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

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  • Lawrence J. White

    (New York University)

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.

Suggested Citation

  • Lawrence J. White, 2019. "Using The Tools of Industrial Organisation to Illuminate The Credit Rating Industry," The Japanese Economic Review, Springer, vol. 70(3), pages 367-374, September.
    • Handle: RePEc:spr:jecrev:v:70:y:2019:i:3:d:10.1111_jere.12238
    DOI: 10.1111/jere.12238
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    References listed on IDEAS

    as
    1. Klein, Benjamin & Leffler, Keith B, 1981. "The Role of Market Forces in Assuring Contractual Performance," Journal of Political Economy, University of Chicago Press, vol. 89(4), pages 615-641, August.
    2. Lawrence J. White, 2013. "Credit Rating Agencies: An Overview," Annual Review of Financial Economics, Annual Reviews, vol. 5(1), pages 93-122, November.
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    More about this item

    Keywords

    G14; L59;

    JEL classification:

    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading
    • L59 - Industrial Organization - - Regulation and Industrial Policy - - - Other

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