Credit rating agencies and developmentalism: is there room for conciliation?
Autor(a) principal: | |
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Data de Publicação: | 2020 |
Tipo de documento: | Artigo |
Idioma: | por |
Título da fonte: | Conjuntura Austral |
Texto Completo: | https://seer.ufrgs.br/index.php/ConjunturaAustral/article/view/100528 |
Resumo: | The article analyzes credit rating agencies' behavior in face of the adoption of developmentalist policies by Lula da Silva and Dilma Rousseff governments. It aims, from a post-Keynesian perspective, associated with theoretical and empirical observations of the literature about emerging economies' integration to financial globalization and the role of the agencies in the international financial system, to understand the restrictions imposed by these companies on alternative economic policies to the neoliberal orthodoxy that guide their evaluations. The working hypothesis is that the pro-cyclical nature of their activities makes room for them to tolerate or even encourage the adoption of developmentalist instruments at specific times of economic growth. This is suggested by the ratings they issued to Brazilian public bonds during the regarded period, when new or social-developmental strategies were adopted, and it is also observed in their published reports and in statements from their executives. It is intended, with this research, to reflect on the prospects for implementing developmentalist strategies in the context of financial globalization, as well as to better understand the purpose and modus operandi of credit rating agencies, which are actors still little explored academically. |
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Credit rating agencies and developmentalism: is there room for conciliation?Agências de rating e desenvolvimentismo: há espaço para conciliação?Agências de ratingGlobalização financeiraDesenvolvimentismoCredit rating agenciesfinancial globalizationdevelopmentalism.The article analyzes credit rating agencies' behavior in face of the adoption of developmentalist policies by Lula da Silva and Dilma Rousseff governments. It aims, from a post-Keynesian perspective, associated with theoretical and empirical observations of the literature about emerging economies' integration to financial globalization and the role of the agencies in the international financial system, to understand the restrictions imposed by these companies on alternative economic policies to the neoliberal orthodoxy that guide their evaluations. The working hypothesis is that the pro-cyclical nature of their activities makes room for them to tolerate or even encourage the adoption of developmentalist instruments at specific times of economic growth. This is suggested by the ratings they issued to Brazilian public bonds during the regarded period, when new or social-developmental strategies were adopted, and it is also observed in their published reports and in statements from their executives. It is intended, with this research, to reflect on the prospects for implementing developmentalist strategies in the context of financial globalization, as well as to better understand the purpose and modus operandi of credit rating agencies, which are actors still little explored academically.O artigo analisa o comportamento das agências de rating frente a implementação de políticas desenvolvimentistas pelos governos de Lula da Silva e Dilma Rousseff. Busca-se, a partir de uma perspectiva pós-keynesiana, associada a observações teóricas e empíricas da literatura acerca da integração de economias emergentes à globalização financeira e da atuação das agências no sistema financeiro internacional, compreender as restrições impostas por essas empresas a políticas econômicas alternativas à ortodoxia neoliberal que propagam e que orientam suas avaliações. A hipótese subjacente é que o caráter pró-cíclico de sua atuação abre espaço para que tolerem ou mesmo estimulem a adoção de um instrumental desenvolvimentista em momentos específicos de crescimento econômico. Isto é sugerido pelos ratings que atribuíram aos governos em questão quando da adoção de estratégias novo ou social-desenvolvimentistas por determinados períodos, sendo também observado a partir dos relatórios que publicaram e demais manifestações de seus executivos. Pretende-se, com o trabalho, refletir sobre as perspectivas de implementação de estratégias desenvolvimentistas no contexto de globalização financeira, assim como mais bem compreender o propósito e o modus operandi das agências de rating, que despontam como atores ainda pouco explorados academicamente.UFRGS2020-11-15info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionapplication/pdfhttps://seer.ufrgs.br/index.php/ConjunturaAustral/article/view/10052810.22456/2178-8839.100528Conjuntura Austral; Vol. 11 No. 56 (2020); 20 - 35Conjuntura Austral; Vol. 11 Núm. 56 (2020); 20 - 35Conjuntura Austral; v. 11 n. 56 (2020); 20 - 352178-8839reponame:Conjuntura Australinstname:Universidade Federal do Rio Grande do Sul (UFRGS)instacron:UFRGSporhttps://seer.ufrgs.br/index.php/ConjunturaAustral/article/view/100528/59159Machado, Pedro Lange Nettoinfo:eu-repo/semantics/openAccess2020-11-16T01:45:24Zoai:seer.ufrgs.br:article/100528Revistahttps://seer.ufrgs.br/ConjunturaAustralPUBhttps://seer.ufrgs.br/ConjunturaAustral/oaiconjunturaaustral@ufrgs.br||reisdasilva@hotmail.com||nerint@ufrgs.br||andre.reis@ufrgs.br2178-88392178-8839opendoar:https://seer.ufrgs.br/ConjunturaAustral/oaihttps://seer.ufrgs.br/ConjunturaAustral/oai2020-11-16T01:45:24Conjuntura Austral - Universidade Federal do Rio Grande do Sul (UFRGS)false |
