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The Financial Crisis was a cross-sector crisis that fundamentally
affected modern society. Regulation, as a concept, was both blamed
for allowing the crisis to happen, but also tasked with developing
and implementing solutions in the wake of the crash. In this book,
a number of specialists from a range of fields have contributed
their insights into the effect of the Financial Crisis upon the
regulatory frameworks affecting their fields, how regulators have
responded to the Crisis, and then what this may mean for the future
of regulation within those industries. These analyses are joined by
a picture of past financial crises - which reveals interesting
patterns - and then analyses of architectural regulatory models
that were fundamentally affected by the Crisis. The book aims to
allow sector specialists the freedom to share their insights so
that, potentially, a broader picture can be identified. Providing
an interesting and thought-provoking account of this societally
impactful era, this book will help the reader develop a more
informed understanding of the potential future of financial
regulation. The book will be of value to researchers, students,
advanced level students, regulators, and policymakers.
This book aims to present a picture of one of the world’s leading
credit rating agencies. Credited as being the first credit rating
agency, Moody’s stands as the epitome of the rating sector and
all that it effects. However, outside of internal and non-public
histories compiled within the rating agency itself, the story of
Moody’s has never been told, until now. However, this is not a
historical book. Rather, this book paints a picture of Moody’s on
a wider canvas that introduces the concept of rating to you, taking
into account the origins of the sector, the competitive battles
that formed the modern-day oligopoly, and the characters that have
each taken their turn on sculpting the industry that, today, is
critical to the modern economy. The book is a story of personable
people who provided the market with what it needed, but it is more
than that. It is a story of conflict, impact, strategy, and most of
all the relationship between big business and modern society.
Standing as the gatekeeper to the capital markets that form the
core of modern society, Moody’s represents the very best of what
the marketplace can produce, but also the very worst. This story
takes in economic crises in the antebellum US, the Panics of the
early 1900s, the Wall Street Crash and the Great Depression and, of
course, the Global Financial Crisis. It does this because, at the
heart of each one was a member of the rating industry or the
reporting industry that preceded it. Associated with almost any
financial scandal you may care to remember the credit rating
agencies, in their often-uncomfortable role as gatekeepers, have
their fingerprints on most financial scandals and calamities. This
book tells the story of the industry’s founding member.
In 2020, the G20 proposed a solution for the debt-related issues
affecting the world's poorest countries due to the COVID-19
pandemic. However, their initiatives have failed to meet their
objectives. The author argues that the reason for this failure is
the inability to bring sovereign countries to the table to
re-negotiate their debt agreements with private creditors as they
fear credit rating agencies and the prospect of a downgrade. The
author refers to this as the 'credit rating impasse'. This book
proposes a novel solution. The author asserts that there is a need
in the literature to unpick the dynamic that exists and creates
that impasse, namely the pressures that exist between sovereign
states, private creditors, credit rating agencies, and the
geo-political backdrop that is massively influential in the
dynamic, that is, the adversarial relationship between China and
the US. This book addresses the recent history of debt treatment
for poorer countries and related successes and failures:
COVID-19-related issues and the development of the Debt Service
Suspension Initiative and the Common Framework for Debt Treatment.
This book examines the reasons for their failure by analysing the
positions of the sovereign states, the division between private and
official creditors and between multilateral institutions such as
the IMF and the World Bank, credit rating agencies, and the
competing political entities of China and the US. It presents a
wider picture of the systemic underpinnings to such debt-related
issues and, when examined through a geo-political perspective, the
subsequent chances of future debt treatment-related successes.
Licence line: The Open Access version of this book, available at
www.taylorfrancis.com, has been made available under a Creative
Commons Attribution-Non Commercial-No Derivatives 4.0 license.
The Financial Crisis was a cross-sector crisis that fundamentally
affected modern society. Regulation, as a concept, was both blamed
for allowing the crisis to happen, but also tasked with developing
and implementing solutions in the wake of the crash. In this book,
a number of specialists from a range of fields have contributed
their insights into the effect of the Financial Crisis upon the
regulatory frameworks affecting their fields, how regulators have
responded to the Crisis, and then what this may mean for the future
of regulation within those industries. These analyses are joined by
a picture of past financial crises - which reveals interesting
patterns - and then analyses of architectural regulatory models
that were fundamentally affected by the Crisis. The book aims to
allow sector specialists the freedom to share their insights so
that, potentially, a broader picture can be identified. Providing
an interesting and thought-provoking account of this societally
impactful era, this book will help the reader develop a more
informed understanding of the potential future of financial
regulation. The book will be of value to researchers, students,
advanced level students, regulators, and policymakers.
