Download Free Understanding The Political Economy Of International Capital Mobility And Credit Rating Agencies A Constructivist Approach Book in PDF and EPUB Free Download. You can read online Understanding The Political Economy Of International Capital Mobility And Credit Rating Agencies A Constructivist Approach and write the review.

Matthew Watson draws a distinction between the spatial and the functional mobility of capital, allowing fresh insights into existing work on the subject whilst repoliticizing the very idea of capital being 'in motion'. The dynamics of capital mobility and the patterns of risk exposure are illustrated through four detailed global case studies.
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.
Seminar paper from the year 2011 in the subject Economics - Finance, grade: 1.0 (83 %), University of Warwick (Politics and International Studies), language: English, abstract: From the days of the Bretton Woods Agreements to the beginning of the subprime crisis, the world witnessed an impressive resurrection of global finance and with it the re-emergence of international capital mobility (ICM). But the phenomenon of ICM is a contested issue among commentators. While some almost go as far as denying its existence, the most widespread discourse portrays ICM as a powerful external force, putting pressure on the state to adopt capital-friendly policies and reduce welfare expenditures. This notion of forced competition among states is manifested in the “capital mobility hypothesis”, which draws a parallel between the rise of ICM and its structural power to constrain the state. The following essay argues that this functional connection is not necessarily given, as the mobility of capital is derived from technical, financial and regulatory sources, while its power originates from discursive mechanisms. By looking at historical developments, it is shown that ICM did indeed re-emerge. But a close examination of the constraints it poses on the different categories of the state reveals that the latter retains significant “room to move”. To understand where the premise of the “capital mobility hypothesis” comes from, ICM is analyzed through discursive institutionalism. A number of relevant discourses are examined and it is concluded that the state itself plays a substantial role in creating and maintaining the idea of ICM’s power.
A comprehensive study of capital controls, assesses the existing literature and presents original research.
Structure and Agency in International Capital Mobility highlights the importance of mobile resources as a feature of globalization, and challenges the received wisdom about the causes and effects of international capital mobility. There seems little doubt that a sea change is taking place as a result of globalization. From a world concerned with strategic weapons and the risks of mutual annihilation, a new world order is emerging in which quite different forces loom large in the communal consciousness. In this order, resources and the jobs and prosperity they produce have - at least in the West - pushed security matters firmly into second place.
Business is one of the major power centres in modern society. The state seeks to check and channel that power so as to serve broader public policy objectives. However, if the way in which business is governed is ineffective or over burdensome, it may become more difficult to achieve desired goals such as economic growth or higher levels of employment. In a period of international economic crisis, the study of how business and government relate to each other in different countries isof more central importance than ever.These relationships have been studied from a number of different disciplinary perspectives - business studies, economics, economic history, law, and political science - and all of these are represented in this handbook. The first part of the book provides an introduction to the ways in which five different disciplines have approached the study of business and government. The second section, on the firm and the state, looks at how these entities interact in different settings, emphasising suchphenomena as the global firm and varieties of capitalism. The third section examines how business interacts with government in different parts of the world, including the United States, the EU, China, Japan and South America. The fourth section reviews changing patterns of market governance through aunifying theme of the role of regulation. Business-government relations can play out in divergent ways in different policy and the fifth section examines the contrasts between different key arenas such as competition policy, trade policy, training policy and environmental policy.The volume provides an authoritative overview with chapters by leading authorities on the current state of knowledge of business-government relations, but also points to ways in which this work might be developed in the future, e.g., through a political theory of the firm.
Providing an overview of the range and scope of International Political Economy scholarship, this important work maps the different regional schools of IPE and notes the distinctive way IPE is practiced and conceptualized around the world.