Credit Ratings and Sovereign Debt [electronic resource] : The Political Economy of Creditworthiness through Risk and Uncertainty /
Paudyn, B.author.
Bartholomew Paudyn investigates how governments across the globe struggle to constitute the authoritative knowledge underpinning the political economy of creditworthiness and what the (neoliberal) 'fiscal normality' means for democratic governance.
Description based upon print version of record.
Cover; Contents; Contents; Preface and Acknowledgements; List of Acronyms; Introduction: Credit Rating Crisis; New analytics of sovereign ratings; Socio-technical devices of control; Government through risk and uncertainty; Performative political economy of; creditworthiness Overview; Chapter 1 Crisis and Control; Emerging sovereign bond markets; Asian Flu hits ratings; The quest for fiscal transparency; New century but even more of the old; Contagion risk of ratings; Rating legacy lingers on; Conceptual territory of sovereign creditworthiness; Authoritative knowledge
Beyond just ideational constructsPerformativity; Politics of resistance and resilience; Absence of a singular and totalizing neoliberal capitalism ; Absence of singular centre to democratic resistance/resilience ; Conclusion; Chapter 2 The Rise of Risk and Uncertainty; Conceptual lineage of risk; Period of hegemonic risk-centred financialization; Security; Profit; Market risk; Operational risk; Credit risk; Credit rating methodologies; Methodologies, models and assumptions; Sovereign rating analysis; Secretive and opaque; Modalities of government; Conclusion; Chapter 3 Rating Performativity
Performativity terrainIllocutionary and perlocutionary performativity; Self-generative effects for credit rating agencies; Conditionality, reactivity and interactivity of risk (and uncertainty); Contagion amplified self-generation; Procyclical reinforcement; Constitutive effects for investors; Mainstream functionalist explanations; The naturalization of speculators; Prohibitive effects for governments; Potential performativity breakdown; Conclusion; Chapter 4 Epistocracy versus Democracy; Credit ratings and the European project; Regulating the ratings space; Conclusion
Conclusion: Problematizing the Ratings SpaceRepoliticization of creditworthiness; Notes; References; Index
Includes bibliographical references and index.
Bartholomew Paudyn investigates how governments across the globe struggle to constitute the authoritative knowledge underpinning the political economy of creditworthiness and what the (neoliberal) 'fiscal normality' means for democratic governance.
Political economy.
Economic policy.
Political communication.
Political sociology.
International relations.
International Political Economy.
Economic Policy.
Political Communication.
Political Sociology.
International Relations.