We examine the relationship between multiple credit rating purchases by banks and liquidity creation using a diverse sample of 486 banks from 71 countries. We show that liquidity creation is negatively associated with the number of ratings purchased by the bank, and that capital can positively moderate this relationship, allowing banks that obtain more ratings to create more liquidity.

中文翻译：

---

多重信用评级和流动性创造

我们使用来自 71 个国家/地区的 486 家银行的不同样本，研究了银行购买多项信用评级与流动性创造之间的关系。我们表明流动性创造与银行购买的评级数量呈负相关，资本可以积极调节这种关系，使获得更多评级的银行创造更多流动性。