把国旗钉在桅杆上——公共债务的超级优先承诺

IF 0.9 Q2 LAW

Capital Markets Law Journal Pub Date : 2021-08-30 DOI:10.1093/cmlj/kmab028

M. Gousgounis, G. Gulati, L. Buchheit

{"title":"把国旗钉在桅杆上——公共债务的超级优先承诺","authors":"M. Gousgounis, G. Gulati, L. Buchheit","doi":"10.1093/cmlj/kmab028","DOIUrl":null,"url":null,"abstract":"Confronted with eroding market confidence in a country's debt obligations, what's a local politician to do? Major changes to fiscal policies are inevitably controversial back home. Securing financial support from multilateral official sector entities usually involves knuckling under to unpopular economic reforms. But there is one measure all politicians can take quickly and cheaply – cross their hearts, hope to die, and solemnly promise to treat debt service payments as the first, the highest and the most sacred priority in the use of public funds. The question is, what are such promises worth in practice? We argue not much.","PeriodicalId":43720,"journal":{"name":"Capital Markets Law Journal","volume":" ","pages":""},"PeriodicalIF":0.9000,"publicationDate":"2021-08-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"1","resultStr":"{\"title\":\"Nailing the flag to the mast—promises of super-priority in public debt\",\"authors\":\"M. Gousgounis, G. Gulati, L. Buchheit\",\"doi\":\"10.1093/cmlj/kmab028\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"Confronted with eroding market confidence in a country's debt obligations, what's a local politician to do? Major changes to fiscal policies are inevitably controversial back home. Securing financial support from multilateral official sector entities usually involves knuckling under to unpopular economic reforms. But there is one measure all politicians can take quickly and cheaply – cross their hearts, hope to die, and solemnly promise to treat debt service payments as the first, the highest and the most sacred priority in the use of public funds. The question is, what are such promises worth in practice? We argue not much.\",\"PeriodicalId\":43720,\"journal\":{\"name\":\"Capital Markets Law Journal\",\"volume\":\" \",\"pages\":\"\"},\"PeriodicalIF\":0.9000,\"publicationDate\":\"2021-08-30\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"1\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Capital Markets Law Journal\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://doi.org/10.1093/cmlj/kmab028\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q2\",\"JCRName\":\"LAW\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Capital Markets Law Journal","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.1093/cmlj/kmab028","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q2","JCRName":"LAW","Score":null,"Total":0}

引用次数: 1

摘要

面对市场对一国债务信心的侵蚀，当地政客该怎么做?财政政策的重大变化不可避免地会在国内引起争议。从多边官方部门实体获得财政支持通常需要屈服于不受欢迎的经济改革。但有一项措施是所有政客都能迅速而廉价地采取的——发誓，希望去死，郑重承诺，在使用公共资金时，将偿债作为第一、最高、最神圣的优先事项。问题是，这样的承诺在实践中值多少钱?我们很少争吵。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

查看原文本刊更多论文

Nailing the flag to the mast—promises of super-priority in public debt

Confronted with eroding market confidence in a country's debt obligations, what's a local politician to do? Major changes to fiscal policies are inevitably controversial back home. Securing financial support from multilateral official sector entities usually involves knuckling under to unpopular economic reforms. But there is one measure all politicians can take quickly and cheaply – cross their hearts, hope to die, and solemnly promise to treat debt service payments as the first, the highest and the most sacred priority in the use of public funds. The question is, what are such promises worth in practice? We argue not much.

求助全文

通过发布文献求助，成功后即可免费获取论文全文。去求助

来源期刊

Capital Markets Law Journal LAW-

CiteScore

1.30

自引率

0.00%

发文量

期刊介绍： This journal is essential for all serious capital markets practitioners and for academics with an interest in this growing field around the World. It is the first periodical to focus entirely on aspects related to capital markets for lawyers and covers all of the fields within this practice area: Debt; Derivatives; Equity; High Yield Products; Securitisation; and Repackaging. With an international perspective, each issue covers articles and news relevant to the financial centres in the US, Europe and Asia. The journal provides a mix of thoughtful and in-depth consideration of the law and practice of capital markets through analytical articles on topical issues written by leading practitioners and academics in the international arena. There are also articles on matters of best practice and opinion on legal and practice developments from around the world. In particular the journal offers: • Unique specialist coverage of international capital markets practice • High level of analysis for experienced lawyers and academics • Team of internationally respected editors from leading centres in the US, Europe and Asia • Quality of articles assured through peer review system.