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"Gaillard, Norbert"
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Donald Trump’s Economic Nationalism
Since his return to power, Donald Trump has pursued an erratic economic policy, symbolized by his ever-changing announcements on tariffs. He is seeking to improve the United States’ competitiveness, which may be reflected in maneuvers aimed at weakening the dollar. The uncertainties surrounding the US economy are all the more damaging given the worrying level of public debt. Against this backdrop, Moody’s made the decision to downgrade the country’s credit rating.
Journal Article
Credible Sovereign Ratings: Beyond Statistics and Regulations
This article sheds new light on the credibility of sovereign ratings, and raises some doubts about their accuracy and impartiality. Although credit rating agencies (CRAs) are tasked with issuing accurate sovereign ratings, the stability of ratings suffers when CRAs inflate them owing to anticipated yet uncertain lender-of-last-resort intervention. The impartiality of sovereign ratings can be compromised also by regulators' expectations and by the demands of investors and debt issuers. These problems were not addressed by Regulation (EU) No 462/2013 of the European Parliament and of the Council of 21 May 2013 amending Regulation (EC) No 1060/2009 on credit rating agencies. This article explains how to improve sovereign rating methodologies by revamping the standard through-the-cycle approach. Ratings criteria should place greater emphasis on the sustainability of both total debt and the exchange rate; they should account also for spillover effects and the central government's cost of bank bailouts.
Journal Article
Alix Frangeul-Alves
Depuis son retour au pouvoir, Donald Trump mene une politique économique erratique, symbolisée par les annonces fluctuantes sur les droits de douane. Il cherche à améliorer la compétitivité des Etats-Unis, ce qui pourrait se traduire par des manceuvres visant a faire baisser le dollar. Les incertitudes pesant sur l'économie américaine sont d'autant plus dommageables que l'endettement public y est préoccupant. Dans ce contexte, l'agence Moody's a dégradé la note du pays.
Journal Article