[en] In recent years, the Credit Rating Agencies (“CRAs”) have been in the eye of the storm. Some argue that CRA rating errors—symptomatized by rating inflation or deflation—originate in excessive competition. This paper argues that the low level of competition in credit rating is a better explanation for rating this phenomenon.
Disciplines :
Microeconomics European & international law
Author, co-author :
Candelon, Bertrand
Gautier, Axel ; Université de Liège - ULiège > HEC-Ecole de gestion : UER > Economie industrielle
Petit, Nicolas ; Université de Liège - ULiège > Département de droit > Droit européen de la concurrence
Language :
English
Title :
Market Power in the Credit Rating Industry: State of Play and Proposal for Reforms
