The Credit Rating Industry

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The study delves into the economics of credit ratings, examining the industry's structure and the crucial role of reputation in its business model. It explores the dynamics of credit rating supply and demand, highlighting the limited competition within the industry. The analysis includes a critical review of regulatory needs, ultimately arguing that compelling reasons for regulation are scarce. It contrasts the regulatory frameworks of the EU and the USA with an ideal regulatory model, providing insights into the effectiveness of current regulations.