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Pregled bibliografske jedinice broj: 1005897

Consolidated democracy advantage: political instability and sovereign spreads in the EU


Glaurdić, Josip; Lesschaeve, Christophe; Vizek, Maruška
Consolidated democracy advantage: political instability and sovereign spreads in the EU // Comparative European Politics, 2019 (2019), 1-23 doi:10.1057/s41295-019-00193-2 (međunarodna recenzija, članak, znanstveni)


Naslov
Consolidated democracy advantage: political instability and sovereign spreads in the EU

Autori
Glaurdić, Josip ; Lesschaeve, Christophe ; Vizek, Maruška

Izvornik
Comparative European Politics (1472-4790) 2019 (2019); 1-23

Vrsta, podvrsta i kategorija rada
Radovi u časopisima, članak, znanstveni

Ključne riječi
Sovereign debt market ; political stability ; consolidated democratic advantage ; EU

Sažetak
We expose the way the market evaluates political risk and instability in democratic polities by analysing the determinants of sovereign spreads of EU member states over the course of the past two decades. Our analysis builds on the “democratic advantage” argument which suggests democracies enjoy preferential treatment on the international market of sovereign debt because of their better ability to make credible commitments. We suggest that, when it comes to the market’s evaluation of political instability and risk in democratic polities, there actually exists a “consolidated democracy advantage”. Older and more consolidated democracies pay less of a premium on their debt than their younger and less consolidated counterparts, and this difference is particularly pronounced during political crises. In other words, the market indeed views the commitment of consolidated democracies with long track records as something qualitatively different – i.e. more credible – than the commitment of new democracies with short track records.

Izvorni jezik
Hrvatski

Znanstvena područja
Ekonomija, Politologija



POVEZANOST RADA


Projekt / tema
HRZZ-UIP-2013-11-1356 - Ekonomski, statistički i politički aspekti tržišta državnih obveznica (Maruška Vizek, )

Ustanove
Ekonomski institut, Zagreb

Autor s matičnim brojem:
Maruška Vizek, (252024)

Časopis indeksira:


  • Current Contents Connect (CCC)
  • Web of Science Core Collection (WoSCC)
    • Social Science Citation Index (SSCI)
    • SCI-EXP, SSCI i/ili A&HCI
  • Scopus


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