Financialization, credit rating agencies, and “policy space”: The Brazilian experience
PEDRO LANGE NETTO MACHADO,
LUIZ FERNANDO DE PAULA
Abstract:This paper analyzes the restrictions imposed by financialization on domestic policy space, especially in emerging economies, in light of the actions of credit rating agencies. The working hypothesis is that these agencies, in their interaction with governments, act to constrain the policy space from their position in the international financial system. Thereby, they operate in favor of the financial markets’ agenda through the issuance of sovereign ratings and at the discursive level. The methodology draws on … Show more
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