Abstract

Although the sovereign debt is primarily a long-term accounting occurrence that can emerge in the public budget, its management refers to the economic sphere as much as to the political one. Moreover, as its structure and size depend on the decisions made in both domains in a certain context, space, and time circumstances matter in debating the problem. Thus, the study of the nineteen eighties MENA economies ‘sovereign debt crises must consider also the contextual economic and political conditions and behaviours. Since these aspects represent usually subject matters for different disciplinary fields, it is difficult to take into consideration all of them without a multifaceted keynote. The concept of ‘economic policy paradigm’ can represent an analytical economic device that, alongside with the economic nature of the budget crisis, can also embed the players and the strategic interests acting in the negotiation process and in the application of the economic measures to cancel out the sovereign debt. The paper applies such analytical framework to show how, due to a change in the ‘economic policy paradigm for the development,’ the emergence of the public debt in nineteen seventies MENA economies became the ‘sovereign debt crises.

摘要

尽管主权债务主要是一种可以出现在公共预算中的长期会计事件，但其管理既涉及经济领域，也涉及政治领域。此外，由于它的结构和大小取决于在特定背景下在两个领域中做出的决定，空间和时间环境在辩论问题时很重要。因此，对 19 世纪 80 年代中东和北非经济体主权债务危机的研究还必须考虑背景经济和政治条件和行为。由于这些方面通常代表不同学科领域的主题，如果没有多方面的主题，很难考虑所有这些方面。“经济政策范式”的概念可以代表一种分析经济手段，除了预算危机的经济性质，还可以将参与者和战略利益嵌入谈判过程中，并在经济措施的应用中消除主权债务。本文运用这样的分析框架来说明，由于“发展经济政策范式”的变化，19 世纪 70 年代中东和北非经济体出现的公共债务如何演变为“主权债务危机”。