This article analyzes the state–market nexus by examining the role played by sovereign credit default swap (CDS) derivative markets in the southern European debt crisis of 2010–2014. This nexus is conceived of as being part of a larger process of state financialization and, more specifically, of sovereign debt management. This article shows that the southern European debt crisis was triggered by the deterioration of fundamental macroeconomic variables—not self-fulfilling dynamics driven by speculation. Moreover, the financialization of public debt markets may generate opportunities for governments to manage their public financing needs, which illustrates the complex nexus between markets and governments.

本文通过研究主权信用违约掉期 (CDS) 衍生品市场在 2010-2014 年南欧债务危机中所扮演的角色来分析国家与市场的关系。这种联系被认为是更大的国家金融化过程的一部分，更具体地说，是主权债务管理的一部分。本文表明，南欧债务危机是由基本宏观经济变量的恶化引发的，而不是由投机驱动的自我实现动力。此外，公共债务市场的金融化可能为政府管理其公共融资需求创造机会，这说明了市场与政府之间的复杂关系。