the new masters of capital american bond rating agencies and the politics of creditworthiness cornell studies in political economy

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The New Masters Of Capital

Author : Timothy J. Sinclair
ISBN : 9780801471834
Genre : Political Science
File Size : 58. 15 MB
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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.

Rating Agenturen Vor Und Nach Der Finanzkrise 2007 08

Author : Chekdar Bavli
ISBN : 9783842819405
Genre : Business & Economics
File Size : 54. 35 MB
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Inhaltsangabe:Einleitung: Nach den spektakulären Insolvenzen von Enron, Worldcom und Parmalat Anfang der 2000er Jahre hat die jüngste Finanzkrise, die ihren Ausgang am US-Hypothekenmarkt nahm und das globale Finanzsystem zu Schwanken brachte, erneut große Zweifel an der Rolle und die Glaubwürdigkeit von Rating-Agenturen auf den internationalen Kapitalmärkten geweckt. Im Zuge der stets fortschreitenden Globalisierung eröffnete sich den international agierenden Unternehmen, Kreditinstituten sowie Staaten eine Vielzahl von Finanzierungsalternativen auf den Finanzmärkten. Die Globalisierungsphase ist gekennzeichnet durch Liberalisierung, Deregulierungsmaßnahmen der nationalen Geld-, Kredit- und Kapitalmärkte, Privatisierung der Weltwirtschaft im Sinne von Vermehrung des Eigentums, sowie eine zunehmende Verbriefung (securitization) von Kredittransaktionen in handelbare Wertpapiere, bis hin zu Disintermediation von Kapitalnehmer und Kapitalgeber. Die Verbriefungstechniken ermöglichen unter Kosten-, Risiko- und Flexibilitätsgesichtspunkten den Schuldnern neben der klassischen Finanzierung über Bankkredite erhebliche Vorteile. Jedoch bedeuten die alternativen Anlageformen für den Investor nicht nur Vorteile, sondern auch Eigenverantwortung im Hinblick auf die Bonitätsanalyse des einzelnen Emittenten zu übernehmen, welche für ihn eine fast unlösbare Aufgabe darstellt. Denn mit zunehmendem Angebot gestaltet sich auch die Auswahl schwieriger, da eine ansteigende Anzahl von Emittenten und Emissionen den Kapitalmarkt zusehends unüberschaubarer macht. Hierbei spielen Rating-Agenturen, die zu den einflussreichsten Akteuren der Finanzmärkte zählen, eine Schlüsselrolle , indem sie mittels einfacher Ratingsymbole (AAA oder Aaa) helfen, Schuldtitel unterschiedlicher Herkunft und Struktur mit Blick auf Ausfallrisiken vergleichbar zu machen. Infolgedessen erhöhen sie die Marktransparenz, unterstützen die Marktakteure mit den Ratings, Fehlentscheidung zu vermeiden und tragen somit zum Abbau der am Markt herrschenden Informationsasymmetrien zwischen den Marktakteuren bei. Insofern wirken qualitativ hochwertige, objektive und insbesondere unabhängige Bonitätsurteile der Agenturen auf das Vertrauen der Marktteilnehmer ein, welches die Voraussetzung für die Funktionsfähigkeit dieses Marktsegments darstellt. Doch diesen Anspruch wurden die Rating-Agenturen nicht gerecht. Auch wenn sie nicht die alleinige Verantwortung tragen, haben sie mit ihren krassen Fehleinschätzungen, [...]

The Independence Of Credit Rating Agencies

Author : Gianluca Mattarocci
ISBN : 9780124047365
Genre : Business & Economics
File Size : 49. 17 MB
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The Independence of Credit Rating Agencies focuses on the institutional and regulatory dynamics of these agencies, asking whether their business models give them enough independence to make viable judgments without risking their own profitability. Few have closely examined the analytical methods of credit rating agencies, even though their decisions can move markets, open or close the doors to capital, and bring down governments. The 2008 financial crisis highlighted their importance and their shortcomings, especially when they misjudged the structured financial products that precipitated the collapse of Bear Stearns and other companies. This book examines the roles played by rating agencies during the financial crisis, illuminating the differences between U.S. and European rating markets, and also considers subjects such as the history of rating agencies and the roles played by smaller agencies to present a well-rounded portrait. Reports on one of the key causes of the 2008 financial crisis: agencies that failed to understand how to analyze financial products Describes inherent business model and pricing conflicts that compromise the independence of credit rating agencies Reveals how rating agencies large and small, regulatory bodies, and vested interests interact in setting fees and policies

Europe And The Governance Of Global Finance

Author : Daniel Mügge
ISBN : 9780199683963
Genre : Business & Economics
File Size : 50. 63 MB
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1: Daniel Mügge: Introduction 2: Eilís Ferran: Financial Supervision 3: Jasper Blom: Banking 4: Daniel Mügge: Securities and Derivatives Markets 5: Lucia Quaglia: Insurance 6: Bart Stellinga: Accounting Standards 7: David Howarth and Lucia Quaglia: Hedge Funds 8: Stefanie Hiss and Sebastian Nagel: Credit Rating Agencies 9: Eleni Tsingou: Money Laundering 10: Duncan Wigan: Offshore Financial Centres 11: Andrew Baker: Macroprudential Regulation.

