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Credit Rating Agencies: An Overview

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  • Lawrence J. White

    () (Kaufman Management Center, Stern School of Business, New York University, New York, NY 10012)

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

  • Lawrence J. White, 2013. "Credit Rating Agencies: An Overview," Annual Review of Financial Economics, Annual Reviews, vol. 5(1), pages 93-122, November.
  • Handle: RePEc:anr:refeco:v:5:y:2013:p:93-122
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    References listed on IDEAS

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    Blog mentions

    As found by EconAcademics.org, the blog aggregator for Economics research:
    1. In Search of Better Credit Assessments
      by Steve Cecchetti and Kim Schoenholtz in Money, Banking and Financial Markets on 2014-09-18 17:28:35

    Citations

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    as


    Cited by:

    1. Lawrence J. White, 2016. "Credit Rating Agencies: An Analysis Through the Lenses of Industrial Organization, Finance and Regulation," Pacific Economic Review, Wiley Blackwell, vol. 21(2), pages 202-226, May.
    2. repec:kap:jrefec:v:55:y:2017:i:2:d:10.1007_s11146-016-9563-2 is not listed on IDEAS

    More about this item

    Keywords

    credit rating agencies; nationally recognized statistical rating organization (NRSRO); financial regulation; financial crisis; Dodd-Frank Act;

    JEL classification:

    • G24 - Financial Economics - - Financial Institutions and Services - - - Investment Banking; Venture Capital; Brokerage
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation

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