Credit Rating Agencies

DNB Working Paper No. 278

42 Pages Posted: 14 Feb 2011  

Jakob de Haan

University of Groningen - Faculty of Economics and Business; De Nederlandsche Bank; CESifo (Center for Economic Studies and Ifo Institute)

Fabian Amtenbrink

Erasmus University Rotterdam - Erasmus School of Law

Multiple version iconThere are 2 versions of this paper

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

de Haan, Jakob and Amtenbrink, Fabian, Credit Rating Agencies (January 15, 2011). DNB Working Paper No. 278. Available at SSRN: https://ssrn.com/abstract=1760951 or http://dx.doi.org/10.2139/ssrn.1760951

Jakob de Haan

University of Groningen - Faculty of Economics and Business ( email )

PO Box 800
Groningen, 9700 AV
Netherlands
+31 0 50 3633706 (Fax)

De Nederlandsche Bank ( email )

P.O. Box 98
Amsterdam, 1000 AB
Netherlands

CESifo (Center for Economic Studies and Ifo Institute)

Poschinger Str. 5
Munich, DE-81679
Germany

HOME PAGE: http://www.CESifo.de

Fabian Amtenbrink (Contact Author)

Erasmus University Rotterdam - Erasmus School of Law ( email )

3000 DR Rotterdam
Netherlands
+31104081573 (Phone)

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