money change hands out Edd Sowden/Flickr

主权债务的法治

纽约—有时,政府需要充足它的债务。否则,一国就有可能遭遇经济和政治动荡。但是,在缺乏解决主权违约的国际法治的情况下,世界为政府债务充足付出了不必要的高代价。结果是主权债务市场效率低下,时常出现不必要的争吵和在问题出现时拖延解决,造成高昂代价。

我们一再面对这一局面。在阿根廷,当局与一小撮“投资者”(所谓的兀鹫基金)之间的缠斗阻碍了绝大多数阿根廷债权人自愿同意的完全债务重组方案。在希腊,大部分临时性“援助”计划的“救援”资金被用于偿还现有债权人,而希腊被迫采取导致其GDP大降25%、其人民境况大大受损的紧缩政策。在乌克兰,主权债务灾难很有可能导致巨大的政治波及面。

因此,如何管理主权债务重组——以使债务下降到可持续水平——这一问题比以往任何时候都要紧迫。当前的体系过于信任市场的“美德”。通常,纠纷不是根据确保公平方案的规则解决,而是通过不公平的讨价还价解决,有钱有势者任意践踏其他人的利益。结果是既低效又不平等。

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