世界经济金融化与债务国主权债务责任的履行机制被引量：4

The Financialization of the World Economy and the Fulfillment of Sovereign Debt Responsibilities

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摘要主权借贷是发展中国家进行发展融资的重要方式,但历史地看,发展中国家并未从主权借贷规模增加中受益。在新冠肺炎疫情背景下,大多数发展中国家财政极为困难却仍选择继续偿还主权债务,并未出现主权债务违约高潮。分析主权债务责任履行的内在机制,需要与国际环境的变化和国际政治进程紧密结合。世界经济金融化作为一种权力要素,确立了国际金融市场在主权借贷中的核心地位,债权人联盟、信用评级、美元霸权和国际金融机构构成了债务国履行主权债务责任的权力政治逻辑。国际债权人联盟改变了债务谈判方的力量对比,削弱了债务国在主权债务治理中的影响力。信用评级体系对主权债务的偿还构成了可信性威胁。美元霸权地位将美元作为主权借贷和债务偿还的国际硬通货,变相鼓励发展中国家增加外汇储备以提高债务偿还能力。世界银行和国际货币基金组织这些国际金融机构将偿还主权债务纳入合法化的制度约束中,更强化了负债国的债务履约意识,契合了发达国家对发展中国家实施金融控制的需求。因而,不管继续偿还主权债务的经济、政治和社会代价如何,债务国都把继续偿还外债而不是把债务违约作为首要的债务政策选择。主权债务使得主权财富不断由发展中国家流向发达国家,致使发展中国家陷入不断借贷和偿债的债务陷阱之中。为此,亟需结合“一带一路”等国际发展合作实践,重构全球主权借贷和债务治理体系。 Sovereign borrowing is an important way for developing countries to finance development.Historically,however,most developing countries have not benefited from the increase in their sovereign borrowing.A notable phenomenon is that most sovereign borrowers have chosen to pay off their debts regardless of financial hardships.The current COVID-19 has not led to a climax of sovereign debt defaults.The study for fulfilling sovereign debt obligations needs to be closely integrated with changes in the international environment and the international political process.As a power factor,the financialization of the world economy has established the central position of the international financial market in sovereign lending.Creditor alliances,credit ratings,U.S.dollar hegemony,and international financial institutions together constitute the power politics for debtor countries to fulfill their sovereign debt obligations.The international creditor alliance has changed the balance of power among debt negotiators and weakened the influence of debtor countries in sovereign debt governance;the credit rating system has posed a credibility threat to the repayment of sovereign debt;as an international hard currency for sovereign borrowing and debt repayment,the U.S.dollar has utilized its hegemony and encouraged developing countries to increase foreign exchange reserves to improve their debt repayment ability;as the two major international financial institutions in the world,the World Bank and the International Monetary Fund have incorporated sovereign debt repayment into legalized institutional constraints,which has further strengthened the debtor country’s awareness of debt responsibilities and met the needs of developed countries to implement financial control over developing countries.It can be seen that regardless of the economic,political,and social costs of continuing to repay sovereign debt,debtor countries will continue to repay their foreign debts rather than default on debt as the primary choice for their debt policies.So

作者王金强黄梅波 WANG Jinqiang;HUANG Meibo

机构地区上海对外经贸大学经济安全研究中心上海对外经贸大学国际发展合作研究院

出处《外交评论（外交学院学报）》 CSSCI 北大核心 2022年第2期87-109,I0003,I0004,共25页 Foreign Affairs Review

基金上海市哲学社会科学规划一般项目“全球新冠肺炎疫情下主权债务治理困境及中国对策研究”(项目批准号:2020BGJ005) 国家社科一般项目“西方发展主义话语解构与中国全球发展理论建构研究”(项目批准号:20BGJ041)的阶段性成果。

关键词主权债务发展中国家世界经济金融化美元霸权国际金融机构新冠肺炎疫情国际发展合作 sovereign debt developing countries the financialization of the world economy U.S.dollar hegemony international financial institutions COVID-19 international development cooperation

分类号 F831 [经济管理—金融学]