dc.title.none.fl_str_mv |
Credit rating agencies and developmentalism: is there room for conciliation? Agências de rating e desenvolvimentismo: há espaço para conciliação? |
title |
Credit rating agencies and developmentalism: is there room for conciliation? |
spellingShingle |
Credit rating agencies and developmentalism: is there room for conciliation? Machado, Pedro Lange Netto Agências de rating Globalização financeira Desenvolvimentismo Credit rating agencies financial globalization developmentalism. |
title_short |
Credit rating agencies and developmentalism: is there room for conciliation? |
title_full |
Credit rating agencies and developmentalism: is there room for conciliation? |
title_fullStr |
Credit rating agencies and developmentalism: is there room for conciliation? |
title_full_unstemmed |
Credit rating agencies and developmentalism: is there room for conciliation? |
title_sort |
Credit rating agencies and developmentalism: is there room for conciliation? |
author |
Machado, Pedro Lange Netto |
author_facet |
Machado, Pedro Lange Netto |
author_role |
author |
dc.contributor.author.fl_str_mv |
Machado, Pedro Lange Netto |
dc.subject.por.fl_str_mv |
Agências de rating Globalização financeira Desenvolvimentismo Credit rating agencies financial globalization developmentalism. |
topic |
Agências de rating Globalização financeira Desenvolvimentismo Credit rating agencies financial globalization developmentalism. |
description |
The article analyzes credit rating agencies' behavior in face of the adoption of developmentalist policies by Lula da Silva and Dilma Rousseff governments. It aims, from a post-Keynesian perspective, associated with theoretical and empirical observations of the literature about emerging economies' integration to financial globalization and the role of the agencies in the international financial system, to understand the restrictions imposed by these companies on alternative economic policies to the neoliberal orthodoxy that guide their evaluations. The working hypothesis is that the pro-cyclical nature of their activities makes room for them to tolerate or even encourage the adoption of developmentalist instruments at specific times of economic growth. This is suggested by the ratings they issued to Brazilian public bonds during the regarded period, when new or social-developmental strategies were adopted, and it is also observed in their published reports and in statements from their executives. It is intended, with this research, to reflect on the prospects for implementing developmentalist strategies in the context of financial globalization, as well as to better understand the purpose and modus operandi of credit rating agencies, which are actors still little explored academically. |
publishDate |
2020 |
dc.date.none.fl_str_mv |
2020-11-15 |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/article info:eu-repo/semantics/publishedVersion |
format |
article |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
https://seer.ufrgs.br/index.php/ConjunturaAustral/article/view/100528 10.22456/2178-8839.100528 |
url |
https://seer.ufrgs.br/index.php/ConjunturaAustral/article/view/100528 |
identifier_str_mv |
10.22456/2178-8839.100528 |
dc.language.iso.fl_str_mv |
por |
language |
por |
dc.relation.none.fl_str_mv |
https://seer.ufrgs.br/index.php/ConjunturaAustral/article/view/100528/59159 |
dc.rights.driver.fl_str_mv |
info:eu-repo/semantics/openAccess |
eu_rights_str_mv |
openAccess |
dc.format.none.fl_str_mv |
application/pdf |
dc.publisher.none.fl_str_mv |
UFRGS |
publisher.none.fl_str_mv |
UFRGS |
dc.source.none.fl_str_mv |
Conjuntura Austral; Vol. 11 No. 56 (2020); 20 - 35 Conjuntura Austral; Vol. 11 Núm. 56 (2020); 20 - 35 Conjuntura Austral; v. 11 n. 56 (2020); 20 - 35 2178-8839 reponame:Conjuntura Austral instname:Universidade Federal do Rio Grande do Sul (UFRGS) instacron:UFRGS |
instname_str |
Universidade Federal do Rio Grande do Sul (UFRGS) |
instacron_str |
UFRGS |
institution |
UFRGS |
reponame_str |
Conjuntura Austral |
collection |
Conjuntura Austral |
repository.name.fl_str_mv |
Conjuntura Austral - Universidade Federal do Rio Grande do Sul (UFRGS) |
repository.mail.fl_str_mv |
conjunturaaustral@ufrgs.br||reisdasilva@hotmail.com||nerint@ufrgs.br||andre.reis@ufrgs.br |
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