Chen, Yongmin; Gu, Dingwei; Yao, Zhiyong - Volkswirtschaftliche Fakultät, … - 2013
rationale that reconciles the two opposite arguments. We find that both rating inflation and rating deflation can occur in …: some argue that they engage in rating inflation, while others suggest that they deflate ratings. This article offers a … equilibrium. Furthermore, we show that credit rating is procyclical: rating inflation is more likely to happen in a boom while …