Some Evidence on the Consistency of Banks’Internal Credit Ratings. By Mark Carey Discussion: Xavier Freixas. Summary.
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Regarding overoptimistic lenders, results are reassuring. Still, the lender dummy is highly significative in the regression. This may be due because conditionally on the regression variables some lenders are optimistic and other pessimistic.
Regarding the the learning by lending assumption results indicate (unconditional) lack of convergence after one year.