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."
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