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Conclusion and Outlook: After the Crisis

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Private Ratings, Public Regulations

Part of the book series: Transformations of the State ((TRST))

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Abstract

This book has sought a theory-based explanation for the use of credit ratings in financial market regulation. For that purpose, a macro-institutionally embedded resource dependence perspective on the delegation of regulatory authority from public regulators private to credit rating agencies has been proposed: public regulators have delegated regulatory authority to credit rating agencies (in varying degrees) because (to varying extents) they have perceived themselves as dependent upon, and have sought to make use of, credit rating agencies’ analytical resources. The dependence of public regulators on credit rating agencies’ analytical resources is in turn conditioned by the prevailing global and national/regional macro-institutional socioeconomic contexts, that is, the global transformation of the financial architecture from embedded to disembedded liberalism and different national/regional varieties of capitalism.

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© 2011 Andreas Kruck

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Kruck, A. (2011). Conclusion and Outlook: After the Crisis. In: Private Ratings, Public Regulations. Transformations of the State. Palgrave Macmillan, London. https://doi.org/10.1057/9780230307384_6

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