The Credit Ratings Game
---- Acknowledgements ----
We are grateful to Adam Ashcraft, Heski Bar-Isaac, Marco Becht, Jens Josephson, Ailsa Röell, David Skeie, Chester Spatt, James Vickery and the audiences at Bergen, BIS, Bocconi, Hunter, NY Fed, NYU-Stern, Tilburg, and UPF for helpful discussions. All three authors are also affiliated with CEPR. Shapiro gratefully acknowledges financial support from the Spanish government under SEJ2006-09993. Freixas and Shapiro acknowledge financial support from The Barcelona GSE Research Network and the Generalitat de Catalunya. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research.