评级膨胀、双评级规范的网络效应与美国信用评级霸权

与通货膨胀一样,评级膨胀具有持久的、螺旋上升的和影响深远的危害性。信用评级在本质上只是一个相对风险措施,典型的信用评级并不能完全反映宏观经济周期。对国家和投资者来说,信用评级所导致的风险与威胁主要来自于＂信用评级膨胀＂。而究其根本,评级膨胀的大规模泛滥最终得益于美国两大评级机构的双评级规范霸权,以及由美国评级机构所垄断的国际评级网络。由于存在激励促使他们逃避基于评级的监管,因此道德风险在所难免,并一定会催生评级膨胀。因此,评级膨胀只是表象和媒介,双评级规范和网络效应才是美国评级霸权的最终顶点。

Rating Inflation,Network Effects of Two Rating Norms and the Hegemony of the U.S. Credit Rating

As same as currency inflation,rating inflation also has a long-lasting,spiral and far-reaching harm.Credit rating,in essence,is only a relative risk measure,and typical credit rating does not reflect the macro-economic cycle.For the state and investors,credit rating risks and threats are mainly caused by the inflation of credit rating.The large-scale inflation of ratings ultimately benefit from the spread of U.S.rating agencies＇two rating norms hegemony,as well as the international rating network monopolized by the U.S. agencies.Incentives encourage them to escape the rating-based regulation,so the moral hazard is inevitable,and rating inflation must be born.Therefore,the rating inflation is merely a phenomenon or a media,two rating norms and network effects are the ultimate peak of U.S.rating hegemony.