Blar i Norges Banks vitenarkiv på emneord "global games"
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An Equilibrium Model of Credit Rating Agencies
(Working Papers;23/2012, Working paper, 2012)We develop a model of credit rating agencies (CRAs) based on reputation concerns. Ratings affect investors' choice and, thereby, also issuers' access to funding and default risk. We show that - in equilibrium - the ...