Credit Ratings, Credit Rating Agencies, and their Development in Asia
Agenda

Registration

Welcome Remarks - Masahiro Kawai, Dean, Asian Development Bank Institute (ADBI)

Session I: COMPETITION, CONFLICTS OF INTERESTS, INNOVATION AND REGULATION
Chairperson: Li-Gang Liu, BBVA, Chief Economist for Greater China

Paper 1: A fact finding paper on structured finance ratings

Presenter: Roberto Violi, Research Department, Bank of Italy
Discussant: Hiroyuki Ito, Portland State University and Visiting Scholar, Asian Development Bank Institute (ADBI)

Paper 2: Solicited and unsolicited credit ratings: A Global Perspective

Presenter: Winnie Poon, Lingnan University, Hong Kong
Discussant: Jin-Chuan Duan, National University of Singapore

Coffee Break

Paper 3: Financial Crisis and the Regulation of Rating Agencies - A European Banking Perspective

Presenter: Siegfried Utzig, Association of German Banks
Discussant: Peter Morgan, Asian Development Bank Institute (ADBI)

Paper 4: More ain't always better: Efficient entry in the credit rating industry

Presenters:
Giovanni Ferri, University of Bari, Italy
Dan Sasaki, University of Tokyo
Discussant: Yingyi Tsai, National Kaohsiung University

Open Floor Discussion

Photo Session

Lunch Break

Session II : IS THERE A DEVELOPED VS. EMERGING COUNTRIES DIVIDE IN RATINGS?
Chairperson: Mario Lamberte, Research Director, Asian Development Bank Institute

Paper 5: Sovereign Ceilings "Lite"? The Impact of Sovereign Ratings on Corporate Ratings in Emerging Market Economies

Presenters:
Eduardo Borensztein, Inter-America Development Bank
Kevin Cowan, Central Bank of Chile
Patricio Valenzuela, European University Institute
Discussant: Li-Gang Liu, BBVA Chief Economist for Greater China

Paper 6: How Default Probabilities Vary by Sector and Domicile

Presenter: William Perraudin, Imperial College, London
Discussant: Michael Pomerleano, Bank of Israel and Asian Development Bank Institute

Paper 7: Paper on specificity of sovereign ratings in Emerging Asia

Presenter: Sara Bertin, OECD Development Center, France
Discussant: Eduardo Borensztein, Inter-America Development Bank

Open Floor Discussion

Coffee Break

Session III : HOW SHOULD BANKS BE RATED?
Chairperson: Giovanni Ferri, University of Bari, Italy

Paper 8: RMI's credit rating initiative

Presenters:
Oliver Chen, Risk Management Institute, National University of Singapore
Jin-Chuan Duan, National University of Singapore
Mu Deng, Risk Management Institute, National University of Singapore

Paper 9: Banking sector efficiency and rating consistency

Presenters:
Changchun Hua, Hong Kong Monetary Authority
Li-Gang Liu, BBVA Hong Kong Branch
Discussant: William Perraudin, Imperial College, London

Open Floor Discussion

Session IV : NATIONAL VS. GLOBAL RATING AGENCIES IN ASIA
Chairperson: William Perraudin, Imperial College, London

Paper 10: Emergence of Rating Agencies: Implications for Establishing a Regional Rating Agency in Asia

Presenters:
Li-Gang Liu, BBVA Hong Kong Branch
Yingyi Tsai, National Kaohsiung University
Discussant: Dan Sasaki, University of Tokyo

Paper 11: Foreign Ownership and the Credibility of National Rating Agencies: Evidence from Korea

Presenters:
Giovanni Ferri, University of Bari, Italy
Tae Soo Kang, Bank of Korea
Punziana Lacitignola, University of Bari, Italy
Jeong Yeon Lee, Yonsei University, Korea
Discussant: Siegfried Utzig, Association of German Banks

Coffee Break

Paper 12: Paper on market impact of NRAs vs. GRAs

Presenters:
Masahiro Kawai, Asian Development Bank Institute (ADBI)
Punziana Lacitignola, Department of Economics, University of Bari
Discussant: Winnie Poon, Lingnan University, Hong Kong

Session V : PANEL DISCUSSION
Moderator: Masahiro Kawai, Dean, Asian Development Bank Institute (ADBI)

Panelists:
Li-Gang Liu - summary of key issues discussed
Giovanni Ferri
William Perraudin
Eduardo Borenstein
Siegfried Utzig

Master of Ceremony: Mario B. Lamberte, Director of Research, Asian Development Bank Institute (ADBI)

Lunch

End of Conference