Overdependence on Credit Ratings was a Primary Cause of the Crisis

Frank Partnoy
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Frank Partnoy: University of San Diego School of Law, USA

Chapter 12 in The First Credit Market Turmoil of the 21st Century:Implications for Public Policy, 2009, pp 175-191 from World Scientific Publishing Co. Pte. Ltd.

Abstract: AbstractThe following sections are included:IntroductionSome Background and Theory: Reputation versus Regulatory LicensesThe Growth of “Second-Level” Mortgage SecuritizationCredit Ratings as Drivers of Second-Level SecuritizationsRegulatory versus Behavioral OverdependenceSome Policy PrescriptionsConclusion

Keywords: Financial Crises; Systemic Risk; Credit Market Turmoil; International Financial Markets (search for similar items in EconPapers)
Date: 2009
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Citations: View citations in EconPapers (14)

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