Risk models and transnational governance in the global financial crisis: The cases of Basel II and credit rating agencies

While it is widely recognized that deficient risk models and methodologies were major factors in the current financial crisis, there is a lot more to be done to understand the connections of these models and methodologies to the broader transnational institutions and practices involved in the stabilization and governance of global finance, and to know what should be done to address these deficiencies. In recent decades risk has become a …