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The New Masters of Capital

The New Masters of Capital

American Bond Rating Agencies and the Politics of Creditworthiness

Timothy J. Sinclair - Collection Political Science

186 pages, parution le 04/05/2005

Résumé

In The New Masters of Capital, Timothy J. Sinclair examines a key aspect of the global economy-the rating agencies. In the global economy, trust is formalized in the daily operations of such firms as Moody's and Standard & Poor's, which continuously monitor the financial health of bond-issuers ranging from private corporations to local and national governments. Their judgments affect unimaginably large sums, approximately $30 trillion in outstanding debt issues, according to a recent Moody's estimate. The difference between an AA and a BB rating may cost millions of dollars in interest payments or determine if a corporation or government can even issue bonds.

Without bond rating agencies, there would be no standard means to compare risks in the global economy, and international investment would be problematic. Most observers assume that the agencies are neutral and scientific, and that they interpret their role in narrowly economic terms. But these agencies, by their nature, wield extraordinary power and exert massive influence over public policy. Sinclair offers a highly accessible account of these institutions, their origins, and the rating processes they use to judge creditworthiness. Illustrated with a wide range of cases, this book offers a fresh assessment of the role of an often-overlooked institution in the dynamics of modern global capitalism.

L'auteur - Timothy J. Sinclair

Timothy J. Sinclair teaches international political economy at the University of Warwick. He is the coauthor of Approaches to World Order and the editor of Global Governance: Critical Concepts in Political Science, Structure and Agency in International Capital Mobility, and Approaches to Global Governance Theory.

Sommaire

  • List of Tables and Figures
  • Preface
  • Introduction
  • Good, Bad, or Indifferent: The Emergence of Rating
  • Unconscious Power
  • Rating Corporations
  • Rating State and Local Governments
  • Global Growth of the Rating Business
  • Blown Calls: Rating Challenges and Crises
  • A New Constellation of Power
  • Index
Voir tout
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Caractéristiques techniques

  PAPIER
Éditeur(s) Cornell University Press
Auteur(s) Timothy J. Sinclair
Collection Political Science
Parution 04/05/2005
Nb. de pages 186
Format 16 x 24
Couverture Relié
Poids 450g
Intérieur Noir et Blanc
EAN13 9780801443282
ISBN13 978-0-8014-4328-2

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