非正式治理与主权债务重组机制演进  

Informal Governance and Evolution of Sovereign Debt Restructuring Institutions

作　　者：黄宇韬 Huang Yutao

机构地区：[1]中国社会科学院世界经济与政治研究所

出　　处：《国际经济评论》2025年第2期56-79,5,6,共26页International Economic Review

基　　金：中国社会科学院“青启计划”(项目编号:2024QQJH165)的阶段性研究成果。

摘　　要：如何推进主权国家债务重组已成为当前国际焦点。历史上国际货币基金组织曾尝试建立国际主权债务重组机制,但却在广泛抵制下被迫放弃,分析该尝试为何走向失败、后续探索是否通过吸取经验而发生质变则具有重要现实与理论意义。理解主权债务重组机制的演进规律需结合非正式治理的理论视角,包括制度本身的非正式化、制度内部的非正式化、制度周围的非正式化三种形式。非正式治理具有去中心化、遵循贝叶斯式学习机制、推崇软性约束与方案迭代的特征,其优势在于能降低国家、非国家行为体参与集体协商的成本,进而在持续沟通学习中形成共识、促进方案持续优化。该模式在当前债务问题的处置中已得到广泛运用,如二十国集团下属框架文件,由国际货币基金组织与世界银行共同发起的圆桌会议等。虽然非正式治理的实际绩效仍有待检验,但已成为国际金融合作中不可忽视的新兴模式。随着中国近年来已成为部分中低收入国家的主要双边官方债权人,分析债务重组机制的演变规律可为中国更好参与国际债务治理提供借鉴。It has become a major international issue to push forward sovereign debt restructuring.Historically,the IMF used to attempt to establish a formal international sovereign debtrestructuring mechanism;unfortunately,such efforts failed due to widespread resistance.However,it is of both practical and theoretical importance to understand why such efforts hadfailed and whether subsequent exploration will lead to qualitative changes through experiencelearning.This article argues that the evolution of sovereign debt restructuring institutions canbe best understood through the lens of informal governance,which includes the informality ofinstitutions,informality within institutions,and informality around institutions.Informalgovernance is characterized by decentralization,Bayesian learning,soft constraints,anditerative problem-solving.Its advantage lies in low participation costs,fostering consensus,and refining solutions through continuous participation.This approach is now widely used inaddressing contemporary debt challenges,as seen in initiatives such as the CommonFramework of the G20 and the Global Sovereign Debt Roundtable,co-organized by the IMFand the World Bank.While its effectiveness is still under review,informal governance hasbecome a key approach in international financial cooperation.Given China's growing role as acreditor to low-and middle-income countries,analyzing these evolving mechanisms offersvaluable insights for its engagement in global debt governance.

关 键 词：非正式治理 主权债务重组 国际货币基金组织 国际金融治理 

分 类 号：F27[经济管理—企业管理]