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Overdependence on Credit Ratings was a Primary Cause of the CrisisFrank PartnoyUniversity of San Diego School of Law Proceedings of the 2008 International Banking Conference: "The First Credit Market Turmoil of the 21st Century", World Scientific Publishers, 2009 San Diego Legal Studies Paper No. 09-015 Abstract: A primary cause of the recent credit market turmoil was overdependence on credit ratings and credit rating agencies. Without such overdependence, the complex financial instruments, particularly Collateralized Debt Obligations (CDOs) and Structured Investment Vehicles (SIVs), which were at the center of the crisis could not, and would not, have been created or sold. Long-term sustainable policy measures should take into account both regulatory and behavioral overdependence on ratings.
Number of Pages in PDF File: 19 Keywords: credit ratings, credit rating agencies, derivatives, stuctured finance, regulation, accounting, credit derivatives JEL Classification: G18, G28, G38, K20, K22, K23, L10, L40 Accepted Paper SeriesDate posted: July 9, 2009Suggested CitationContact Information
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