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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. 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.
    2. 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.
    3. 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.
    4. 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.
    5. 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.
    6. 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.
    7. 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.

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