ABSTRACT

Financialization of urban governance is a process taking place with varying degrees of depth around the world. A key intermediary and a product that many cities must face to gain access to capital are credit rating firms and their opinions of underlying credit quality. Given the required economies of scale and scope with information intermediation, three global firms have emerged to offer methodologies for fundamental components of subnational government risk, which they claim follows a standardized credit assessment schedule. Computational text analysis offers insights about a crucial credit quality assessment mechanism as well as the potential convergence in management foci of city credit quality assessments globally. Specifically, the findings will assist in unpacking the management factors of city credit quality, with implications for both cities and investors in an increasingly financialized environment of urban governance.

摘要

城市治理的金融化是一个在世界范围内发生的具有不同深度的过程。许多城市获得资本必须面对的关键中介和产品是信用评级公司及其对潜在信用质量的意见。考虑到信息中介所需的规模经济和范围经济，已经出现了三家全球公司，为地方政府风险的基本组成部分提供方法，他们声称这些方法遵循标准化的信用评估时间表。计算文本分析提供了有关关键信用质量评估机制以及全球城市信用质量评估管理焦点的潜在趋同的见解。具体而言，研究结果将有助于解开城市信用质量的管理因素，