UK Debt in Comparative Perspective: The Pernicious Legacy of Financial Sector Debt

IF 2.1 2区社会学 Q2 INTERNATIONAL RELATIONS British Journal of Politics & International Relations Pub Date : 2013-04-17 DOI:10.1111/1467-856X.12014

Helen Thompson

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引用次数: 34

Abstract

This article

provides a comprehensive comparative analysis of UK debt.
makes a contribution to the debate on the Anglo-liberal growth model and its consequences for the recovery of the UK economy.

The UK has the highest private debt among the G7 states plus Spain. Both financial services and household debt are high. Financial services debt is much the more consequential of the two sectors. It was a central component of the growth model of the UK prior to 2008 and its legacy is making the UK's recovery from recession extremely difficult. Financial sector debt also had an impact on the UK's rising borrowing requirement from 2007. However, it was not the direct cause of the rise in the UK's budget deficit, which was in large part a product of the Brown government's approach to its political difficulties as growth came to an end. Despite the UK's high budget deficit in comparative terms, the UK has enjoyed considerable fiscal autonomy the past few years. However, this autonomy could yet be threatened by the ongoing consequences of financial sector debt.

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比较视角下的英国债务:金融部门债务的有害遗产

本文对英国债务进行了全面的比较分析。为围绕盎格鲁-自由主义增长模式及其对英国经济复苏的影响的辩论做出了贡献。在七国集团(G7)和西班牙中，英国的私人债务最高。金融服务和家庭债务都很高。在这两个部门中，金融服务债务的影响要大得多。它是2008年之前英国增长模式的核心组成部分，其遗留问题使英国从衰退中复苏变得极其困难。金融部门的债务也对英国自2007年以来不断上升的借款需求产生了影响。然而，这并不是英国预算赤字上升的直接原因，这在很大程度上是布朗政府在经济增长走到尽头时应对政治困难的方法的产物。尽管英国的预算赤字相对较高，但过去几年英国享有相当大的财政自主权。然而，这种自主权仍可能受到金融部门债务持续后果的威胁。

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

British Journal of Politics & International Relations Multiple-

CiteScore

4.90

自引率

5.60%

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期刊介绍： BJPIR provides an outlet for the best of British political science and of political science on Britain Founded in 1999, BJPIR is now based in the School of Politics at the University of Nottingham. It is a major refereed journal published by Blackwell Publishing under the auspices of the Political Studies Association of the United Kingdom. BJPIR is committed to acting as a broadly-based outlet for the best of British political science and of political science on Britain. A fully refereed journal, it publishes topical, scholarly work on significant debates in British scholarship and on all major political issues affecting Britain"s relationship to Europe and the world.