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Global financial orders and credit rating agencies: disruptions and adaptations

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  • Pedro Lange Machado

Abstract

This paper addresses the possible disruption of the global financial order (GFO)based on the behavior of S&P Global, Moody’s and Fitch Ratings, century-old rating agencies,in face of three potentially disruptive crises: the 2008 global financial crisis, the Covid-19 pandemic and the climate breakdown. The main argument is that, historically, these agencieshave adapted to the GFOs in force, mirroring their institutional and ideological parametersand thereby reflecting international tendencies. Based on an institutional historical analysisand in light of the behavior of the agencies in the crises above, it calls into question the GFOtransition discussed by scholarship. JEL Classification: F50; G24; N20.

Suggested Citation

  • Pedro Lange Machado, 2025. "Global financial orders and credit rating agencies: disruptions and adaptations," Brazilian Journal of Political Economy, Center of Political Economy, vol. 45(1), pages 66-85.
    • Handle: RePEc:ekm:repojs:v:45:y:2025:i:1:p:66-85:id:2491
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    File URL: https://centrodeeconomiapolitica.org.br/repojs/index.php/journal/article/view/2491/2421
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    More about this item

    Keywords

    International financial order; credit rating agency; 2008 global financial crisis; Covid-19 pandemic; climate crisis;
    All these keywords.

    JEL classification:

    • F50 - International Economics - - International Relations, National Security, and International Political Economy - - - General
    • G24 - Financial Economics - - Financial Institutions and Services - - - Investment Banking; Venture Capital; Brokerage
    • N20 - Economic History - - Financial Markets and Institutions - - - General, International, or Comparative

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