The Political Economy of Financial Policy Space in the Global South: Senegal and Ghana compared

南方国家金融政策空间的政治经济学：塞内加尔和加纳的比较

• 批准号: 519767445
• 负责人: Dr. Kai Koddenbrock
• 金额: --
• 依托单位: Bard College Berlin
• 依托单位国家: 德国
• 项目类别: Research Grants
• 资助国家: 德国
• 项目状态: 未结题
• 来源: https://gepris.dfg.de/gepris/projekt/519767445?language=en
• 关键词: Political; Economy; Financial; Policy; Space

Averting the next debt crisis and making much-needed investments have been a delicate balancing act for most governments in West Africa in recent years. Higher government spending in the face of Covid-19 and rising debt ratios have brought a new financing architecture, including a reassessment of the IMF's Special Drawing Rights, to the table of multilateral negotiations. The financing of government activity has been in question in West Africa since independence. With the aim of enriching these recurrent challenges through historical and comparative analysis, this project develops the concept of “financial policy space” in a quantitative and a qualitative dimension. Quantitatively, it encompasses government revenues resulting from taxes, borrowing, and aid payments. Qualitatively, it describes the government's attempts to improve its own financing conditions via central banks and the promotion of the national financial system. In sum, the project asks to what extent financial policy space has increased in Ghana and Senegal since independence. The proposed project uses "incorporated comparison" to analyze the ways in which monetary and financial relationships have hindered and enabled West African governments to pursue their policy priorities in the post-independence period. The project contributes to the emerging debate on "international financial subordination" and "policy space" in International Political Economy. The two countries were chosen because they are relatively similar economically but differ in terms of monetary systems and political stability. Ghana faced a 40% devaluation of its currency in 2016 and recently rejected debt relief under Covid to prove to global markets that it can stand on its own two feet financially. Senegal, for its part, remains part of the controversial Franc CFA currency union and recently complained strongly that African countries pay a premium of several percent for their Eurobonds, compared with Belarus, for example. Senegal is thus making a comeback on the international stage in the fight for fairer global finance. Both countries are becoming increasingly self-confident, will have to repay billions of euros of Eurobond debt in the coming years, and offer not only historical but also contemporary avenues for fruitful comparison.

近年来，对于大多数西非政府来说，避免下一次债务危机和进行急需的投资一直是一项微妙的平衡举措。面对Covid-19和不断上升的债务比率，政府支出增加，带来了新的融资架构，包括重新评估国际货币基金组织的特别提款权，并将其提上多边谈判桌。自西非独立以来，政府活动的融资一直存在问题。为了通过历史和比较分析丰富这些反复出现的挑战，该项目在定量和定性维度上提出了“金融政策​​空间”的概念。从数量上讲，它包括来自税收、借款和援助付款的政府收入。定性地描述了政府通过中央银行改善自身融资条件和促进国家金融体系的尝试。总之，该项目询问自独立以来加纳和塞内加尔的金融政策空间增加了多大程度。拟议的项目使用“综合比较”来分析货币和金融关系如何阻碍和帮助西非政府在独立后时期追求其政策优先事项。该项目为国际政治经济学中关于“国际金融从属地位”和“政策空间”的新兴争论做出了贡献。选择这两个国家是因为它们在经济上相对相似，但在货币体系和政治稳定性方面有所不同。加纳在 2016 年面临货币贬值 40% 的局面，最近又拒绝了新冠疫情下的债务减免，以向全球市场证明其在财务上可以自力更生。就塞内加尔而言，它仍然是有争议的非洲金融共同体法郎货币联盟的一部分，并且最近强烈抱怨非洲国家为其欧洲债券支付的溢价比白俄罗斯等国家高出几个百分点。因此，塞内加尔在争取更公平的全球金融的斗争中重返国际舞台。两国都变得越来越自信，将不得不在未来几年偿还数十亿欧元的欧洲债券债务，并且不仅为历史而且为当代提供了富有成效的比较的途径。