Gross, Philip
(2018).
The Political Economy of Public Debt Management. Institutional Setting and Political Influence.
PhD thesis, Universität zu Köln.
|
PDF
Gross_2018_Political_Economy_of_PDM.pdf - Accepted Version Download (1MB) | Preview |
Abstract
This dissertation investigates the overarching research question of the relationship between politics and PDM. Given that public budgets ultimately collateralize the associated risks involved in actively managing public debt and using innovative financial instruments, the relationship between politics and modern PDM is of major relevance for legitimacy in democratic capitalism. As debt instrument selection is a crucial and strategic aspect of PDM to optimize debt portfolios, chapter 2 examines the question which economic and political factors have an impact on the use and extent of short-term debt instruments on the municipal level. Finding that the municipalities’ budgetary situation represents the key determining factor of their share of short-term debt, the results demonstrate the need for different approaches to grasp the phenomenon of PDM and ultimately raises the questions of whether or not politicians have influence on PDM at all. Consequently, chapter 3 investigates the institutional setting of DMOs on the national level by analyzing the relationship between DMOs and their respective parent ministry. The analysis focusses on the variation of autonomy across countries resulting out of this delegation process. The finding that DMOs have substantial autonomy in decision-making competencies, while especially DMOs separated from the core administration are subject of relatively low reporting obligations, naturally raises doubts concerning political control. Chapter 4 consequently addresses the question whether PDM is subject of parliamentary control. The results show that parliaments have relatively low control of PDM, which indicates a trade-off between expertise and control. Moreover, this chapter underlines the necessity to differentiate between budget and debt policy and subsequently between debt level and debt structure.
| Item Type: | Thesis (PhD thesis) | |||||||||
| Creators: |
|
|||||||||
| Contributors: |
|
|||||||||
| URN: | urn:nbn:de:hbz:38-84638 | |||||||||
| Date: | 2018 | |||||||||
| 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: |
|
|||||||||
| Date of oral exam: | 10 July 2018 | |||||||||
| Referee: |
|
|||||||||
| Refereed: | Yes | |||||||||
| URI: | http://kups.ub.uni-koeln.de/id/eprint/8463 |
Downloads
Downloads per month over past year
Export
Actions (login required)
 |
View Item |