Centralized research performance assessment

What are the effects and defects of assessing research quality not via decentralized peer review, but centralized, with a comprehensive and generic, yet peer review-based framework?

In this project, I have looked into what is probably the most sophisticated framework for assessing the research of higher education institutions: the United Kingdom’s Research Assessment Exercise (RAE), which has been renamed to Research Excellence Framework (REF) in 2014.

In a longitudinal perspective across the three most recent assessments from 2001 to 2014, I have examined processes of standardization and stratification related to the RAE/REF.