Rating Agencies and Their Role in the Process of the Multi-level Governance of Globalized Financial Markets
Rating Agencies and Their Role in the Process of the Multi-level Governance of Globalized Financial Markets

Summary/Abstract: One of the biggest challenges of the modern world is the problem of new models of international system governance under the globalization processes. Given the multidimensional nature of globalization answers to this question have been sought through processes of international negotiations between nation states. However it is increasingly clear that nation-states are unable to effectively steer international system without an involvement of other actors operating on different levels. The article deals with the role played by credit rating agencies in the multilevel governance of financial markets under the globalization processes. There is no doubt that credit rating agencies became an important element of this new model of governance. The idea of multilevel governance has acquired unprecedented importance today. It not only suggests ways of dealing with new conditions of globalization, but is said to be an essential term for understanding the transnational processes and for identifying non-traditional actors involved in governance processes on different levels.

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