Antitrust & Competition Policy Blog

Editor: D. Daniel Sokol
University of Florida
Levin College of Law

Friday, October 18, 2019

Using the Tools of Industrial Organization to Illuminate the Credit Rating Industry

By: Lawrence J. White
Abstract: Until slightly more than a decade ago, the credit rating industry was largely a little-recognized and little-understood part of the financial system plumbing. This obscurity changed with the financial crisis of 2008 and its aftermath. After a few years of intensive attention, however, the CRAs have retreated back to semi-obscurity and attract little media or political attention. The tools of industrial organization (IO) can help us understand this industry: its structure; its behavior; and its outcomes; and the public policies that are likely to improve its functioning.

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