Private Ratings, Public Regulations

1. Front Matter

   Pages i-xvi

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2. Introduction: Private Ratings and Public Purposes

   • Andreas Kruck

   Pages 1-18

3. The Regulatory Use of Credit Ratings: Overview and Conceptualization

   • Andreas Kruck

   Pages 19-79

4. The Theoretical Model: An Embedded Resource Dependence View on Delegation

   • Andreas Kruck

   Pages 80-130

5. Explaining Trend and Variation in the Regulatory Use of Credit Ratings

   • Andreas Kruck

   Pages 131-144

6. Making Sense of the Role of External Ratings in Basel II

   • Andreas Kruck

   Pages 145-154

7. Conclusion and Outlook: After the Crisis

   • Andreas Kruck

   Pages 155-165

8. Back Matter

   Pages 166-205

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Credit rating agencies play a powerful and contentious role in the governance of global financial markets. Introducing an original framework for delegating political authority to private actors, this book explains common trends in the regulatory use of private ratings for public purposes and analyzes regulatory changes after the Financial Crisis.

• Basel II
• financial markets
• Governance
• Rating
• banking

'Kruck's effort contributes to a better understanding of the changing role of the state and the diffusion of political authority. Those

interested in credit rating agencies or regulatory responsibility more broadly will certainly

benefit from his research [...] an important contribution to the study of global economy.'

David James Gill, International Affairs, March 2012

'The text's primary benefit is that it is accessibly written and offers a straightforward introduction to the specialized topic of credit rating agencies and the collaboration of public and private actors in governance more generally. Further, Kruck provides the valuable reminder that there is no singular Capitalism existing in the world today but, rather, many nuanced expressions of this economic and political system that act and react differently to market forces. He also exposes readers to a healthy crop of new terms disintermediation, transsovereignty, homo oeconomicus that excite creative possibilities about the study of economic systems at the very level of language.'

Camille van der Marel, Inquire: Journal of Comparative Literature, January 2012

• Geschwister-Scholl Institute for Political Science, University of Munich, Germany

  Andreas Kruck

ANDREAS KRUCK is Teaching and Research Associate in International Relations and Global Governance at Ludwig-Maximilians-University Munich, Germany. His research interests include global governance, private actors in world politics and international political economy.

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