The infrastructure of global governance: Quasi-regulatory mechanisms and the new global finance

Global Governance

Volumn 7, Issue 4, 2001, Pages 441-451

  Sinclair, Timothy J ^a  

^a NONE

Author keywords

[No Author keywords available]

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EID: 0035539984     PISSN: 10752846     EISSN: None     Source Type: Journal    
DOI: 10.1163/19426720-00704008     Document Type: Review

References (40)

1. I first discussed the concept of embedded knowledge networks in Timothy J. Sinclair, "Reinventing Authority: Embedded Knowledge Networks and the New Global Finance," Environment and Planning C: Government and Policy 18, no. 4 (August 2000): 487-502.
2. On the pressures on policy generated by capital mobility, see the chapters in Kenneth P. Thomas and Timothy J. Sinclair, eds., Structure and Agency in International Capital Mobility (London and New York: Palgrave, 2001).
3. Timothy J. Sinclair, "Between State and Market: Hegemony and Institutions of Collective Action Under Conditions of International Capital Mobility," Policy Sciences 27, no. 4 (1994): 451.
4. On Basel II, see Basel Committee on Banking Supervision, The New Basel Capital Accord (Basel: Bank for International Settlements, January 2001). Available at www.bis.org.
5. Michael King and Timothy J. Sinclair, "Grasping at Straws: A Ratings Downgrade for the Emerging International Financial Architecture," paper presented at the annual meeting of the American Political Science Association, San Francisco, September 2001.
6. For example, Susan Strange, States and Markets, 2d ed. (London: Pinter, 1994).
7. Wolfgang Streeck and Philippe C. Schmitter, "Community, Market, State - and Associations? The Prospective Contribution of Interest Governance to Social Order," in Streeck and Schmitter, eds., Private Interest Government: Beyond State and Market (London: Sage, 1985).
8. On this theme, see Neil J. Smelser and Richard Swedberg, eds., The Handbook of Economic Sociology (Princeton: Princeton University Press/Russell Sage Foundation, 1994); A. Claire Cutler, Virginia Haufler, and Tony Porter, "Private Authority and International Affairs," in Cutler, Haufler, and Porter, eds., Private Authority and International Affairs (Albany: State University of New York Press, 1999); Martin Hewson and Timothy J. Sinclair, eds., Approaches to Global Governance Theory (Albany: State University of New York Press, 1999).
9. On this theme, see Neil J. Smelser and Richard Swedberg, eds., The Handbook of Economic Sociology (Princeton: Princeton University Press/Russell Sage Foundation, 1994); A. Claire Cutler, Virginia Haufler, and Tony Porter, "Private Authority and International Affairs," in Cutler, Haufler, and Porter, eds., Private Authority and International Affairs (Albany: State University of New York Press, 1999); Martin Hewson and Timothy J. Sinclair, eds., Approaches to Global Governance Theory (Albany: State University of New York Press, 1999).
10. On this theme, see Neil J. Smelser and Richard Swedberg, eds., The Handbook of Economic Sociology (Princeton: Princeton University Press/Russell Sage Foundation, 1994); A. Claire Cutler, Virginia Haufler, and Tony Porter, "Private Authority and International Affairs," in Cutler, Haufler, and Porter, eds., Private Authority and International Affairs (Albany: State University of New York Press, 1999); Martin Hewson and Timothy J. Sinclair, eds., Approaches to Global Governance Theory (Albany: State University of New York Press, 1999).
11. John Scott, "Corporate Groups and Network Structure," in Joseph McCahery, Sol Picciotto, and Colin Scott, eds., Corporate Control and Accountability: Changing Structures and the Dynamics of Regulation (Oxford: Oxford University Press, 1993), p. 294.
12. On German reactions to the U.S. agencies, see Klaus Engelen, "A European Nightmare: Unchecked American Rating Agencies Become Continent's New Boss-Men," International Economy 7, no. 6 (November-December 1994): 46-50. For a much more analytical treatment, see Torsten Strulik, "Funktionen und Folgen privater Rating-Agenturen im Kontext der Regulierung globaler Finanzmärkte," Soziale Welt 51 (2000): 443-462.
13. On German reactions to the U.S. agencies, see Klaus Engelen, "A European Nightmare: Unchecked American Rating Agencies Become Continent's New Boss-Men," International Economy 7, no. 6 (November-December 1994): 46-50. For a much more analytical treatment, see Torsten Strulik, "Funktionen und Folgen privater Rating-Agenturen im Kontext der Regulierung globaler Finanzmärkte," Soziale Welt 51 (2000): 443-462.
14. Japan Center for International Finance, "Characteristics and Appraisal of Major Rating Companies: Focusing on Ratings in Japan and Asia" (mimeo, Tokyo, December 1998). Also see the APEC background paper on rating agencies, "Development of Credit Rating Agencies," available at www.adb.org/APEC/cra/default.asp.
