The Credit Rating Agency Market in Africa: Landscape and Future Research Directions
本文梳理全球信用评级研究，聚焦非洲市场，分析本土评级机构的贡献，并指出利用非洲特点的未来研究方向，对关注新兴市场信用评级的学者有参考价值。
ABSTRACT We explore the role of credit ratings in global markets and highlight potential opportunities for research on the African credit rating agency market. We trace the evolution of credit ratings and conduct a comprehensive literature review of existing studies globally that explore determinants, properties, and capital market impacts of credit ratings. We then evaluate the African credit rating agency landscape, showcasing the contribution of local credit rating agencies. We end by suggesting research areas that could leverage the characteristics of the African context. We also highlight recent calls for public sector credit rating agencies as an alternative approach to solving persistent rating coverage gaps. Overall, our paper aims to provide a nuanced understanding of the credit rating landscape in Africa, offering insights into its challenges, opportunities, and future research directions.