Credit Rating Agencies
Jakob de Haan
University of Groningen - Faculty of Economics and Business; De Nederlandsche Bank; CESifo (Center for Economic Studies and Ifo Institute)
Erasmus University Rotterdam - Erasmus School of Law
January 15, 2011
DNB Working Paper No. 278
This paper critically reviews the debate on CRAs and, in the light thereof, analyses the European regulatory approach to CRAs, thereby combining insights from economics and law. We first provide some basic background on the function of CRAs. Thereafter, we focus on the two main tasks for which CRAs have come under criticism, namely the issuing of sovereign ratings and the rating of structured instruments. Finally, we zoom in on the question of whether and how CRAs should be regulated given their function, focusing on recent European legislation that aims to standardize the conduct of CRAs.
Number of Pages in PDF File: 42
Keywords: Credit Rating, Regulation, European Union, financial crisis, sovereign debts
JEL Classification: G21, G18
Date posted: February 14, 2011
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