Ferri, G.; Liu, L.-G.; Stiglitz, J. E. - In: Economic Notes 28 (1999) 3, pp. 335-355
type="main" xml:lang="en" <p>We demonstrate that credit rating agencies aggravated the East Asian crisis. In fact, having failed to predict the emergence of the crisis, rating agencies became excessively conservative. They downgraded East Asian crisis countries more than the worsening in these...</p>