A resiliência das agências de rating no sistema financeiro internacional

Abstract

Why do credit rating agencies remain as key players in the global financial dynamic even after their successive failures as risk assessors? This article aims to analyze these companies’ resilience based on theoretical reflections that allow the confrontation between their historical trajectories and a perspective of financial globalization that takes into account both its political motivations and its economic developments. The working hypothesis is that the agencies’ role in the international financial system exceeds the function of rating, also consisting in maintaining the internal coherence of the financial regime that was constituted on the United States’ structural power projection, which is translated in the Consensus of Washington. Forthis purpose, the theory of Panitch and Gindin (2012) and Konings (2011), which understands financial globalization as an expansion of the United States financial system to the rest of the globe, is combined with theoretical reflections and recent empirical observations on regulations marks and about the modus operandi of Standard & Poor’s, Moody’s and Fitch Ratings. This research, therefore, seek to contribute for a better understanding about these companies’ objectives and to provide a theoretical foundation to future empirical researches regarding their actions.