The quiet side of debt: public debt management in advanced economies
The quiet side of debt: public debt management in advanced economies
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债务的平静一面：发达经济体的公共债务管理
DOI：
10.1093/ser/mwac070
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发表时间：
2023
影响因子：
3.7
通讯作者：
Rommerskirchen C
中科院分区：
文献类型：
--
作者：
Rommerskirchen C
虽然公共债务的水平和构成都是非常突出的问题，但公共债务的管理很少引起公众的注意。本研究考察了发达资本主义社会公共债务管理的静悄悄的政治，比较了德国和英国的债务管理改革和债务管理的日常实践。我们目前的证据表明，两个因素有助于政治平静的公共债务管理：一个持久的没有党派的争论和冲突;和主导的“市场纪律”作为一个解释框架，防止利率和偿债成本的变化被视为错误的债务管理的产品。我们还发现，这种平静为当代资本主义国家和大型交易银行之间的协调与合作创造了空间，它们在各自领域内有效行动的能力取决于彼此。
Whilst both the level and the make-up of public debt are high salience issues, the management of public debt seldom commands public attention. This study examines the quiet politics of public debt management in advanced capitalist societies, comparing debt management reforms and the everyday practice of debt management in Germany and the UK. We present evidence of two factors contributing to the political quietude around public debt management: a persistent absence of partisan contestation and conflict; and the dominance of ‘market discipline’ as an interpretative frame, which prevents changes in interest rates and debt servicing costs to be seen as the product of faulty debt management. We also find that this quietude creates a space for the coordination and cooperation between contemporary capitalist states and large dealer banks, whose capacities effectively to act within their respective domains depend on each other.