THE NEW MASTERS OF CAPITAL: AMERICAN BOND RATING AGENCIES AND THE POLITICS OF CREDITWORTHINESS
Book ID/图书代码： 03360010B43387
English Summary/英文概要： In THE NEW MASTERS OF CAPITAL, Timothy J. Sinclair examines a key aspect of the global economy -- the rating agencies. In the global economy, trust is formalized in the daily operations of such firms as Moody’s and Standard & Poor’s, which continuously monitor the financial health of bond-issuers ranging from private corporations to local and national governments. Their judgments affect unimaginably large sums, approximately $30 trillion in outstanding debt issues, according to a recent Moody’s estimate. The difference between an AA and a BB rating may cost millions of dollars in interest payments or determine if a corporation or government can even issue bonds.
Without bond rating agencies, there would be no standard means to compare risks in the global economy, and international investment would be problematic. Most observers assume that the agencies are neutral and scientific, and that they interpret their role in narrowly economic terms. But these agencies, by their nature, wield extraordinary power and exert massive influence over public policy. Sinclair offers a highly accessible account of these institutions, their origins, and the rating processes they use to judge creditworthiness. Illustrated with a wide range of cases, this book offers a fresh assessment of the role of an often-overlooked institution in the dynamics of modern global capitalism.
Chinese Summary/中文概要： 在这本《股本大师》一书中，作者蒂莫斯 J.辛克莱探讨了全球经济的一个的关键所在 — — 评级机构。在全球经济中，信任正被穆迪投资者服务公司和标准普尔这样的投资公司提上日常的正式工作之中，他们长期以来一直在监测从到当地的私营公司和各国政府的债券发行人财务的健康状况。这些评级机构经济学者的判断直接影响着巨额投资，以及未偿还的债务问题，据穆迪投资公司的估计，大约涉及到有30 万亿美元的未偿债务问题。AA评级和BB评级不同区别可能要花费数百万美元利息支出或是判断，甚至是一个公司或是政府债券发行的问题。
没有债券评级机构，就不会有衡量的标准，去衡量考证全球经济风险和国际投资潜在的风险问题。大多数观察家人物这些机构是中立和科学的，他们以自身微弱的优势，在全球经济中起着他们的作用。但这些机构，根据其性质，掌握着非同寻常的权力，发挥着公共政策的巨大影响力。辛克莱为这些的体系、来源和他们用来判断信用评级过程的提供了一份非常易于理解的详细报告。运用大范围情况下进行系列阐明，这本书提供了容易被忽视的，在动态现代全球资本主义中评级机构一个全新的作用。(Sandy)
Awards/获奖情况：安•卡伦(Ann Cullen)：“尽管萝卜青菜，各有所爱。然评价机构在当今金融市场的地位毫无争议。其影响是无可非议的。作者作为国际政治经济学教授为我们进一步解析。”
詹姆士•N•罗斯（James N. Rosenau），乔治•华盛顿大学教授：“作者在此全面而系统地剖析了世界事务较为重要和鲜为人知的部分。”
About the Author/作者介绍： 蒂莫西•J•辛克里埃（Timothy J. Sinclair），华威大学国际政治经济学教授、作家，参与编辑了众多成册。 Timothy J. Sinclair teaches international political economy at the University of Warwick (England). He is author or coauthor of books forthcoming from Zed Books and Polity Press. He coedited volumes published by Palgrave-Macmillan, Routledge, Cambridge, and SUNY Press.
Format:电子手稿
Rights Status/版权销售情况：Simplified Chinese/简体中文：AVAILABLE
Complex/Traditional Chinese/繁体中文：AVAILABLE
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