Deep finance

Sovereign Debt Crises and the Secondary Market 'Fix

Datos Bibliográficos

ID2159754
AutoresShaina Pott (0000-0002-2414-4506, University of California, Los Angeles)
Año2017
Volumen46
Número3-4
Páginas452-475
Fecha de publicación2017-10-02
Peer ReviewedSí
Open AccessNo
TipoARTICLE
RevistaEconomy and Society (JOURNAL)
Identificadores de la revistaISSN: 0308-5147 • E-ISSN: 1469-5766
EditorialInforma UK Limited (PUBLISHER • GB)
DOI10.1080/03085147.2017.1408215
OpenAlexW2783191544
IdiomaEN
Citas recibidas15
Referencias citadas25

Links between ballooning national debts and official aid conditionalities are well understood. Private sovereign debt markets, in contrast, have been largely overlooked outside mainstream economics. Yet, since the 1980s, a 'secondary market regime' in sovereign bonds has transformed financial geographies and legal practices, facilitating the build-up of riskier sovereign debts and strengthening specialized distressed debt investors. This secondary market 'fix' has enabled the international financial system to muddle through successive crises. Using the recently concluded Argentine debt saga as an example, I show how the secondary market regime's effects on debtors are intertwined with, but distinct from, those of structural adjustment programmes; in cases of resistance to neoliberalism, 'deep' secondary market debt structures serve to push countries (back) into the neoliberal fold

Bond · Bond market · Business · Debt · Debt levels and flows · Default · Economics · External debt · Financial system · Internal debt · Mainstream · Neoliberalism (international relations · Political economy · Political science · Politics · Secondary market · Sovereign debt · Sovereignty · Housing, Finance, and Neoliberalism · International Development and Aid · State Capitalism and Financial Governance · Finance · Law