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Recasting the Power Politics of Debt: Structural Power, Hegemonic Stabilisers and Change

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  • Antoniades, Andreas

Abstract

The 2007/8 financial crisis exposed and exacerbated the debt pathologies of the ‘West’. The paper examines whether the new global debt relations that have been generated by this crisis have transformed global power politics, changing the way in which the ‘global South’ and the ‘global North’ interrelate and interact. To do so the paper juxtaposes the G20 advanced and emerging economies and examines a number of key indicators related to debt, indebtedness and financial leverage. This research leads to two main findings: (i) the crisis has indeed given rise to new global debt relations. Any reforms, therefore, in the post-crisis global political economy will take place in an environment that favours the emerging powers (ii) The US maintains its capacity to control the parameters of this new global debt politics and economics, but cannot impose a solution to the existing ‘global/hegemonic imbalances’ on the emerging powers.

Suggested Citation

  • Antoniades, Andreas, 2013. "Recasting the Power Politics of Debt: Structural Power, Hegemonic Stabilisers and Change," MPRA Paper 47015, University Library of Munich, Germany.
  • Handle: RePEc:pra:mprapa:47015
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    File URL: https://mpra.ub.uni-muenchen.de/47015/1/MPRA_paper_47015.pdf
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    References listed on IDEAS

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    1. Stephen Cecchetti & Madhusudan Mohanty & Fabrizio Zampolli, 2011. "The real effects of debt," BIS Working Papers 352, Bank for International Settlements.
    2. Carmen M. Reinhart & Kenneth S. Rogoff, 2014. "A Decade of Debt," Central Banking, Analysis, and Economic Policies Book Series,in: Miguel Fuentes D. & Claudio E. Raddatz & Carmen M. Reinhart (ed.), Capital Mobility and Monetary Policy, edition 1, volume 18, chapter 4, pages 97-135 Central Bank of Chile.
    3. Carmen M. Reinhart & Kenneth S. Rogoff, 2011. "The Forgotten History of Domestic Debt," Economic Journal, Royal Economic Society, vol. 121(552), pages 319-350, May.
    4. Carmen M. Reinhart & Kenneth S. Rogoff, 2011. "From Financial Crash to Debt Crisis," American Economic Review, American Economic Association, vol. 101(5), pages 1676-1706, August.
    5. Susan A. Newman, 2009. "Financialization and Changes in the Social Relations along Commodity Chains: The Case of Coffee," Review of Radical Political Economics, Union for Radical Political Economics, vol. 41(4), pages 539-559, December.
    6. World Bank, 2012. "Global Development Finance 2012 : External Debt of Developing Countries," World Bank Publications, The World Bank, number 2392, April.
    7. Robert Wade, 2008. "The First-World Debt Crisis of 2007-2010 in Global Perspective," Challenge, Taylor & Francis Journals, vol. 51(4), pages 23-54.
    8. Bracke, Thierry & Bussière, Matthieu & Fidora, Michael & Straub, Roland, 2008. "A framework for assessing global imbalances," Occasional Paper Series 78, European Central Bank.
    9. Matthew Higgins & Thomas Klitgaard & Cédric Tille, 2006. "Borrowing without debt? Understanding the U.S. international investment position," Staff Reports 271, Federal Reserve Bank of New York.
    10. World Bank, 2012. "The Little Data Book on External Debt 2012," World Bank Publications, The World Bank, number 9365, April.
    11. Thierry Bracke & Matthieu Bussière & Michael Fidora & Roland Straub, 2008. "A framework for assessing global imbalances," Occasional Paper Series 78, European Central Bank.
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    Cited by:

    1. Antoniades, Andreas, 2015. "The New Resilience of Emerging and Developing Countries: Systemic Interlocking, Currency Swaps and Geoeconomics," MPRA Paper 68181, University Library of Munich, Germany.

    More about this item

    Keywords

    debt politics; global debt relations; geopolitics; G20; debt crisis; financial crisis; debt thresholds; external debt; NIIP; global debtors; exorbitant privilege; currency composition of debt; valuation effects;

    JEL classification:

    • F3 - International Economics - - International Finance
    • F4 - International Economics - - Macroeconomic Aspects of International Trade and Finance
    • F5 - International Economics - - International Relations, National Security, and International Political Economy
    • H6 - Public Economics - - National Budget, Deficit, and Debt

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