%0 Documento de trabajo (Working Paper) %A Gómez-González, José Eduardo %I Banco de la República %D 2007 %G Español (Spanish) %T Evidence of non-markovian behavior in the process of bank rating migrations %U http://repositorio.banrep.gov.co/handle/20.500.12134/5466 %X This paper estimates transition matrices for the ratings on financial insti-tutions, using an unusually informative data set. We show that the process of rating migration exhibits significant non-Markovian behavior, in the sense that the transition intens