Finance is a key dimension of globalization, given the ease with which capital flows between countries and the impact such flows can have on countries with weak national financial systems.. Yet analysts and policy-makers often remain focused on the domestic financial market until a crisis, seemingly still thinking of finance as primarily national....

The business of credit ratings began in the United States in the early 1900s. Over time, credit ratings have gradually taken on an expanding role, both in the United States and abroad and in official financial market regulation as well as in private capital market decisions....