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 : 82. 36 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.

Towards New Developmentalism

Author : Shahrukh Rafi Khan
ISBN : 9781136919251
Genre : Business & Economics
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Although neo-liberalism has been critiqued from various perspectives, these critiques have not coalesced into a concrete alternative in development economics literature. The main objective of this book is to name and formulate this alternative, identify what is new about this viewpoint, and project it on to the academic landscape.

Feminist Strategies In International Governance

Author : Gülay Caglar
ISBN : 9781136210631
Genre : Political Science
File Size : 88. 53 MB
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The struggle for women’s rights and to overcome gender oppression has long engaged the efforts of inter-governmental and non-governmental organizations. Feminist Strategies in International Governance provides a new introduction to the contemporary forms of this struggle. It brings together the voices of academics and practitioners to reflect in particular on the effectiveness of human rights strategies and gender mainstreaming. It covers three international issue areas in which feminists currently seek change: women’s human rights and violence against women; the participation of women in peace-making and their protection during conflict; and the gendered effects of development, economic and financial governance. The book combines a critical reflection on the current state of feminist politics with an introduction to urgent issues on the contemporary international agenda. In addition, the book draws on innovative conceptualizations from constructivism in international relations, legal anthropology and discourse theory to provide new framings of current feminist struggles. Offering an accessible guide to the engendering of international governance and examining the challenges for international feminist politics in the future, this work will be of great interest to students and scholars of international organizations, gender politics and global governance.

The Independence Of Credit Rating Agencies

Author : Gianluca Mattarocci
ISBN : 9780124047365
Genre : Business & Economics
File Size : 58. 77 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

Academy Of Management Annual Meeting

Author : Academy of Management
ISBN : CORNELL:31924112273887
Genre : Industrial management
File Size : 42. 39 MB
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East Asia And The Global Crisis

Author : Shaun Breslin
ISBN : 9781135705442
Genre : Social Science
File Size : 64. 98 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 : 60. 78 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 : 43. 74 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 : 36. 92 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.

The Currency Of Power

Author : André Broome
ISBN : PSU:000067883776
Genre : Political Science
File Size : 27. 95 MB
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This book examines how the International Monetary Fund engages in the politics of ideas to shape domestic institutional change. Drawing on case studies from post-Soviet Central Asia, Andr Broome explains that how governments interpret their policy options mediates the IMFs influence over economic reform during periods of crisis and uncertainty.

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