Universität zu Köln

Schwan, Michael ORCID: 0000-0003-0089-2742, Trampusch, Christine ORCID: 0000-0003-1024-2065 and Fastenrath, Florian ORCID: 0000-0002-1939-9141 (2021). Exploring changes in the management of public debt and assets across Europe. Review of International Political Economy, 28 (4). pp. 820-842. ABINGDON: ROUTLEDGE JOURNALS, TAYLOR & FRANCIS LTD. ISSN 1466-4526

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Abstract

This paper tackles one of the most recent issues in international and comparative political economy: the process of state financialization. Although research on global financial markets has revealed that states play a crucial role in private sector financialization, until recently, much less attention has been paid to state financialization itself. This includes both the measurement of cross-country variation and the question of why this process unfolds unevenly across political economies. We propose a perspective that focuses on two areas, the management of public debt and assets, and the various ways in which states are active in financial markets. Bridging material and cultural concepts in political economy, we differentiate between the reliance on financial markets as governance mechanism and the adoption of a sense-making framework grounded in financial economics and the shareholder-value model. We distill four indicators, trace cross-national and inter-temporal developments in 36 European countries since 1990, and explore how far this variation is associated with domestic and international political economic factors. The paper concludes that state and private sector financialization are mutually reinforcing processes. In addition, future research must pay strong attention to the tensions between finance and democracy as well as the distributive consequences of state financialization.

Item Type:	Journal Article
Creators:	Creators Email ORCID ORCID Put Code Schwan, Michael UNSPECIFIED orcid.org/0000-0003-0089-2742 UNSPECIFIED Trampusch, Christine UNSPECIFIED orcid.org/0000-0003-1024-2065 UNSPECIFIED Fastenrath, Florian UNSPECIFIED orcid.org/0000-0002-1939-9141 UNSPECIFIED
URN:	urn:nbn:de:hbz:38-318989
DOI:	10.1080/09692290.2020.1823452
Journal or Publication Title:	Review of International Political Economy
Volume:	28
Number:	4
Page Range:	pp. 820-842
Date:	2021
Publisher:	ROUTLEDGE JOURNALS, TAYLOR & FRANCIS LTD
Place of Publication:	ABINGDON
ISSN:	1466-4526
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; FINANCIALIZATION; MARKET; FINANCIALISATION; LIBERALIZATION; GOVERNMENTS; INTEGRATION; ECONOMY; BANKING; REFORMS Multiple languages Economics; International Relations; Political Science Multiple languages
Refereed:	Yes
URI:	http://kups.ub.uni-koeln.de/id/eprint/31898