Regulação das agências de rating pós-crise financeira de 2008: um estudo do caso brasileiro
Data
2023-01-17
Autores
Silva, Willian Verissimo da 
Orientadores
Miola, Iage Zendron
Tipo
Trabalho de conclusão de curso
Título da Revista
ISSN da Revista
Título de Volume
Resumo
As agências de classificação de risco foram duramente criticadas e apontadas como
um dos principais agentes causadores da crise financeira de 2008, levando os
principais atores dos mercados financeiro, investidores, governos, empresas e
órgãos institucionais a questionar a credibilidade de suas análises e integridade das
próprias instituições. Desde o final do século XIX, quando prestavam serviços a
comerciantes comuns a respeito de seus fiadores, até os tempos atuais de um
sistema financeiro complexo, diverso e globalizado, as agências de rating
demonstram sua importância na atividade de classificação de riscos, servindo muitas
vezes como indicador de confiança para investidores ou provendo ferramentas para
elaboração e manutenção da regulação de mercados distintos. Após a crise do
subprime nos Estados Unidos repercutir seus efeitos no mundo todo, as empresas
de classificação de risco foram alvos de numerosos debates em diferentes
instâncias da sociedade que viam a necessidade de regulação da sua atividade para
inibir outro possível desastre financeiro no futuro. No âmbito político e econômico,
governos, líderes de estados, economistas e órgãos internacionais envolvidos com
regulação de mercados financeiros mobilizaram esforços para que se construísse
uma minuta de padronização e uniformização para a atuação das agências de rating
pelo mundo. No Brasil, seguindo a tendência mundial, as agências de rating também
foram alvos do debate de regulação e o país precisou se inspirar nos modelos
externos enquanto levava em conta as especificidades do mercado nacional para
elaborar seu plano de regulação. Esse estudo tem por finalidade analisar o caso
brasileiro a partir das discussões fomentadas em âmbito nacional e internacional e
verificar se as medidas tomadas pelos reguladores para reduzir o poder das
agências foi eficaz em combater os principais problemas identificados em sua
atuação na crise financeira.
The credit rating agencies (CRA’s) were harshly criticized and identified as one of the main agents causing the 2008 financial crisis, leading the main actors in the financial and capital markets, governments, companies, and institutional bodies to question the credibility of their analyzes and the integrity of the institutions themselves. From the end of the 19th century, when they provided services to common traders regarding their guarantors, to the present time of a complex, diverse and globalized financial system, rating agencies demonstrate their importance in the risk classification activity, often serving as an indicator of confidence for investors or as tools in the elaboration and maintenance of the regulation of different markets. After the subprime crisis in United States reflect around the world, the credit rating companies were target of numerous discussions at different levels of society aiming at the need to regulate their activity to prevent another possible financial disaster in the future. In the political and economic sphere, governments, state leaders, economists and international bodies involved in regulation of financial markets mobilized efforts to build a standardization draft for the performance of rating agencies around the world. In Brazil, following the global trend, the CRA’s were also targets of the regulation discussion and this country was inspired by external models, considering the specificities of the national market to design its regulation plan. This study aims to analyze the Brazilian case based on the discussions fostered at the national and international levels and to verify whether the measures taken by regulators to reduce the power of the agencies were effective in combating the main problems identified in their activity during the financial crisis.
The credit rating agencies (CRA’s) were harshly criticized and identified as one of the main agents causing the 2008 financial crisis, leading the main actors in the financial and capital markets, governments, companies, and institutional bodies to question the credibility of their analyzes and the integrity of the institutions themselves. From the end of the 19th century, when they provided services to common traders regarding their guarantors, to the present time of a complex, diverse and globalized financial system, rating agencies demonstrate their importance in the risk classification activity, often serving as an indicator of confidence for investors or as tools in the elaboration and maintenance of the regulation of different markets. After the subprime crisis in United States reflect around the world, the credit rating companies were target of numerous discussions at different levels of society aiming at the need to regulate their activity to prevent another possible financial disaster in the future. In the political and economic sphere, governments, state leaders, economists and international bodies involved in regulation of financial markets mobilized efforts to build a standardization draft for the performance of rating agencies around the world. In Brazil, following the global trend, the CRA’s were also targets of the regulation discussion and this country was inspired by external models, considering the specificities of the national market to design its regulation plan. This study aims to analyze the Brazilian case based on the discussions fostered at the national and international levels and to verify whether the measures taken by regulators to reduce the power of the agencies were effective in combating the main problems identified in their activity during the financial crisis.
Descrição
Citação
SILVA, Willian Verissimo da. Regulação das agências de rating pós-crise financeira de 2008: um estudo do caso brasileiro. 2023. Trabalho de Conclusão de Curso (Bacharelado em Ciências Econômicas) - Universidade Federal de São Paulo, Escola Paulista de Política, Economia e Negócios, Osasco, 2023.