金融全球化演变背景下的G20主权债务综合治理

G20’s Comprehensive Governance of Sovereign Debt in the Context of Financial Globalization

新冠肺炎疫情的暴发加剧了国际发展挑战,发展中国家的主权债务风险管控和治理再次被提上议程。进入21世纪以来,金融全球化继续扩张,伴随南北力量结构的调整,发达经济体传统的对外债权规模明显收缩,新兴经济体对主权国家的贷款增长较快。但发达经济体仍掌握着主要债务货币发行权,仍拥有最强大的金融服务机构,其超常规货币政策驱使最贫困国家大举进入国际债券市场融资,使发达经济体的债权人地位和影响力以另一种形态延伸。当前的G20主权债务合作表明,新兴与传统债权国就最贫困国家主权债务处置开展协调具有建设性意义,但过分聚焦新兴经济体减债,淡化流动性救助及债务源头和私人部门治理,并以债务透明度取代发展政策有效性关切,存在明显的不均衡性。传统债权国应摒弃“零和博弈”思维,基于金融全球化合作和公平责任的要求,以联合国2030年可持续发展议程为指导,在G20框架下与新兴债权国合作,共同撬动私人部门合作,综合开展主权债务危机预防和控制治理。

The issue of sovereign debt governance of developing countries has risen due to the intensifying international development challenges after the outbreak of Covid-19.Since the beginning of the 21st century,financial globalization has continued its expansion with the power structure shifting from the North toward the South.Emerging economies increased their presence in lending to sovereign countries as official creditors while developed economies consolidated after the global financial crisis.However,the developed economies still hold their dominant position by controlling major debt currencies and powerful financial service institutions.They are able to regain influence when their quantitative monetary policies drive the poorest countries to access global capital market.The G20 Debt Suspension Initiative and the Common Framework on further debt treatment is a significant milestone in providing a platform for emerging and traditional creditors to coordinate on sovereign debt treatment for the poorest countries;while they are imbalanced in focusing too much on debt reduction of bilateral official creditors vis-à-vis liquidity support and private sector mobilization.The initiatives also prioritize debt transparency requirement in place of development policy effectiveness concerns.Traditional creditors should replace the“zero-sum”logic with a thought of new financial globalization and fair burden sharing,and seek more constructive cooperation with emerging creditors under the G20 framework with the guidance of the UN 2030 Agenda for Sustainable Development.This will be vital for them to forge effective public-private coordination for addressing the sovereign debt issue.