KREDİ DERECELENDİRME KURULUŞLARI VE YUNANİSTAN BORÇ KRİZİ

Yılmaz BAYAR
2.485 964

Öz


Kredi derecelendirme kuruluşları, kredi derecelendirmeleri ile şirket veya ülkelerin kredibilitelerine ilişkin asimetrik bilginin azaltılmasına katkı sağlayarak küresel finansal sistemde önemli kuruluşlar haline gelmişlerdir. Finansal piyasaların küreselleşmesi ile birlikte kredi derecelendirme kuruluşlarının küresel finansal sistem içerisindeki etkisi de zaman içerisinde artmıştır. Bununla birlikte Asya Krizi, Küresel Finansal Kriz, Euro Bölgesi Borç Krizi gibi krizler ile Enron ve WorldCom gibi şirketlerin iflası kredi derecelendirmelerinin sorgulanmasına yol açmıştır. Bu çalışmada öncelikle kredi derecelendirme kuruluşlarının tarihsel süreçte gelişimleri ve başlıca kredi derecelendirme kuruluşlarının ülkelerin kredi derecelendirmelerine yaklaşımları ele alınmış ve daha sonra kredi derecelendirme kuruluşlarının Yunanistan Borç Krizi üzerindeki etkileri incelenmiştir. Çalışma sonucunda kredi derecelendirme kuruluşlarının Yunanistan’ın ekonomisindeki olumsuz gelişmelere paralel olarak zamanında ve doğru olarak kredi derecelendirmesi yapmadıkları, borç krizi ortaya çıktıktan sonra yaptıkları art arda ölçüsüz kredi not düşürümleri ile borç krizinin derinleşmesine katkı sağladıkları tespit edilmiştir.

Anahtar Kelimeler: Kredi Derecelendirme Kuruluşları, Ülke Kredi Derecelendirmesi, Yunanistan Borç Krizi

JEL Sınıflandırması: G24, H63               

 CREDIT RATING AGENCIES AND GREECE DEBT CRISIS

ABSTRACT

Credit rating agencies became important institutions in the global financial system by contributing to reduce asymmetric information about creditworthiness of companies and countries with their credit ratings. The effect of credit rating agencies has been increased in the global financial system together with globalization of financial markets. However crises such as Asian Crisis, Global Financial Crisis, Eurozone Debt Crisis and bankruptcies of companies such as Enron and Worldcom led credit ratings to be investigated. This study firstly dealt with historical development of credit rating agencies and credit rating approaches of major credit rating agencies and then examined the effects of credit rating agencies on Greece Debt Crisis. We find that credit rating agencies did not make credit rating accurately and on time in parallel with negative developments in Greek economy and they contributed to the deepening of sovereign debt crisis with their successive unmeasured downgrading outburst of debt crisis.

Keywords: Credit Rating Agencies, Credit Rating, Greece Debt Crisis

JEL Classification: G24, H63


Anahtar kelimeler


Kredi Derecelendirme Kuruluşları, Ülke Kredi Derecelendirmesi, Yunanistan Borç Krizi

Tam metin:

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DOI: http://dx.doi.org/10.18092/ijeas.36549

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