This book examines the transgressions of the credit rating agencies
before, during and after the recent financial crisis. It proposes
that by restricting the agencies' ability to offer ancillary
services there stands the opportunity to limit, in an achievable
and practical manner, the potentially negative effect that the Big
Three rating agencies - Standard & Poor's, Moody's and Fitch -
may have upon the financial sector and society moreover. The book
contains an extensive and in-depth discussion about how the
agencies ascended to their current position, why they were able to
do so and ultimately their behaviour once their position was
cemented. This work offers a new framework for the reader to
follow, suggesting that investors, issuers and the state have a
'desired' version of the agencies in their thinking and operate
upon that basis when, in fact, those imagined agencies do not
exist, as demonstrated by the 'actual' conduct of the agencies. The
book primarily aims to uncover this divergence and reveal the
'real' credit rating agencies, and then on that basis propose a
real and potentially achievable reform to limit the negative
effects that result from poor performance in this Industry. It
addresses the topics with regard to financial regulation and the
financial crisis, and will be of interest to legal scholars
interested in the intersection between business and he law as well
as researchers, academics, policymakers, industry and professional
associations and students in the fields of corporate law, banking
and finance law, financial regulation, corporate governance and
corporate finance.
This book examines the transgressions of the credit rating agencies
before, during and after the recent financial crisis. It proposes
that by restricting the agencies' ability to offer ancillary
services there stands the opportunity to limit, in an achievable
and practical manner, the potentially negative effect that the Big
Three rating agencies - Standard & Poor's, Moody's and Fitch -
may have upon the financial sector and society moreover. The book
contains an extensive and in-depth discussion about how the
agencies ascended to their current position, why they were able to
do so and ultimately their behaviour once their position was
cemented. This work offers a new framework for the reader to
follow, suggesting that investors, issuers and the state have a
'desired' version of the agencies in their thinking and operate
upon that basis when, in fact, those imagined agencies do not
exist, as demonstrated by the 'actual' conduct of the agencies. The
book primarily aims to uncover this divergence and reveal the
'real' credit rating agencies, and then on that basis propose a
real and potentially achievable reform to limit the negative
effects that result from poor performance in this Industry. It
addresses the topics with regard to financial regulation and the
financial crisis, and will be of interest to legal scholars
interested in the intersection between business and he law as well
as researchers, academics, policymakers, industry and professional
associations and students in the fields of corporate law, banking
and finance law, financial regulation, corporate governance and
corporate finance.
This book details the difference between the two rating industries,
but this difference is converging all the time. The concept of
investing in a more responsible and sustainable manner is drawing
in some of the world's leading investors and, with it, regulations
and policies are developing at the highest levels. However, the
market is not getting what it needs to fully submit to the concept
of responsible investing. It has called for more to be done from
those tasked with injecting information into their processes, and
two industries in particular have been identified as being natural
partners. It has been suggested that they are on a collision course
to serve the mainstream investor, and in this book, that collision
course is contextualised, explained, presented, and finally its
outcome predicted.
This book provides a critical assessment of the development of the
Stewardship Code 2020, which sets out principles regarding the role
of institutional investors in corporate governance. It discusses
how the regulatory framework for stewardship evolved before and
after the financial crisis, and how that evolution resulted in the
2020 Code. It then critiques the Code from a practical and academic
perspective, as well as evaluating the wider regulatory framework;
in particular, the position of the FRC (ARGA). The book concludes
by offering insight into different pathways that the evolution of
stewardship may continue to take. Stewardship Codes modelled on the
U.K.'s original 2010 version have been introduced in numerous
markets and as such the book will be relevant for an international
audience of academics, regulators and policymakers in financial
regulation, investment regulation and financial services.
This book details the difference between the two rating industries,
but this difference is converging all the time. The concept of
investing in a more responsible and sustainable manner is drawing
in some of the world's leading investors and, with it, regulations
and policies are developing at the highest levels. However, the
market is not getting what it needs to fully submit to the concept
of responsible investing. It has called for more to be done from
those tasked with injecting information into their processes, and
two industries in particular have been identified as being natural
partners. It has been suggested that they are on a collision course
to serve the mainstream investor, and in this book, that collision
course is contextualised, explained, presented, and finally its
outcome predicted.