Finanzmarktsoziologie

Author : Jürgen Beyer
ISBN : 9783658179182
Genre : Social Science
File Size : 63. 17 MB
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Die Finanzmärkte verdienen heute mehr Aufmerksamkeit, als es bislang der Fall war. Und vor allem: Die Finanzmärkte verdienen heute Aufmerksamkeit in anderer Weise. Seit der Finanzkrise hat sich der Blick auf die Finanzmärkte derart verändert, dass kritisch hinterfragt werden muss, ob die wachsende Finanzialisierung zu einer gesunden und vernünftigen Ökonomie und Geldordnung beiträgt. Die Beiträge in diesem Band analysieren typische Koordinationsformen von Finanzmarktaktivitäten, untersuchen die gesellschaftliche Organisation von Finanzmarktrisiken und Ungewissheit sowie aktuelle Konstruktionsbedingungen der monetären Ordnung.

Academy Of Management Annual Meeting

Author : Academy of Management
ISBN : CORNELL:31924112273887
Genre : Industrial management
File Size : 51. 95 MB
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East Asia And The Global Crisis

Author : Shaun Breslin
ISBN : 9781135705442
Genre : Social Science
File Size : 87. 33 MB
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This book traces the impact of the global financial crisis on East Asia, and the way that key regional states responded to the crisis. It considers the extent to which the region is decoupling from the global economy (or the West), the impact of crises on the definition of "region", and the effectiveness and functioning of regional institutions and governance mechanisms (including environmental governance). A key focus of the book is the increasing legitimacy of statist alternatives to (neo)liberal development strategies and modes of governance – or perhaps more correctly, the extent to which the legitimacy of "western" norms and practices have been delegitimized by the crisis. This book was originally published as a special issue of Contemporary Politics

The Political Economy Of International Capital Mobility

Author : Matthew Watson
ISBN : 0230001246
Genre : Political Science
File Size : 76. 79 MB
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International capital mobility is a fundamental aspect of the political economy of globalization, and this study develops a new framework for understanding this crucial phenomenon. Matthew Watson draws a distinction between the spatial and the functional mobility of capital, allowing fresh insights into existing work on the subject whilst repoliticizing the very idea of capital being 'in motion'. The dynamics of capital mobility and the patterns of risk exposure are illustrated through four cases: the Asian financial crisis; the Tobin tax; the Enron affair; and the proposed consolidation of the European stock market.

Analyzing The Global Political Economy

Author : Andrew Walter
ISBN : UOM:39015079215128
Genre : Business & Economics
File Size : 56. 64 MB
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Ideally suited to upper-undergraduate and graduate students,Analyzing the Global Political Economycritically assesses the convergence between IPE, comparative political economy, and economics. Andrew Walter and Gautam Sen show that a careful engagement with economics is essential for understanding both contemporary IPE and for analyzing the global political economy. The authors also argue that the deployment of more advanced economic theories should not detract from the continuing importance for IPE of key concepts from political science and international relations. IPE students with little or no background in economics will therefore find this book useful, and economics students interested in political economy will be alerted to the comparative strengths of political science and other social science disciplines. A concise look at the foundations of analysis in the political economy of global trade, money, finance, and investment Suitable for upper-undergraduate and graduate students with some or no economic background Techniques and findings from a range of academic disciplines, including international relations, political science, economics, sociology, and history Further reading and useful weblinks including a range of relevant data sources, listed in each chapter

Appeasing Bankers

Author : Jonathan Kirshner
ISBN : 0691131449
Genre : Business & Economics
File Size : 32. 53 MB
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In Appeasing Bankers, Jonathan Kirshner shows that bankers dread war--an aversion rooted in pragmatism, not idealism. "Sound money, not war" is hardly a pacifist rallying cry. The financial world values economic stability above all else, and crises and war threaten that stability. States that pursue appeasement when assertiveness--or even conflict--is warranted, Kirshner demonstrates, are often appeasing their own bankers. And these realities are increasingly shaping state strategy in a world of global financial markets. Yet the role of these financial preferences in world politics has been widely misunderstood and underappreciated. Liberal scholars have tended to lump finance together with other commercial groups; theorists of imperialism (including, most famously, Lenin) have misunderstood the preferences of finance; and realist scholars have failed to appreciate how the national interest, and proposals to advance it, are debated and contested by actors within societies. Finance's interest in peace is both pronounced and predictable, regardless of time or place. Bankers, Kirshner shows, have even opposed assertive foreign policies when caution seems to go against their nation's interest (as in interwar France) or their own long-term political interest (as during the Falklands crisis, when British bankers failed to support their ally Margaret Thatcher). Examining these and other cases, including the Spanish-American War, interwar Japan, and the United States during the Cold War, Appeasing Bankers shows that, when faced with the prospect of war or international political crisis, national financial communities favor caution and demonstrate a marked aversion to war.

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