Private Ratings, Public Regulations: Credit Rating Agencies by Andreas Kruck

By Andreas Kruck

Credit standing corporations play a strong and contentious function within the governance of world monetary markets. Introducing an unique framework for delegating political authority to non-public actors, this e-book explains universal developments within the regulatory use of personal scores for public reasons and analyzes regulatory alterations after the monetary Crisis.

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Sample text

S&P’s capped the amount at 200,000 US dollars; it also had a onetime fee of 25,000 US dollars for first-time issuers. Both Moody’s and S&P’s offered negotiated rates for frequent issuers. The fees charged by Fitch were slightly lower (White 2001: 14). The rise of credit rating agencies in the 1980s and 1990s We can observe a significant increase in credit rating agencies’ scope of activities and relevance in the past three decades. The first credit rating agencies were established in the United States as early as the beginning of the twentieth century.

Thus, I argue that the theoretical model that builds on this public–private principal–agent relationship could be useful for the analysis of a broad range of situations where public actors delegate governance tasks and political authority to private actors. Having described the empirical puzzle and conceptualized it in more abstract terms, the book explores what factors drive the delegation of political authority to credit rating agencies. For that purpose, a causal–theoretical (why-)model10 is constructed.

These approaches capture how economic policies and the behavior of political and market actors are shaped by existing global and national/regional macroinstitutional arrangements such as the structure of the global financial system and the prevalent modes of corporate financing. Research design The research design of this book essentially comprises three steps: a description of the object of investigation, that is, the regulatory use of credit ratings; the development of an explanatory theoretical model that purports to explain variations in the regulatory use of credit ratings over time and across countries; and, finally, a test of the proposed explanatory framework against empirical evidence, which also amounts to an account of both transformations in the governance of global financial markets and the persistent relevance of national (macro-)institutions in explaining states’ positions on alternative modes of economic governance in an era of globalization.

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