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Die Regulierung von Rating-Agenturen in den USA und der EU: Eine Analyse der "domestic sources" divergenter Politikentscheidungen


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  • Pfanzelt, Simon
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    Rating-Agenturen sind seit der internationalen Finanzkrise von 2008 zu einem wichtigen Thema politischer Erörterung geworden. Doch schon vor dieser Krise gab es in den USA und der EU Debatten über die Notwendigkeit der Regulierung solcher Bewertungs-Firmen - mit unterschiedlichem Politikergebnis. Die vorliegende Arbeit untersucht, warum die Vereinigten Staaten von Amerika bei der Regulierung von Rating-Agenturen schon im Jahr 2006 vorangingen und die Europäische Union zu diesem Zeitpunkt eine regulatorische Intervention ins Ratinggeschäft noch ablehnte. Dabei kann gezeigt werden, dass domestic sources die varianten Politikentscheidungen erklären können. So leiteten heimische Wirtschaftsakteure und Regulierungsbehörden in den USA aus ihren Interessen diametral unterschiedliche Präferenzen ab als in der EU. Ferner kann herausgestellt werden, dass den Regulierungsbehörden eine besonders wirkmächtige Rolle zukam. -- Since the beginning of the global financial crisis of 2008, credit rating agencies (CRAs) have become a major topic of political discussion. Yet even before the crisis began, the need for the regulation of these companies was debated in both the US and the EU - with varying policy outcomes. This paper examines why the United States introduced regulatory measures for CRAs in 2006 while such an intervention in the rating business was rejected by the European Union at the time. The author argues that the different policy outcomes can be explained by so-called domestic sources. In other words, the strategies derived from the preferences of US domestic economic actors and regulators differed greatly from those in the EU. Moreover, the author shows that regulatory agencies played a decisive role in legislative processes on both sides of the Atlantic.

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    Paper provided by Free University Berlin, Center for International Political Economy in its series PIPE - Papers on International Political Economy with number 11/2012.

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    Date of creation: 2012
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    Handle: RePEc:zbw:fubipe:112012

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