Where states and markets meet: the financialisation of sovereign debt management
Where states and markets meet: the financialisation of sovereign debt management
复制标题
国家和市场相遇的地方：主权债务管理的金融化
DOI：
--
复制
发表时间：
2017
期刊：
影响因子：
--
通讯作者：
Christine Trampusch
中科院分区：
文献类型：
--
作者：
F. Fastenrath;M. Schwan;Christine Trampusch
金融市场在主权债务管理中扮演着不可或缺的角色，也就是说，政府如何借款以及向谁借款的机制。本文提出了一个新颖的二维概念来衡量主权债务管理（SDM）的金融化：（1）对金融市场作为治理机制的依赖和（2）采用一个基于金融经济学的有意义的框架。我们将这一概念分为9个指标，并将其应用于1980年至2010年期间23个经合组织国家的数据。我们的分析说明了各国的主要共同点，但同时也说明了各国的具体差异。我们将它们解释为同一枚硬币的两面，因为总体趋势是与金融市场越来越一致。本文不仅是对可持续发展机制动态的第一次跨国和纵向研究，而且揭示了可持续发展机制中金融与政府之间的关系绝不是单方面的。
ABSTRACT Financial markets play an indispensable role in the management of sovereign debt, that is, the mechanics of how and from whom governments borrow. This paper suggests a novel, two-dimensional concept to measure the financialisation of sovereign debt management (SDM): (1) the reliance on financial markets as a governance mechanism and (2) the adoption of a sense-making framework grounded in financial economics. We split this concept into nine indicators and apply it to data from 23 OECD countries between 1980 and 2010. Our analysis illustrates the predominant commonalities across countries, but at the same time, country-specific differences. We interpret them as two sides of the same coin in the light of an overarching trend of increasing alignment to financial markets. This article is not only one of the first cross-national as well as longitudinal studies of the dynamics in SDM; it also reveals that the relationship between finance and governments in the SDM is by no means one-sided.
银行与金融比较政治经济学中的错误二分法
影响因子：
5
作者：
Hardie I
通讯作者：
Hardie I