Conclusion

Abstract

Abstract Chapter 7 concludes by outlining some of the book’s implications for research and policy, including: (1) reframing and setting limits to disciplinary models of borrower partisan politics in EM sovereign debt markets; (2) showing borrower autonomy, so the political economy of demand-side use of markets and official creditors, is central to understanding market flows to EM governments, official credit flows to EM governments, and the composition of EM sovereign debt; (3) suggesting the importance of the demand side to the cyclicality of EM financial flows; (4) highlighting the importance of distinguishing between price and volume in sovereign debt, and ways to make clearer linkages between theory and measurement of flows in the IPE of sovereign debt; (5) advancing questions about politically feasible DMO effects on public debt structure and sustainability; (6) noting a limited literature on domestic bond market depth; (7) identifying how and why the role and effect of ministerial institutions like DMOs varies not only across different aspects of public debt structure, but across different areas of the economy.