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The politics of regulating credit rating agencies in the European Union
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posted on 2023-06-07, 23:46 authored by Lucia QuagliaWhy did the European Union (EU) decide to regulate Credit Rating Agencies (CRAs), instead of relying on the revised rules agreed at the international level and the revised US law to which the main CRAs operating in the EU but headquartered in the US were subject to? This research addresses this key question concerning the multi-level governance of financial services using a 'soft' rational choice institutionalist framework. It is argued that the global financial crisis, acting as an exogenous shock, triggered three causal mechanisms that led to a new institutional equilibrium within and without the EU, namely the issuing of EU rules on CRAs.
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- Published
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CGPE, University of SussexPlace of publication
BrightonDepartment affiliated with
- Politics Publications
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CGPE Working Paper No 5Institution
University of SussexFull text available
- No
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- No
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2012-02-06Usage metrics
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