From gatekeepers to gateway constructors: Credit rating agencies and the financialisation of housing associations

Stewart Smyth, Ian Cole and Desiree Fields

CRITICAL PERSPECTIVES ON ACCOUNTING, 2020, vol. 71, issue C

Abstract: This paper uses the twin metaphors of ‘gatekeeper’ and ‘gateway constructor’ as devices to explore the role of Credit Rating Agencies (CRAs) as intermediaries between global corporate finance and specific institutions – housing associations in England. The analysis utilises a financialisation framing, whereby the practices, logics and measurements of finance capital, increasingly permeate government, institutional and household behaviour and discourse. This paper examines how housing associations have increasingly resorted to corporate bond finance, partly in response to reductions in government funding, and in the process engaged with CRAs.

Keywords: Financialisation; Social housing; Credit rating agencies; Corporate bonds (search for similar items in EconPapers)
Date: 2020
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Citations: View citations in EconPapers (5)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:crpeac:v:71:y:2020:i:c:s1045235419300735

DOI: 10.1016/j.cpa.2019.102093

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