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Oxford Scholarship Online
This chapter argues for deregulation of the credit-rating market. Credit-rating agencies are supposed to contribute to the informational needs of investors trading bonds. They provide ratings of debt issued by corporations and governments, as well as of structured debt instruments (e.g. mortgage-backed securities). As many academics, regulators, and commentators have pointed out, the ratings of structured instruments turned out to be highly inaccurate, and, as a result, they have argued fordoi:10.1093/oso/9780198755661.003.0011 fatcat:gdtvoaq3d5e6hakqfdz6wpxwnu