@article {278811,
	title = {Ratings and Regulation: A Case of an Irreversible Marriage?},
	year = {2014},
	abstract = {What are the rationales for policymakers to rely on putatively disinterested\&nbsp;actors such as credit rating agencies (CRAs) for financial regulatory\&nbsp;input? This paper draws on perspectives from International Political\&nbsp;Economy and Comparative Legal Studies to analyze the reasons\&nbsp;behind the use and retention of external ratings as an indirect instrument\&nbsp;of financial regulation. We find that allowing "market practice" to\&nbsp;determine the relationship between ratings and regulation creates tautological\&nbsp;justifications\&nbsp;of the CRAs{\textquoteright} authority, and raises compelling\&nbsp;questions in terms of legitimacy.\&nbsp;The purpose of this paper is to uncover the constitutive elements\&nbsp;of the tacit acquiescence underlying the subordination to CRA ratings\&nbsp;in regulatory matters. The examination of possible conceptualizations\&nbsp;of legitimacy may help conduct further inquiries into the politics of\&nbsp;technocracy.},
	author = {Mennillo, Giulia and Roy, Suryapratim}
}
