Credit Rating Agencies: An Overview

Posted: 8 Nov 2013

See all articles by Lawrence J. White

Lawrence J. White

New York University (NYU) - Leonard N. Stern School of Business, Department of Economics

Date Written: November 2013

Abstract

Credit rating agencies (CRAs) play a central role in the debt (bond) markets of many countries. CRAs have also attracted a considerable amount of public and policy attention during the past decade, especially with respect to their role in the financial crisis of 2008–2009 and their role in the more recent Eurozone difficulties. This article provides an overview of the CRAs: who they are, what they do, how their centrality to the financial markets came about, what their role in the financial crisis was, and the important aspects of the policy measures that have affected the CRAs.

Suggested Citation

White, Lawrence J., Credit Rating Agencies: An Overview (November 2013). Annual Review of Financial Economics, Vol. 5, pp. 93-122, 2013. Available at SSRN: https://ssrn.com/abstract=2351824 or http://dx.doi.org/10.1146/annurev-financial-110112-120942

Lawrence J. White (Contact Author)

New York University (NYU) - Leonard N. Stern School of Business, Department of Economics ( email )

44 West 4th Street
Suite 9-160
New York, NY NY 10012
United States

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