This study explores how fiscal flexibility via sovereign credit markets affects a state's ability to protect citizens' physical integrity.

Sovereign Credit & Fiscal Space: Favorable borrowing conditions create resources that allow leaders to meet demands without widespread repression or avoid unintended abuses of power by security forces.

* Resource Availability: States with easier access to international finance can fund alternative policy solutions.

* Institutional Control: Such states are less likely to experience 'agency loss' where officials misuse government revenues.

Physical Integrity Rights & Conflict Mitigation:

* Policy Response Diversification: Creditworthy governments have more tools than repression when addressing dissent.

* Resilience During Crises: Favorable credit terms buffer against revenue shocks, preventing a decline in respect for physical integrity rights even during violent protests or political crises.

Implications & Conclusion:

This research demonstrates that sovereign borrowing conditions are not merely financial matters but have profound implications for governance and citizens' protection. Access to international capital strengthens the state's capacity to govern without resorting to widespread human rights abuses.