Abstract
Abstract Chapter 1 summarizes the book’s main arguments about Emerging Market (EM) sovereign debt: (1) left-leaning governments are likely to prioritize market instruments when borrowing abroad, reframing discussions about market discipline of partisan politics in sovereign debt flows; and (2) Debt Management Offices cannot apolitically manage external borrowings. These partisan politics and constrained institutions help explain annual government borrowings and thus the evolution of sovereign debt structures across EMs over time. The chapter positions these arguments in international and comparative political economy literature then highlights several implications, with relevance across fields where sovereign debt is a topic of interest. It concludes with an overview of the book’s methodology and organization.
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