The New Masters of Capital
American Bond Rating Agencies and the Politics of Creditworthiness
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New Masters of Capital by Timothy J. Sinclair
Book DescriptionIn 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.
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Book DetailsISBN: 9780801474910
(235mm x 156mm x 13mm)
Imprint: Cornell University Press
Publisher: Cornell University Press
Publish Date: 31-Jul-2008
Country of Publication: United States
Books By Author Timothy J. Sinclair
Global Governance, Hardback (September 2012)
* An accessible introduction to a key concept in political science and related disciplines. * Global governance is a contested concept with several competing definitions; this book gives a clear overview of the relevant debates.
Problem with Banks, Paperback (May 2012)
A concise, essential overview of a pressing global issue, The Problem with Banks examines banking activity in America, Asia and Europe, and how specific historical circumstances have transformed banks' behaviour and attitude to risk.
Structure and Agency in International Capital Mobility, Paperback (July 2001)
"Structure and Agency in International Capital Mobility" highlights the importance of mobile resources as a feature of globalization, and challenges the received wisdom about the causes and effects of international capital mobility.
Approaches to World Order, Paperback (March 1996)» View all books by Timothy J. Sinclair
A collection of Robert Cox's most important essays on politics and world order.
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