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dc.contributor.authorRodríguez de Codes Elorriaga, Elena
dc.contributor.authorMarcelo Antuña, Antonio
dc.contributor.authorBlanco Escolar, Roberto
dc.contributor.authorMayordomo Gómez, Sergio
dc.contributor.authorArrizabalaga Uriarte, Fabián
dc.contributor.authorStupariu, Patricia Florina
dc.identifier.issn2605-0897 (electronic edition)
dc.descriptionArtículo de revista
dc.description.abstractA consequence of the outbreak of the pandemic triggered by COVID-19 is the unprecedented global economic recession that has led rating agencies to increase their credit rating downgrades. This process could continue in the coming months if the unfolding of the pandemic results in a significant worsening of the macroeconomic outlook. Although the financial system’s reliance on these ratings has decreased since the global financial crisis, they continue to play a significant role for regulatory purposes and when the investment policies of financial intermediaries and the operational framework of central banks are determined. As a result, these movements could have potentially adverse effects on monetary policy transmission, financial stability and the real economy. The article describes the challenges posed by rating downgrades in these three areas and considers possible measures to mitigate the adverse effects, taking into account the specific characteristics of the current crisis.
dc.format.extent19 p.
dc.publisherBanco de España
dc.relation.ispartofFinancial Stability Review. Nº 39 (Autumm 2020), p. 45-63
dc.relation.hasversionVersión en español 123456789/14223
dc.rightsReconocimiento-NoComercial-CompartirIgual 4.0 Internacional (CC BY-NC-SA 4.0)
dc.rightsIn Copyright - Non Commercial Use Permitted
dc.titleThe challenges associated with the use of agencies’ credit ratings in the context of the COVID-19 crisis
dc.subject.bdeRegulación y supervisión de instituciones financieras
dc.subject.bdePolítica monetaria
dc.publisher.bdeMadrid : Banco de España, 2020
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