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To Judge Leviathan: Sovereign Credit Ratings, National Law, and the World Economy

机译：评利维亚坦：主权信用等级，国家法律和世界经济

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摘要

Recent decades have witnessed the remarkable rise of a kind of market authority almost as centralized as the state itself^ two credit rating agencies, Moody's and Standard & Poor's. These agencies derive their influence from two sources. The first is the information content of their ratings. The second is both more profound and vastly more problematic: Ratings are incorporated into financial regulations in the United States and around the world. In this article we clarify the role of credit rating agencies in global capital markets, describe the host of problems that arise when their ratings are given the force of law, and outline the alternatives to the public policy dilemmas created when ratings receive a public imprimatur. We conclude that agencies designated for regulatory purposes should be required to provide more nuanced ratings exposing their perceptual and ideological underpinnings (especially for sovereigns), and facilitating consideration of alternatives to ratings-dependent regulation.
机译：近几十年来，市场权威的显着崛起几乎与国家本身一样集中。两个信用评级机构，穆迪和标准普尔。这些机构的影响力来自两个方面。首先是其评级的信息内容。第二个问题既更深刻，也更成问题：美国和世界各地的金融法规中都加入了评级。在本文中，我们阐明了信用评级机构在全球资本市场中的作用，描述了信用评级机构获得法律效力时出现的一系列问题，并概述了信用评级机构受到公共制裁时造成的公共政策困境的替代方案。我们得出结论，应该要求指定用于监管目的的机构提供更细微的等级，以暴露其感性和意识形态的基础（尤其是对于主权国家），并促进考虑依赖等级的监管的替代方案。

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  • 来源
    《Journal of Public Policy》 |2011年第3期|p.191-217|共27页
  • 作者

    CHRISTOPHER M. BRUNER; RAWI ABDELAL;

  • 作者单位

    Research Associate Harvard Business School Soldiers Field Boston, MA 02163;

    rnResearch Associate Harvard Business School Soldiers Field Boston, MA 02163;

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  • 正文语种 eng
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