Doh-Shin Jeon, and Stefano Lovo, Credit Rating Industry: a Helicopter Tour of Stylized Facts and Recent Theories, International Journal of Industrial Organization, vol. 31, n. 5, September 2013, pp. 643–651.


The recent subprime crisis and the ongoing Euro zone crisis have generated an enormous interest in the credit rating industry not only among economists but also among average citizens. As a consequence, we have seen an explosion of the economic literature on the industry. The objective of this survey is to introduce readers to the key stylized facts of the credit rating industry and to the recent theoretical economic literature on this industry.

JEL codes

  • D43: Oligopoly and Other Forms of Market Imperfection
  • D82: Asymmetric and Private Information • Mechanism Design
  • G24: Investment Banking • Venture Capital • Brokerage • Ratings and Ratings Agencies
  • L13: Oligopoly and Other Imperfect Markets