Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/264441 
Authors: 
Year of Publication: 
2022
Series/Report no.: 
ILE Working Paper Series No. 63
Publisher: 
University of Hamburg, Institute of Law and Economics (ILE), Hamburg
Abstract: 
The increasing presence of the revolving door across several dimensions of statecraft has prompted the introduction of laws addressing the phenomenon's risks. Focusing on executive branches in charge of issuing and managing government debt - debt management units (DMUs) -, this article delivers a case study assessing the effectiveness of revolving door policies, with the overarching purpose of designing regulatory solutions. In government debt management, the revolving door denotes the transition of employees working at the dealers to DMUs, and vice versa. Dealers are financial institutions either appointed by the domestic DMU to participate in auctions of government securities, or exclusively distributing bonds in the secondary market. Drawing on a comparative legal analysis across eight OECD countries and career data from a sample of public debt managers, this study provides empirical evidence that despite legislations curbing the revolving door are in force, the dynamic is free to flow. Reasons are lack of effective monitoring, credible enforcement mechanisms and adequate ethical culture. Addressing shortcomings, policy proposals advocate the establishment of independent oversight bodies endowed with sanctioning power, and measures enhancing the transparency of public officials' career moves. Identifying and plugging loopholes in the framework in force, this study aims at steering policymakers through the ongoing process of modernising conflict of interest regulation.
Subjects: 
revolving doors
conflicts of interest
public integrity
government debt management
effectiveness of policies
enforcement
regulatory governance
JEL: 
K10
K23
K42
H63
H83
P16
Document Type: 
Working Paper

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