This master's thesis analyzes the role of credit rating agencies as key actors in the global financial system of the 21st century. The purpose of the research is to critically examine the institutional power of these private entities, which, through their ratings, significantly affect states, companies, and individuals, and to explore possible alternatives to current approaches in credit risk assessment. The study is based on a historical overview of the credit rating industry, with a particular focus on the three largest agencies (Moody’s, S&P, and Fitch) and their shift from the 'investor-pays' to the 'issuer-pays' model, raising questions of conflicts of interest. The empirical part investigates the impact of credit ratings on Balkan countries and their role in legislation and regulatory policies. The methodological framework combines descriptive, comparative, and analytical methods, drawing on political economy theory, literature review, and case studies of financial crises, especially the 2008 global crisis and the European sovereign debt crisis. The findings demonstrate that rating agencies exert significant influence on public finance stability, political flows and capital flows, despite concerns regarding their independence, transparency, and accountability. The analysis highlights potential alternatives that could foster greater democracy and transparency. The conclusion emphasizes the need for reforms to limit the concentration of power among private agencies and to promote independent and more transparent rating models.
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