Do Collective Action Clauses Influence Bond Yields? New Evidence from Emerging Markets
AbstractThis paper provides empirical evidence relevant to the debate over the desirability of reforms to the way that financial markets and the international community deal with sovereign debt crises. We present new evidence showing that the use of collective action clauses (CACs) in sovereign emerging markets issuance has been wider than previously believed. In addition, we provide results on the way that financial markets have priced the use or non-use of CACs, both before and after the path-breaking issue by Mexico in February 2003. We interpret recent developments as indicating that US investors now accept that the use of well-designed CACs is not inconsistent with protection of creditor rights. Copyright 2003 by Blackwell Publishers Ltd.
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Bibliographic InfoArticle provided by Wiley Blackwell in its journal International Finance.
Volume (Year): 6 (2003)
Issue (Month): 3 (Winter)
Contact details of provider:
Web page: http://www.blackwellpublishing.com/journal.asp?ref=1367-0271
Other versions of this item:
- Mark Gugiatti & Anthony Richards, 2003. "Do Collective Action Clauses Influence Bond Yields? New Evidence from Emerging Markets," RBA Research Discussion Papers rdp2003-02, Reserve Bank of Australia.
- F34 - International Economics - - International Finance - - - International Lending and Debt Problems
- G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates
- G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Barry Eichengreen & Ashoka Mody, 2000.
"Would Collective Action Clauses Raise Borrowing Costs?,"
NBER Working Papers
7458, National Bureau of Economic Research, Inc.
- Eichengreen, Barry & Mody, Ashoka, 1999. "Would Collective Action Clauses Raise Borrowing Costs?," CEPR Discussion Papers 2343, C.E.P.R. Discussion Papers.
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