The role of rating agencies in financial crises: event studies from the Asian flu
通过1997年亚洲金融危机中受冲击最严重国家的案例，反驳了主权评级加剧危机的指控，指出评级下调多发生在危机结束前后，与加速危机的论点不符。
Based on case studies from countries that have been hit hardest by the Asian financial crisis of 1997, the present paper shows that the accusation that sovereign ratings led to a severe acceleration of the crisis is unconvincing and that the empirical method often used to support accusations against rating agencies is inappropriate for the problem under analysis. Rather, it must be emphasised that ratings were downgraded in most countries very shortly before the end of the crisis. In some countries, the ratings were even further downgraded after the end of the crisis as countries started to recover. This is not in line with the thesis that the crisis was accelerated by rating agencies.