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

Lawrence J. White

The Japanese Economic Review, 2019, vol. 70, issue 3, 367-374

Abstract: Until slightly more than a decade ago, the credit rating industry was largely a little‐recognised 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 organisation can help us understand this industry: its structure; its behaviour; and its outcomes; and the public policies that are likely to improve its functioning.

Date: 2019
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