Instability ?' and, in particular, the volatility of hard-currency exchange rates ?' is a strong characteristic of the financial global environment. Volatility has implications on the emerging economies?' competitiveness and external-debt burden. This paper develops a simple model centered on...

[eng] This article studies the expected consequences of this reform on credit markets. For emerging countries, the article concentrates on the impact on rating. The effects will be differentiated between countries, and whether it is sovereign or corporate debt. . JEL Classifications : G28

[fre] L’article étudie les répercussions à en attendre sur le marché du crédit (bancaire et corporate) dans les pays industrialisés et émergents. Pour ces derniers pays, les auteurs s’intéressent à l’impact de la réforme du système de notation. Ils montrent que celle-ci aura des...