Recasting the Power Politics of Debt: Structural Power, Hegemonic Stabilisers and Change
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.
|Date of creation:||03 Apr 2013|
|Publication status:||Forthcoming in Third World Quarterly 2.34(2013): pp. 214-232|
|Contact details of provider:|| Postal: Ludwigstraße 33, D-80539 Munich, Germany|
Web page: https://mpra.ub.uni-muenchen.de
More information through EDIRC
References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Stephen Cecchetti & Madhusudan Mohanty & Fabrizio Zampolli, 2011. "The real effects of debt," BIS Working Papers 352, Bank for International Settlements.
- 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.
- Carmen M. Reinhart & Kenneth S. Rogoff, 2011. "A Decade of Debt," Peterson Institute Press: All Books, Peterson Institute for International Economics, number 6222, 03.
- Reinhart, Carmen M. & Rogoff, Kenneth, 2011. "A Decade of Debt," CEPR Discussion Papers 8310, C.E.P.R. Discussion Papers.
- Carmen M. Reinhart & Kenneth S. Rogoff, 2011. "A Decade of Debt," NBER Working Papers 16827, National Bureau of Economic Research, Inc.
- Carmen M. Reinhart & Kenneth S. Rogoff, 2011. "The Forgotten History of Domestic Debt," Economic Journal, Royal Economic Society, vol. 121(552), pages 319-350, 05.
- Carmen M. Reinhart & Kenneth S. Rogoff, 2008. "The Forgotten History of Domestic Debt," NBER Working Papers 13946, National Bureau of Economic Research, Inc.
- Reinhart, Carmen, 2008. "The Next (but not new) Frontier for Sovereign Default," MPRA Paper 11865, University Library of Munich, Germany.
- Carmen M. Reinhart & Kenneth S. Rogoff, 2010. "From Financial Crash to Debt Crisis," NBER Working Papers 15795, National Bureau of Economic Research, Inc.
- 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.
- World Bank, 2012. "Global Development Finance 2012 : External Debt of Developing Countries," World Bank Publications, The World Bank, number 2392, May.
- Robert Wade, 2008. "The First-World Debt Crisis of 2007-2010 in Global Perspective," Challenge, M.E. Sharpe, Inc., vol. 51(4), pages 23-54, July.
- 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.
- World Bank, 2012. "The Little Data Book on External Debt 2012," World Bank Publications, The World Bank, number 9365, May.
- Thierry Bracke & Matthieu Bussière & Michael Fidora & Roland Straub, 2008. "A framework for assessing global imbalances," Occasional Paper Series 78, European Central Bank. Full references (including those not matched with items on IDEAS)
When requesting a correction, please mention this item's handle: RePEc:pra:mprapa:47015. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Joachim Winter)
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.