Credit Ratings and Sovereign Debt

Credit Ratings and Sovereign Debt

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At the heart of the struggle to constitute the 'politics of limits' a€“ the parameters defining the budgetary realities facing governments a€“ is the growing antagonistic relationship between the imperatives of private (financial) markets and public democracies. Through a new analytical instrumentality, this interdisciplinary account problematizes credit ratings and the problem of sovereign debt to show how the authoritative knowledge underpinning the political economy of creditworthiness is constructed through the deployment of the discursive practices of risk and uncertainty. Unpacking the 'black-box' of sovereign ratings, as a socio-technical device of control and governmentality, we better understand how their authoritative capacity/utility are constituted through their performative effects, which create the conditions and subjectivities that serve to validate and regenerate a disinflationary fiscal normality/rectitude. Political judgment is censured through depoliticizing risk techniques; as a (fallacious) analytics of ratings helps elevate quantitative expertise and relegates competing, qualitative approaches in the design of a neoliberal politics of limits. This exacerbates the asymmetry between epistocracy and democracy, which prompts attempts to reclaim lost fiscal sovereignty.Gill, S. (1998) a#39;European Governance and New Constitutionalism: Economic and Monetary Union and Alternatives to Disciplinary ... System: Report of G7 Finance Ministers to G7Heads of State or Government for their Meeting in Birmingham, Birmingham: Group of 7. ... a#39;Uncertainty, Risk, and Trust: Russian and American Credit Card Markets Compareda#39;, American Sociological Review, 66: 623a€“46. ... Hacking, I. (1990) The Taming of Chance, New York: Cambridge University Press .

Title:Credit Ratings and Sovereign Debt
Author:Bartholomew Paudyn
Publisher:Palgrave Macmillan - 2014-06-20


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