The politics of regulating credit rating agencies in the European Union

Quaglia, Lucia (2009) The politics of regulating credit rating agencies in the European Union. Working Paper. CGPE, University of Sussex, Brighton.

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Abstract

Why 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.

Item Type: Reports and working papers (Working Paper)
Additional Information: CGPE Working Paper No 5
Schools and Departments: School of Law, Politics and Sociology > Politics
Depositing User: Lucia Quaglia
Date Deposited: 06 Feb 2012 19:42
Last Modified: 21 Jun 2012 08:23
URI: http://sro.sussex.ac.uk/id/eprint/21836
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