their Ratings?

In this study, we investigate whether foreign equity participation fostered the growth of Korea's credit rating industry during the 2002–2013 period. We find that the rating quality deteriorated steadily even though the foreign ownership of Korea's credit rating agencies increased: Rating levels went up. Our analysis indicates that the Korean government's policy of gradually relaxing the restrictions on foreign ownership of local credit rating agencies was ineffectual. (JEL G24, F21, F65, D43)
Publisher
Wiley
Issue Date
2017-01
Language
ENG
Citation

Contemporary Economic Policy, v.35, no.1, pp.193 - 200

ISSN
1465-7287
DOI
10.1111/coep.12176
URI
http://hdl.handle.net/10203/214375
Appears in Collection
MT-Journal Papers(저널논문)
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