How Governments Borrow

Partisan Politics, Constrained Institutions, and Sovereign Debt in Emerging Markets

Ben Cormier (Autor)

Buch | Hardcover

192 Seiten

2024
Oxford University Press (Verlag)
978-0-19-888273-2 (ISBN)

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How Governments Borrow reveals how annual borrowing decisions are informed by domestic politics. The book traces the annual fiscal policymaking process in Emerging Markets (EM) to show how a government's partisan policy preferences are a primary determinant of annual external borrowing decisions and thus patterns of debt accumulation. That sovereign debt composition has partisan political roots provides insights for scholars in political science, international relations, economics, sociology, and public administration that work on sovereign debt.

Sovereign debt composition enhances or limits the capacity of an EM government to contribute to social and economic development. Many EMs depend on foreign currency debt. How much external debt an EM government owes, the cost of that debt, the maturity of that debt, and the conditions attached to that debt all determine the political and economic opportunities and risks associated with a government's borrowings.

EMs borrow from different sources each year, leading them to build different sovereign debt structures over time. Some prioritize cheap yet conditional official credit, which constrains policy autonomy but enhances debt sustainability. Others prioritize comparatively expensive bond markets, which enhances policy autonomy but brings more expensive repayment obligations on to national balance sheets. As countries accumulate debt, the borrowing choices they make come to have important effects on fiscal space, debt sustainability, and development.

Ben Cormier is a Lecturer and Chancellor's Fellow at the University of Strathclyde School of Government and Public Policy. He works on the international political economy of finance and development, interested in sovereign debt, financial markets, capital flows, aid flows, loan conditions, government transparency, and international organizations.

1: Introduction
2: Partisan Politics and Constrained Institutions: A Model of Sovereign Debt Accumulation in Emerging Markets
3: Testing the Partisan Model
4: South Africa & Botswana
5: Peru
6: Thailand
7: Conclusion
References
Appendix

Erscheinungsdatum	02.03.2024
Zusatzinfo	20 figures
Verlagsort	Oxford
Sprache	englisch
Maße	160 x 240 mm
Gewicht	442 g
Themenwelt	Sozialwissenschaften ► Politik / Verwaltung ► Politische Theorie
	Sozialwissenschaften ► Soziologie ► Spezielle Soziologien
	Wirtschaft ► Volkswirtschaftslehre ► Makroökonomie
	Wirtschaft ► Volkswirtschaftslehre ► Wirtschaftspolitik
ISBN-10	0-19-888273-4 / 0198882734
ISBN-13	978-0-19-888273-2 / 9780198882732
Zustand	Neuware