Ratings Shopping and Asset Complexity: A Theory of Ratings Inflation
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Many identify inflated credit ratings as one contributor to the recent financial market turmoil. We develop an equilibrium model of the market for ratings and use it to examine possible origins of and cures for ratings inflation. In the model, asset issuers can shop for ratings -- observe multiple
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美国国家经济研究局创建时间：
2009-02-01
