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Overdependence on Credit Ratings was a Primary Cause of the Crisis

In: The First Credit Market Turmoil Of The 21st Century Implications for Public Policy

Author

Listed:
  • Frank Partnoy

    (University of San Diego School of Law, USA)

Abstract

The following sections are included:IntroductionSome Background and Theory: Reputation versus Regulatory LicensesThe Growth of “Second-Level” Mortgage SecuritizationCredit Ratings as Drivers of Second-Level SecuritizationsRegulatory versus Behavioral OverdependenceSome Policy PrescriptionsConclusion

Suggested Citation

  • Frank Partnoy, 2009. "Overdependence on Credit Ratings was a Primary Cause of the Crisis," World Scientific Book Chapters, in: Douglas D Evanoff & Philipp Hartmann & George G Kaufman (ed.), The First Credit Market Turmoil Of The 21st Century Implications for Public Policy, chapter 12, pages 175-191, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9789814280488_0012
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    Citations

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    Cited by:

    1. Frank Packer & Timothy Riddiough, 2012. "Securitisation and the Commercial Property Cycle," RBA Annual Conference Volume (Discontinued), in: Alexandra Heath & Frank Packer & Callan Windsor (ed.),Property Markets and Financial Stability, Reserve Bank of Australia.
    2. Aggelos KOTIOS & George GALANOS & Spyros ROUKANAS, 2012. "The Rating Agencies In The International Political Economy," Scientific Bulletin - Economic Sciences, University of Pitesti, vol. 11(1), pages 3-15.
    3. Gera Kiewiet & Iman van Lelyveld & Sweder van Wijnbergen, 2017. "Contingent Convertibles: Can the Market Handle them?," Tinbergen Institute Discussion Papers 17-095/VI, Tinbergen Institute.
    4. Lorenzo Sasso, 2016. "Bank Capital Structure and Financial Innovation: Antagonists or Two Sides of the Same Coin?," Journal of Financial Regulation, Oxford University Press, vol. 2(2), pages 225-263.
    5. Körner, Finn Marten & Trautwein, Hans-Michael, 2015. "Sovereign credit ratings and the transnationalization of finance: Evidence from a gravity model of portfolio investment," Economics - The Open-Access, Open-Assessment E-Journal (2007-2020), Kiel Institute for the World Economy (IfW Kiel), vol. 9, pages 1-54.
    6. repec:mth:ijafr8:v:9:y:2019:i:1:p:209-228 is not listed on IDEAS
    7. David Luttrell & Harvey Rosenblum & Jackson Thies, 2012. "Understanding the risks inherent in shadow banking: a primer and practical lessons learned," Staff Papers, Federal Reserve Bank of Dallas, issue Nov.
    8. Kiewiet, Gera & van Lelyveld, Iman Paul Pieter & van Wijnbergen, Sweder, 2017. "Contingent Convertibles: Can the Market handle them?," CEPR Discussion Papers 12359, C.E.P.R. Discussion Papers.
    9. Andreas Kruck, 2017. "Asymmetry in Empowering and Disempowering Private Intermediaries," The ANNALS of the American Academy of Political and Social Science, , vol. 670(1), pages 133-151, March.
    10. Tao Wang, 2016. "Time-Varying Rating Standards and the Distorted Incentives of Credit Rating Agencies," Global Credit Review (GCR), World Scientific Publishing Co. Pte. Ltd., vol. 6(01), pages 21-39.
    11. Leung, W.S. & Taylor, N. & Evans, K.P., 2015. "The determinants of bank risks: Evidence from the recent financial crisis," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 34(C), pages 277-293.
    12. Levitin, Adam & Wachter, Susan, 2012. "Explaining the Housing Bubble," MPRA Paper 41920, University Library of Munich, Germany.
    13. Woon Sau Leung & Nicholas Taylor, 2013. "Testing for contagion: the impact of US structured markets on international financial markets," Chapters, in: Adrian R. Bell & Chris Brooks & Marcel Prokopczuk (ed.), Handbook of Research Methods and Applications in Empirical Finance, chapter 11, pages 256-284, Edward Elgar Publishing.

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