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 ...
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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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New. Trade paperback (US). Glued binding. 202 p. Contains: Illustrations, black & white, Tables, black & white, Figures. Cornell Studies in Political Economy.
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Good. Good condition. A copy that has been read but remains intact. May contain markings such as bookplates, stamps, limited notes and highlighting, or a few light stains.
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Very good. Ex-library. Trade paperback (US). Glued binding. 186 p. Contains: Illustrations, black & white, Tables, black & white, Figures. Cornell Studies in Political Economy (Paperback). Audience: General/trade. LCCN 2004023503 Type of material Book Personal name Sinclair, Timothy J. Main title The new masters of capital: American bond rating agencies and the politics of creditworthiness / Timothy J. Sinclair. Published/Created Ithaca: Cornell University Press, 2005. Description xiii, 186 p. : ill.; 25 cm. ISBN 0801443288 (cloth: alk. paper) LC classification HG3751.7. S56 2005 Contents Introduction--Good, bad or indifferent: the emergence of rating--Unconscious power--Rating corporations--Rating state and local governments--Global growth of the rating business--Blown calls: rating challenges and crises--A new constellation of power. Subjects Rating agencies (Finance)--United States. Bonds--Ratings and rankings--United States. Credit ratings--United States. Notes Includes bibliographical references and index. Series Cornell studies in political economy Dewey class no. 332.63/23/0973 Geographic area code n-us---
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Fair. Barcode cut out; stamped "non-returnable". Acceptable-This is a significantly damaged book. It should be considered a reading copy only. Please order this book only if you are interested in the content and not the condition. May be ex-library. Standard-sized.
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Good-Bumped and creased book with tears to the extremities, but not affecting the text block, may have remainder mark or previous owner's name-GOOD PAPERBACK Standard-sized.
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New. Print on demand Trade paperback (US). Glued binding. 202 p. Contains: Illustrations, black & white, Tables, black & white, Figures. Cornell Studies in Political Economy.
