全球主权债务:权力结构与治理体系

Sovereign Debt:Power Structure and Global Governance

为什么现有全球主权债务治理体系无法有效应对不断扩大的主权债务规模?从表面上看,主权债务问题产生的直接原因是债务国因各种缘由无法及时履行偿债义务。全球主权债务治理的基本思路是,国际债权人之间需要加强集体行动,通过各种手段避免发生债务违约。在西方国家的带动下,国际债权人集团建立了复杂的主权债务治理体系。该体系主要包括三方面内容:一是债务重组管理;二是债务可持续性管理;三是信贷管理。这种安排虽然缓和了全球债务危机,但其面临的困境在于:全球主权债权结构的复杂性,以及不同债权主体之间的矛盾使得现有主权债务治理体系难以发挥有效作用。目前,随着中国等新兴债权国的崛起,以及市场债权人规模持续扩大,国际主权信贷市场的权力结构发生了变化,这种变化不仅影响新兴债权国同西方债权国之间的关系,同时也会影响未来国际主权债务治理绩效。

Why is the current global sovereign debt governance system unable to deal with the expansion of sovereign debt effectively?Sovereign debt crisis occurred when the debtor coun⁃ties fail to perform contracts in time for various reasons.The basic idea of the global sovereign debt governance is that all the creditors need to cooperate with each other to avoid default through various measures.Under the western countries'leadership,creditors have established a very complex sovereign debt regime.In general,the regime mainly has three aspects:debt restructuring,debt sustainability,and credit management.Despite this arrangement has mitigated the global debt crisis,the dilemma is that the complexity of the global debt structure and the contradictions among different creditors make it difficult to function.With the rise of China and other new industrialized countries,as well as continuous expansion of the scale of market creditors,the power structure of sovereign debt market has changed,which will not only affect the relation⁃ship between China and western creditors,but also affect the effectiveness of the global sover⁃eign debt governance in the future.