This Palgrave Pivot aims to examine the bourgeoning relationship
between the Principles for Responsible Investment and the Credit
Rating Industry. Since May of 2016, when the partnership was
initially publicised, the PRI have endeavoured to incorporate
Credit Rating Agencies into its initiative via its 'ESG in Credit
Ratings Initiative', and have been working diligently to find, and
create common ground between Credit Rating Agencies and
Institutional Investors seeking to be more forward-looking in their
investment approaches. However, in recent years the 'Big Two'
Credit Rating Agencies - Standard & Poor's and Moody's - have
finally received record fines for their conduct in the run-up to
the Financial Crisis. There is a need, then, to examine the
incorporation of the Credit Rating Agencies into such a progressive
initiative. To achieve this objective, this book examines the field
of 'responsible investing', the credit rating industry, and the
power dynamic that exists between the rating industry, investors,
and the PRI (via its 'Initiative').
This book provides a critical assessment of the development of the
Stewardship Code 2020, which sets out principles regarding the role
of institutional investors in corporate governance. It discusses
how the regulatory framework for stewardship evolved before and
after the financial crisis, and how that evolution resulted in the
2020 Code. It then critiques the Code from a practical and academic
perspective, as well as evaluating the wider regulatory framework;
in particular, the position of the FRC (ARGA). The book concludes
by offering insight into different pathways that the evolution of
stewardship may continue to take. Stewardship Codes modelled on the
U.K.'s original 2010 version have been introduced in numerous
markets and as such the book will be relevant for an international
audience of academics, regulators and policymakers in financial
regulation, investment regulation and financial services.
Lonely Planet: The world's number one travel guide publisher*
Although you can get by in Norway without speaking the language,
knowing just a few phrases can help you make friends, enjoy service
with a smile, and discover richer, more rewarding experiences. Book
a table at an exciting new restaurant, get directions to Oslo's
most impressive street art murals, or snap up tickets to one of the
country's many music festivals. Fast, fun and easy to use Essential
words and phrases Simple pronunciation guides Expert tips to boost
confidence About Lonely Planet: Lonely Planet is a leading travel
media company and the world's number one travel guidebook brand,
providing both inspiring and trustworthy information for every kind
of traveller since 1973. Over the past four decades, we've printed
over 145 million guidebooks and grown a dedicated, passionate
global community of travellers. You'll also find our content
online, and in mobile apps, video, 14 languages, nine international
magazines, armchair and lifestyle books, ebooks, and more. 'Lonely
Planet guides are, quite simply, like no other.' - New York Times
'Lonely Planet. It's on everyone's bookshelves, it's in every
traveller's hands. It's on mobile phones. It's on the Internet.
It's everywhere, and it's telling entire generations of people how
to travel the world.' - Fairfax Media (Australia) *Source: Nielsen
BookScan: Australia, UK, USA, 5/2016-4/2017
Ideologies and identities are central to the organisation of
political life and political conflict, yet most empirical studies
tend to obscure their significance. This failure to take the
politics of identity seriously arises from an absence of adequate
theory and method. This 1996 study draws on both social theory and
psychological (especially psychoanalytic) theory in an attempt to
overcome these lacunae. First, it develops a novel theory and
method for the analysis of ideology and identity. Second, it
develops a detailed analysis of the politics of identity in
Northern Ireland through focusing upon Unionist ideology and
Unionist identities in crisis. The political conflict within
Unionism is analysed through a consideration of the variety of
unconscious rules drawn upon by political actors and citizens in
the making of Northern Ireland's history of the late 1980s.
Ideologies and identities are central to the organisation of
political life and political conflict, yet most empirical studies
tend to obscure their significance. This failure to take the
politics of identity seriously arises from an absence of adequate
theory and method. This 1996 study draws on both social theory and
psychological (especially psychoanalytic) theory in an attempt to
overcome these lacunae. First, it develops a novel theory and
method for the analysis of ideology and identity. Second, it
develops a detailed analysis of the politics of identity in
Northern Ireland through focusing upon Unionist ideology and
Unionist identities in crisis. The political conflict within
Unionism is analysed through a consideration of the variety of
unconscious rules drawn upon by political actors and citizens in
the making of Northern Ireland's history of the late 1980s.
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