Financialization, credit rating agencies, and “policy space”: The Brazilian experience
This paper analyzes the restrictions imposed by financialization on domesticpolicy space, especially in emerging economies, in light of the actions of credit rating agencies.The working hypothesis is that these agencies, in their interaction with governments, act toconstrain the policy space from th...
| Autores: | , |
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| Tipo de recurso: | artículo |
| Estado: | Versión publicada |
| Fecha de publicación: | 2023 |
| País: | Brasil |
| Institución: | EDITORA 34 |
| Repositorio: | Revista de Economia Política |
| Idioma: | inglés |
| OAI Identifier: | oai:ojs2.centrodeeconomiapolitica.org:article/2433 |
| Acceso en línea: | https://centrodeeconomiapolitica.org.br/repojs/index.php/journal/article/view/2433 |
| Access Level: | acceso abierto |
| Palabra clave: | Financialization policy space credit rating agencies Brazil Financeirização “policy space” agências de rating Brasil |
| Sumario: | This paper analyzes the restrictions imposed by financialization on domesticpolicy space, especially in emerging economies, in light of the actions of credit rating agencies.The working hypothesis is that these agencies, in their interaction with governments, act toconstrain the policy space from their position in the international financial system. Thereby,they operate in favor of the financial markets’ agenda through the issuance of sovereignratings and at the discursive level. The methodology draws on the case study of Brazil, basedon sovereign ratings and reports issued by S&P Global, Moody’s, and Fitch Ratings, which shows that such agencies have a vast repertoire to promote the orthodox neoliberal agendain the national political and economic process. JEL Classification: F62; F65; Y80. |
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