Financial crises, volatility and sovereign ratings: Do ratings really matter when they are needed most?

在亚洲金融危机期间，澳大利亚金融市场的稳定是一个重要的经济成功故事。随后，一项重要的政策目标是提高区域金融市场金融基础设施的能力，以减少其受此类危机的影响。最近的金融市场动荡极大地强调了有必要更好地了解导致这种具有挑战性的担忧的各种因素。争论的一个关键领域是，评级机构是否起到了安抚作用。该项目将提供有助于发展金融基础设施以更好地应对此类危机并保持投资者信心的见解。

The stability of Australian financial markets during the Asian financial crisis is a major economic success story. Subsequently, an important policy objective has been in enhancing the capacity of the financial infrastructure in regional financial markets to reduce their exposure to such crises. Recent financial market turmoil dramatically underscores the need to better understand the full myriad of factors that feed into this challenging concern. One critical area of debate is whether or not rating agencies play a calming role. This project will deliver insights that aid development of the financial infrastructure to cope better with such crises and retain investor confidence.