Год выпуска: 2005 Автор: Timothy J. Sinclair Издательство: Страниц: 0 ISBN: 0801443288
Описание
Book DescriptionIn 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...
