Using the Tools of Industrial Organization to Illuminate the Credit Rating Industry

Lawrence J. White

Working Papers from New York University, Leonard N. Stern School of Business, Department of Economics

Abstract: Until slightly more than a decade ago, the credit rating industry was largely a little-recognized and little-understood part of the financial system “plumbing†. This obscurity changed with the financial crisis of 2008 and its aftermath. After a few years of intensive attention, however, the CRAs have retreated back to semi-obscurity and attract little media or political attention. The tools of industrial organization (IO) can help us understand this industry: its structure; its behavior; and its outcomes; and the public policies that are likely to improve its functioning.

Keywords: credit rating agency (CRA); prudential regulation; barriers to entry; asymmetric information (search for similar items in EconPapers)
JEL-codes: G14 L59 (search for similar items in EconPapers)
Date: 2019
New Economics Papers: this item is included in nep-bec, nep-com and nep-fmk
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