Download This PaperCredit Rating Agencies
DNB Working Paper No. 278
42 Pages Posted: 14 Feb 2011
There are 2 versions of this paper
Credit Rating Agencies
Credit Rating Agencies
Date Written: January 15, 2011
Abstract
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.
Keywords: Credit Rating, Regulation, European Union, financial crisis, sovereign debts
JEL Classification: G21, G18
Suggested Citation: Suggested Citation
Jakob De Haan
CESifo (Center for Economic Studies and Ifo Institute)
Poschinger Str. 5
Munich, DE-81679
Germany
HOME PAGE: http://www.CESifo.de
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