15. Japan Center for International Finance, "Characteristics and Appraisal of Major Rating Companies: Focusing on Ratings in Japan and Asia" (mimeo, Tokyo, December 1998). Also see the APEC background paper on rating agencies, "Development of Credit Rating Agencies," available at www.adb.org/APEC/cra/default.asp.
16. On epistemic authority, see Sinclair, "Reinventing Authority," p. 495.
17. F. A. Hayek, Individualism and Economic Order (London: Routledge, 1949), pp. 80-83.
18. David Batten, John L. Casti, and Roland Thord, "Introduction," in Batten, Casti, and Thord, eds., Networks in Action: Communication, Economics and Human Knowledge (Berlin: Springer-Verlag, 1995), p. viii.
19. Walter W. Powell and Laurel Smith-Doerr, "Networks and Economic Life," in Neil J. Smelser and Richard Swedberg, eds., The Handbook of Economic Sociology (Princeton: Princeton University Press; New York: Russell Sage Foundation, 1994), p. 368.
20. Benjamin J. Cohen, "Phoenix Risen: The Resurrection of Global Finance," World Politics 48, no. 2 (January 1996): 268-296.
21. Franklin R. Edwards, The New Finance: Regulation and Financial Stability (Washington, D.C.: American Enterprise Institute Press, 1996); Susan Strange, Mad Money: When Markets Outgrow Governments (Ann Arbor: University of Michigan Press, 1998).
22. Franklin R. Edwards, The New Finance: Regulation and Financial Stability (Washington, D.C.: American Enterprise Institute Press, 1996); Susan Strange, Mad Money: When Markets Outgrow Governments (Ann Arbor: University of Michigan Press, 1998).
23. "Time to Leave: A Survey of World Banking," The Economist, 2 May 1992.
24. Cloin Mayer and Xavier Vives, "Introduction," in Mayer and Vives, eds., Capital Markets and Financial Intermediation (Cambridge: Cambridge University Press, 1993), pp. 7-8.
25. For exhaustive detail on this question, see Andrew Fight, The Ratings Game (London and New York: Wiley, 2001), pp. 101-149.
26. Based on an interview with Charles S. Prescott, IBCA Ltd. (now Fitch Ratings), London, 8 December 1992. Interview with Koyo Ozeki and Reiko Toritani, IBCA Ltd. (Fitch Ratings), Tokyo, 17 May 1994. Interview with Toshikazu Ishii, deputy director, Securities Market Division (Bond Market Office), Securities Bureau, Ministry of Finance, Tokyo, 20 May 1994.
27. Moody's Investors Service, Moody's Introduction (New York: Moody's Investors Service, 1989), p. 6.
28. Hyman C. Grossman, "Introduction to the Debt Rating Process," presentation to the Standard & Poor's seminar, Institute for Professional Development, New Jersey Law Center, New Brunswick, N.J., 7 August 1992.
29. David F. Hawkins, Barbara A. Brown, and Walter J. Campbell, Rating Industrial Bonds (Morristown, N.J.: Financial Executives Research Foundation, 1983), p. 38.
30. Edward C. Kirkland, Industry Comes of Age: Business, Labor and Public Policy 1860-1897 (New York: Holt, Reinhart & Winston, 1961), p. 233.
31. Ibid., p. 234.
32. George David Smith and Richard Sylla, "The Transformation of Financial Capitalism: An Essay on the History of American Capital Markets," Financial Markets, Institutions and Instruments 2, no. 2 (May 1993): 42.
33. Alvin Toffler, Powershift: Knowledge, Wealth, and Violence at the Edge of the 21st Century (New York: Bantam, 1990), pp. 43-57.
34. See, for example, Ann Monroe, "Rating the Rating Agencies," Treasury and Risk Management (July 1995). United States Department of Justice, "DOJ Urges SEC to Increase Competition for Securities Ratings Agencies," press release, Washington, D.C., 6 March 1998. Also see surveys by Cantwell & Company, available at www.askcantwell.com/iscr_survey.htm.
35. See, for example, Ann Monroe, "Rating the Rating Agencies," Treasury and Risk Management (July 1995). United States Department of Justice, "DOJ Urges SEC to Increase Competition for Securities Ratings Agencies," press release, Washington, D.C., 6 March 1998. Also see surveys by Cantwell & Company, available at www.askcantwell.com/iscr_survey.htm.
36. See, for example, Ann Monroe, "Rating the Rating Agencies," Treasury and Risk Management (July 1995). United States Department of Justice, "DOJ Urges SEC to Increase Competition for Securities Ratings Agencies," press release, Washington, D.C., 6 March 1998. Also see surveys by Cantwell & Company, available at www.askcantwell.com/iscr_survey.htm.
37. Based on comments made by senior Moody's officials during interviews in New York, March 2000.
38. See "About Moody's" at www.moodys.com.
39. Susan Greenberg, "New Rating Agency Causes a Stir," The Guardian, 13 February 1993. A comprehensive listing of the new agencies can be found at www.everling.de.
40. Timothy J. Sinclair, "Bond-Rating Agencies and Coordination in the Global Political Economy," in Cutler, Haufler, and Porter, Private Authority and International Affairs.