Vliv mezinárodních ratingových agentur na krizový vývoj ekonomik Ruské federace a asijských zemí v období 1997-1998

Credit rating agencies play an important role in financial markets and ensure its efficient functioning, however, academics and investors often argue that the reduction in sovereign credit ratings contribute to the dynamics of the financial crisis. The aim of this thesis is to research the impact of the international credit rating agencies on the crisis development of the Russian Federation and the economies of Asian countries in the period 1997-1998. The aim is mainly to explore whether the rating agencies have an impact on the dynamics of the crisis in selected countries. The first chapter focuses on the characteristics of the rating, while the second chapter is devoted to the three largest credit rating agencies and the history of the development of these companies. Third and fourth chapters describe the rating definitions of the two major agencies, Standard & Poor's and Moody's. In frames of the fifth chapter, I focus on the analysis of the impact of ratings on crises in these countries in the period of 1997-1998.