Universität zu Köln

Trampusch, Christine ORCID: 0000-0003-1024-2065 (2019). The financialization of the state: Government debt management reforms in New Zealand and Ireland. Competition & Change: the journal of global business and political economy, 23 (1). 3 - 23. London: Sage Publishing. ISSN 1477-2221

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Abstract

The financialization of sovereign debt management has received attention in comparative political economy studies. While previous studies have highlighted the cross-national commonality of this process and the congruence of interests between finance and governments, the analysis of the role of finance and state agency in domestic reform processes is still under-exposed. By analysing the financialization of government debt management in the two early adopter countries, New Zealand and Ireland, this study seeks to close this gap. The study shows that differences in the structure of financial markets and the civil service systems resulted in different policymaking processes through which Treasury civil servants brought financial economics into the reforms. In New Zealand, economists had an in-house position within the Treasury and were able to frame the decision-making process (ideational explanation), while in Ireland, finance successfully lobbied senior civil servants who sponsored these efforts (interest explanation). With this finding, this article reveals the multiple channels that lead to sovereign debt management financialization.

Item Type:	Journal Article
Creators:	Creators Email ORCID ORCID Put Code Trampusch, Christine UNSPECIFIED orcid.org/0000-0003-1024-2065 UNSPECIFIED
URN:	urn:nbn:de:hbz:38-157732
DOI:	10.1177/1024529418800778
Journal or Publication Title:	Competition & Change: the journal of global business and political economy
Volume:	23
Number:	1
Page Range:	3 - 23
Date:	2019
Publisher:	Sage Publishing
Place of Publication:	London
ISSN:	1477-2221
Language:	English
Faculty:	Faculty of Management, Economy and Social Sciences
Divisions:	Faculty of Management, Economics and Social Sciences > Social Sciences > Political Science > Cologne Center for Comparative Politics
Subjects:	Social sciences Political science Public administration
Uncontrolled Keywords:	Keywords Language SOVEREIGN DEBT; PUBLIC-SECTOR; FINANCIALISATION; POLITICS; CHOICE; IRISH Multiple languages Business; Economics; Geography Multiple languages
Refereed:	Yes
URI:	http://kups.ub.uni-koeln.de/id/eprint/15773