ABSTRACT

Possible reform of the global sovereign debt management framework is continuously discussed among the members of the policymaking community. After the evaporating Washington Consensus, several reform proposals were made. Some of them were realised, and others remained on paper. The area received new impulses after the Financial Crisis in 2008, mainly due to the European sovereign debt problems. Many of these suggestions were later forgotten. The worldwide fiscal stimuli caused by the COVID-19 pandemic in 2020 and the rapidly deteriorating sovereign debt situation induced another plethora of policy proposals. Some are novelties, but most are revised versions of the old ideas. The study aims to synthesise the old and newer suggestions, identifying current policy trends. The conclusion: the contractual approach still dominates the field, although there are also some feasible statutory-based ideas.

摘要

决策界成员不断讨论全球主权债务管理框架的可能改革。在蒸发的华盛顿共识之后，提出了几项改革建议。其中一些实现了，而另一些则留在了纸上。2008 年金融危机后，该地区获得了新的推动力，主要是由于欧洲主权债务问题。许多这些建议后来被遗忘了。2020 年 COVID-19 大流行造成的全球财政刺激和迅速恶化的主权债务状况引发了另一项过多的政策建议。有些是新奇事物，但大多数是旧思想的修订版。该研究旨在综合新旧建议，确定当前的政策趋势。结论：合同方法仍然在该领域占主导地位，