Universität zu Köln

Fastenrath, Florian ORCID: 0000-0002-1939-9141, Schwan, Michael ORCID: 0000-0003-0089-2742 and Trampusch, Christine ORCID: 0000-0003-1024-2065 (2017). Where states and markets meet: the financialisation of sovereign debt management. New Political Economy, 22 (3). 273 - 294. ABINGDON: ROUTLEDGE JOURNALS, TAYLOR & FRANCIS LTD. ISSN 1469-9923

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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.

Item Type:	Journal Article
Creators:	Creators Email ORCID ORCID Put Code Fastenrath, Florian UNSPECIFIED orcid.org/0000-0002-1939-9141 UNSPECIFIED Schwan, Michael UNSPECIFIED orcid.org/0000-0003-0089-2742 UNSPECIFIED Trampusch, Christine UNSPECIFIED orcid.org/0000-0003-1024-2065 UNSPECIFIED
URN:	urn:nbn:de:hbz:38-230556
DOI:	10.1080/13563467.2017.1232708
Journal or Publication Title:	New Political Economy
Volume:	22
Number:	3
Page Range:	273 - 294
Date:	2017
Publisher:	ROUTLEDGE JOURNALS, TAYLOR & FRANCIS LTD
Place of Publication:	ABINGDON
ISSN:	1469-9923
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 ECONOMICS; FINANCIALIZATION; GLOBALIZATION; INSTITUTIONS; DERIVATIVES; REFORMS; CRISIS; POLICY; SENSE Multiple languages Economics; International Relations; Political Science Multiple languages
Refereed:	Yes
URI:	http://kups.ub.uni-koeln.de/id/eprint/23055