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The Financialisation of Sovereign Debt: An Institutional Analysis of the Reforms in German Public Debt Management

This study explores the financialisation of sovereign debt through an in-depth study of institutional change in German debt management. Between 1998 and 2006, the Ministry of Finance fundamentally altered the management of federal public debt by not only disempowering the Bundesbank and Federal... Full description

1st Person: Trampusch, Christine
Source: in German politics : Journal of the Association for the Study of German Politics Vol. 24, No. 2 (2015), p. 119
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Type of Publication: Article
Language: English
Published: 2015
Online: Volltext
http://www.tandfonline.com/doi/abs/10.1080/09644008.2015.1021791
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Summary: This study explores the financialisation of sovereign debt through an in-depth study of institutional change in German debt management. Between 1998 and 2006, the Ministry of Finance fundamentally altered the management of federal public debt by not only disempowering the Bundesbank and Federal Debt Administration as debt managers and outsourcing this task to a new agency, the Federal Finance Agency; moreover, the conservative debt strategy was replaced by strict market orientation. Conceptualising this change as institutional innovation, the paper argues that the Ministry of Finance played a leading role in the reform process. It shows that the arrival of the Euro brought with it a power struggle between the Ministry and the Bundesbank. The evidence fits better the concept of institutional innovation as a result of entrepreneurship than approaches which conceptualise institutional innovations as consequences of profit maximisation or layering and displacement.
Item Description: Copyright: © 2015 Association for the Study of German Politics 2015
ISSN: 0964-4008

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