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Iceland on the Rocks: The Mass Political Economy of Sovereign Debt Resettlement

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  • Curtis, K. Amber
  • Jupille, Joseph
  • Leblang, David

Abstract

We undertake an individual-level analysis of mass political behavior toward sovereign debt resettlement by leveraging the unique circumstances of a 2011 referendum on debt repayment in Iceland. This allows us to engage broader questions about mass international political economy. Against the recent thrust of a growing literature, we find evidence of material economic “pocketbook” effects—self-interest—on voting behavior, operating alongside symbolic/sociotropic and partisan/political logics. Contrary to expectations, these self-interest effects are not conditional on voter sophistication. We conclude that conventional sampling frames may be inappropriate for understanding contemporary democratic contestation over international economic policy.

Suggested Citation

  • Curtis, K. Amber & Jupille, Joseph & Leblang, David, 2014. "Iceland on the Rocks: The Mass Political Economy of Sovereign Debt Resettlement," International Organization, Cambridge University Press, vol. 68(3), pages 721-740, July.
    • Handle: RePEc:cup:intorg:v:68:y:2014:i:03:p:721-740_00
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    Cited by:

    1. Joshua C Fjelstul, 2022. "Explaining public opinion on the enforcement of the Stability and Growth Pact during the European sovereign debt crisis," European Union Politics, , vol. 23(2), pages 192-211, June.
    2. Jonas Tallberg & Soetkin Verhaegen, 2020. "The Legitimacy of International Institutions among Rising and Established Powers," Global Policy, London School of Economics and Political Science, vol. 11(S3), pages 115-126, October.
    3. Arndt Leininger, 2019. "Economic Voting in Direct Democracy: A Case Study of the 2016 Italian Constitutional Referendum," Politics and Governance, Cogitatio Press, vol. 7(2), pages 306-333.
    4. Patrick Bayer & Federica Genovese, 2020. "Beliefs About Consequences from Climate Action Under Weak Climate Institutions: Sectors, Home Bias, and International Embeddedness," Global Environmental Politics, MIT Press, vol. 20(4), pages 28-50, Autumn.
    5. Alessia Aspide & Kathleen J. Brown & Matthew DiGiuseppe & Alexander Slaski, 2023. "Culture & European attitudes on public debt," New Political Economy, Taylor & Francis Journals, vol. 28(4), pages 509-525, July.
    6. Nils D Steiner, 2018. "Attitudes towards the Transatlantic Trade and Investment Partnership in the European Union: The treaty partner heuristic and issue attention," European Union Politics, , vol. 19(2), pages 255-277, June.
    7. Chwieroth, Jeffrey M. & Walter, Andrew, 2019. "The financialization of mass wealth, banking crises and politics over the long run," LSE Research Online Documents on Economics 100765, London School of Economics and Political Science, LSE Library.

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