The quiet side of debt: public debt management in advanced economies

IF 3.2 2区经济学 Q1 ECONOMICS Socio-Economic Review Pub Date : 2022-12-23 DOI:10.1093/ser/mwac070

Charlotte Rommerskirchen, Arjen W van der Heide

引用次数: 0

Abstract

Whilst both the level and the make-up of public debt are high salience issues, the management of public debt seldom commands public attention. This study examines the quiet politics of public debt management in advanced capitalist societies, comparing debt management reforms and the everyday practice of debt management in Germany and the UK. We present evidence of two factors contributing to the political quietude around public debt management: a persistent absence of partisan contestation and conflict; and the dominance of ‘market discipline’ as an interpretative frame, which prevents changes in interest rates and debt servicing costs to be seen as the product of faulty debt management. We also find that this quietude creates a space for the coordination and cooperation between contemporary capitalist states and large dealer banks, whose capacities effectively to act within their respective domains depend on each other.

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债务安静的一面:发达经济体的公共债务管理

虽然公共债务的水平和构成都是非常突出的问题，但公共债务的管理很少引起公众的注意。本研究考察了发达资本主义社会中公共债务管理的安静政治，比较了德国和英国的债务管理改革和债务管理的日常实践。我们提出的证据表明，有两个因素促成了围绕公共债务管理的政治平静:党派争论和冲突的持续缺失;“市场纪律”作为一种解释性框架的主导地位，可以防止利率和偿债成本的变化被视为错误债务管理的产物。我们还发现，这种平静为当代资本主义国家和大型交易商银行之间的协调与合作创造了空间，它们在各自领域内有效行动的能力相互依赖。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Socio-Economic Review Multiple-

CiteScore

6.80

自引率

10.80%

发文量

期刊介绍： Originating in the Society for the Advancement of Socio-Economics (SASE), Socio-Economic Review (SER) is part of a broader movement in the social sciences for the rediscovery of the socio-political foundations of the economy. Devoted to the advancement of socio-economics, it deals with the analytical, political and moral questions arising at the intersection between economy and society. Articles in SER explore how the economy is or should be governed by social relations, institutional rules, political decisions, and cultural values. They also consider how the economy in turn affects the society of which it is part, for example by breaking up old institutional forms and giving rise to new ones. The domain of the journal is deliberately broadly conceived, so new variations to its general theme may be discovered and editors can learn from the papers that readers submit. To enhance international dialogue, Socio-Economic Review accepts the submission of translated articles that are simultaneously published in a language other than English. In pursuit of its program, SER is eager to promote interdisciplinary dialogue between sociology, economics, political science and moral philosophy, through both empirical and theoretical work. Empirical papers may be qualitative as well as quantitative, and theoretical papers will not be confined to deductive model-building. Papers suggestive of more generalizable insights into the economy as a domain of social action will be preferred over narrowly specialized work. While firmly committed to the highest standards of scholarly excellence, Socio-Economic Review encourages discussion of the practical and ethical dimensions of economic action, with the intention to contribute to both the advancement of social science and the building of a good economy in a good society.