EconPapers    
Economics at your fingertips  
 

The credit rating industry

Richard Cantor () and Frank Packer ()

Quarterly Review, 1994, vol. 19, issue Sum, 1-26

Abstract: Investors and regulators have been increasing their reliance on the opinions of the credit rating agencies. This article shows that although the ratings provide accurate rank-orderings of default risk, the meaning of specific letter grades varies over time and across agencies. Noting that current regulations do not explicitly adjust for agency differences, the authors argue that a reassessment of the use of ratings and the adequacy of public oversight is overdue.

Keywords: Credit (search for similar items in EconPapers)
Date: 1994
References: Add references at CitEc
Citations: View citations in EconPapers (40) Track citations by RSS feed

Downloads: (external link)
http://www.newyorkfed.org/research/quarterly_review/1994v19/v19n2article1.pdf (application/pdf)
Our link check indicates that this URL is bad, the error code is: 404 Not Found (http://www.newyorkfed.org/research/quarterly_review/1994v19/v19n2article1.pdf [301 Moved Permanently]--> https://www.newyorkfed.org/research/quarterly_review/1994v19/v19n2article1.pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:fip:fednqr:y:1994:i:sum:p:1-26:n:v.19no.2

Ordering information: This journal article can be ordered from

Access Statistics for this article

More articles in Quarterly Review from Federal Reserve Bank of New York Contact information at EDIRC.
Bibliographic data for series maintained by ().

 
Page updated 2020-11-26
Handle: RePEc:fip:fednqr:y:1994:i:sum:p:1-26:n:v.19no.2