Limits to the BRICS’ challenge: credit rating reform and institutional innovation in global finance
Limits to the BRICS’ challenge: credit rating reform and institutional innovation in global finance
复制标题
金砖国家挑战的局限性：信用评级改革和全球金融制度创新
DOI：
10.1080/09692290.2018.1490330
复制
发表时间：
2018
影响因子：
4.3
通讯作者：
Hongying Wang
中科院分区：
文献类型：
--
作者：
E. Helleiner;Hongying Wang
虽然许多学者分析了金砖国家创建新开发银行（NDB）和应急储备安排（CRA），但很少关注金砖国家通过制度创新挑战主导全球金融秩序的其他努力。本文考察了金砖国家讨论建立自己的信用评级机构（CrRA）的情况，该机构于2012年开始，与建立NDB和CRA的倡议几乎同时开始。这些讨论是由对美国CrRA的不满所推动的，这些CrRA是全球金融的关键机构，但金砖国家的制度创新比NDB和CRA的情况要慢，因为金砖国家在这个问题上没有共同的社会目标。即使建立了金砖国家CrRA，该机构也不太可能在短期内挑战主导秩序，因为美国及其CrRA在该领域的持久结构性力量。该案例表明，比NDB和CRA更广泛的案例选择表明，金砖国家通过集体制度创新改变全球金融秩序的能力取决于特定条件：其共同社会目标的强度和现有当局的结构性权力程度。
Abstract Although many scholars have analyzed the BRICS’ creation of the New Development Bank (NDB) and the Contingent Reserve Arrangement (CRA), less attention has been paid to other – less successful – BRICS efforts to challenge the dominant global financial order through institutional innovation. This paper examines the case of BRICS’ discussions to create their own credit rating agency (CrRA) which began in 2012 around the same time as the initiatives to establish the NDB and CRA. These discussions have been driven by discontent with US-based CrRAs which act as key authorities in global finance, but BRICS institutional innovation has been slower to emerge than in the NDB and CRA cases because the BRICS have shared less of a common social purpose on this issue. Even if a BRICS CrRA was created, this institution would be very unlikely to challenge the dominant order any time soon because of the enduring structural power of US and its CrRAs in this sector. The case shows how a wider case selection than the NDB and CRA reveals that the BRICS’ capacity to transform the global financial order through collective institutional innovation is dependent on specific conditions: the strength of their common social purpose and the degree of the structural power of established authorities.