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Is a Regional Credit Rating Agency for the ASEAN Feasible? 6

By: 4 0 16, [, ] | [, ] |

Contributor(s): DLSU Business & Economic Review. 27:2 ( January 2018). pp. 35-50 5 6 [] |

Language: Unknown language code Summary language: Unknown language code Original language: Unknown language code Series: ; 46Edition: Description: Content type: text Media type: unmediated Carrier type: volumeISBN: ISSN: 2Other title: 6 []Uniform titles: | | Related works: 1 40 Tereso S. Tullao, Jr., Christopher James R. Cabuay, Daniel S. Hofileña 6 []Subject(s): -- 2 -- 0 -- -- | -- 2 -- 0 -- 6 -- | 2 0 -- | -- -- 20 -- | | -- -- BOND MARKETS;CREDIT RATING AGENCIES -- ASEAN+3 -- -- | -- -- -- 20 -- --Genre/Form: -- 2 -- Additional physical formats: DDC classification: | LOC classification: | | 2Other classification:

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Book	PLM	PLM Periodicals Section	Periodicals	LG221.M35 (Browse shelf)	Available		PER1920F

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Previous	LG221.M35 Long-Run Linkages of ASEAN+3 Floating Currencies	LG221.M35 ASEAN Bond Market Integration: What Drives Cross-Border Bond Investment in ASEAN?	LG221.M35 Strategic Position of Bond Markets in ASEAN-5: Challenges and Directions for Development	LG221.M35 Is a Regional Credit Rating Agency for the ASEAN Feasible?	LG221.M35 Ownership Structure and Stock Return Asymmetries in ASEAN-5 Stock Markets: A Firm-Level Analysis	LG221.M35 Inflation and Public Debt Dynamics in ASEAN	LG221.M35 Regime-Switching Business Cycle Synchronization in the ASEAN	Next

Abstract: In the spirit of deepening the bond markets of the ASEAN+3 region, as well as addressing the inadequacies put forth by the underrating of bonds by global credit rating agencies (GCRAs) and their lack of recognition of domestic CRAs' (DCRAs) ratings, we look into the feasibility of a regional CRA (RCRA). Establishing an RCRA is faced with hurdles related to institutional and reputational constraints, mechanisms of information exchange, compatibility of financial reports, operational limitations, governance structure, and regulatory frameworks. In this light, we provide a brief discussion on potential alternatives such as the credit ratings initiative of the National University of Singapore (NUS), mutual recognition agreements, recognition of DCRAs' ratings, removing the sovereign cap, regional GCRA ratings, cooperation between DCRAs and GCRAs, and the harmonization among DCRAs. 56

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