| Reference : Consolidated democracy advantage: political instability and sovereign spreads in the EU |
| Scientific journals : Article | |||
| Law, criminology & political science : Political science, public administration & international relations | |||
| http://hdl.handle.net/10993/39947 | |||
| Consolidated democracy advantage: political instability and sovereign spreads in the EU | |
| English | |
Glaurdic, Josip  [University of Luxembourg > Faculty of Language and Literature, Humanities, Arts and Education (FLSHASE) > Identités, Politiques, Sociétés, Espaces (IPSE) >] | |
| Lesschaeve, Christophe [University of Luxembourg > Faculty of Language and Literature, Humanities, Arts and Education (FLSHASE) > Identités, Politiques, Sociétés, Espaces (IPSE) >] | |
| Vizek, Maruška [] | |
| 1-Jun-2020 | |
| Comparative European Politics | |
| Palgrave Macmillan | |
| 18 | |
| 3 | |
| 437-459 | |
| Yes (verified by ORBilu) | |
| International | |
| 1472-4790 | |
| 1740-388X | |
| Basingstoke | |
| United Kingdom | |
| [en] sovereign debt ; European Union ; democratic consolidation ; democratic advantage ; political instability | |
| [en] We expose the way the market evaluates internal 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 internal political instability and risk in democratic polities, there actually exists a “consolidated democracy advantage”. In times of political instability, older and more consolidated democracies pay less of a premium on their debt than their younger and less consolidated counterparts. In other words, the market indeed views the commitment of consolidated democracies with long track records of democratic competition and survival as something qualitatively diferent than the commitment of new democracies with short track records. | |
| Croatian Science Foundation (HZZ) | |
| Economic, statistical and political aspects of sovereign bond markets | |
| Researchers ; Professionals ; Students | |
| http://hdl.handle.net/10993/39947 | |
| 10.1057/s41295-019-00193-2 | |
| https://link.springer.com/article/10.1057%2Fs41295-019-00193-2 |
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