Power in sovereign debt markets: debtors’ coordination for more competitive outcomes

IF 2.8 4区管理学 Q2 BUSINESS Industrial and Corporate Change Pub Date : 2024-01-30 DOI:10.1093/icc/dtae008

Martin Guzman, Maia Colodenco, Wiedenbrug Anahí

引用次数: 0

Abstract

Evidence suggests that sovereign debt markets are not featured by perfect competition but power dynamics are a key determinant of market outcomes such as ex-post returns on sovereign bonds. In such environment, coordination within each side of the market matters. With the purpose of influencing the international debt architecture, private creditors have historically been fairly coordinated and their interests more aligned ex-ante. Sovereign debtors, however, have not. The power asymmetry that that entails has equity and efficiency implications, both ex-ante and ex-post. This paper analyzes asymmetries in collective action of each side of the sovereign debt market and the mechanisms through which it affects market outcomes. It also analyses the Cartagena Group’s experience in the 1980s as a prominent historical case of greater borrower coordination and identifies mechanisms through which greater debtor coordination could be fostered.

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主权债务市场的权力：债务人协调以取得更具竞争力的结果

有证据表明，主权债务市场并非完全竞争，但权力动态是市场结果（如主权债券的事后回报）的关键决定因素。在这种环境下，市场各方内部的协调非常重要。出于影响国际债务结构的目的，私人债权人历来都是相当协调的，他们的利益在事前更加一致。然而，主权债务人却不是这样。由此产生的权力不对称对事前和事后的公平和效率都有影响。本文分析了主权债务市场各方集体行动的不对称性及其影响市场结果的机制。本文还分析了卡塔赫纳集团在 20 世纪 80 年代的经验，将其作为加强借款人协调的一个突出历史案例，并确定了可促进债务人加强协调的机制。

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

Industrial and Corporate Change Multiple-

CiteScore

5.10

自引率

4.00%

发文量

期刊介绍： The journal covers the following: the internal structures of firms; the history of technologies; the evolution of industries; the nature of competition; the decision rules and strategies; the relationship between firms" characteristics and the institutional environment; the sociology of management and of the workforce; the performance of industries over time; the labour process and the organization of production; the relationship between, and boundaries of, organizations and markets; the nature of the learning process underlying technological and organizational change.