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Do Collective Action Clauses Influence Bond Yields? New Evidence from Emerging Markets

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Author Info
Richards, Anthony
Gugiatti, Mark

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Abstract

This 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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Article provided by Blackwell Publishing in its journal International Finance.

Volume (Year): 6 (2003)
Issue (Month): 3 (Winter)
Pages: 415-47
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Handle: RePEc:bla:intfin:v:6:y:2003:i:3:p:415-47

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  1. Becker, Torbjorn & Richards, Anthony & Thaicharoen, Yunyong, 2003. "Bond restructuring and moral hazard: are collective action clauses costly?," Journal of International Economics, Elsevier, vol. 61(1), pages 127-161, October. [Downloadable!] (restricted)
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  2. Barry Eichengreen & Ashoka Mody, 2000. "Would Collective Action Clauses Raise Borrowing Costs?," NBER Working Papers 7458, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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Cited by:
(explanations, 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.)

  1. Barry Eichengreen & Kenneth Kletzer, 2003. "Crisis Resolution: Next Steps," NBER Working Papers 10095, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  2. José Wynne & Federico Weinschelbaum, 2004. "Renegotiation, Collective Action Clauses and Sovereign Debt Markets," Econometric Society 2004 Latin American Meetings 153, Econometric Society. [Downloadable!]
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  3. Benu Schneider, 2005. "Do Global Standards And Codes Prevent Financial Crises? Some Proposals On Modifying The Standards-Based Approach," UNCTAD Discussion Papers 177, United Nations Conference on Trade and Development. [Downloadable!]
  4. Rohan Pitchford & Mark L. J. Wright, 2008. "Holdouts In Sovereign Debt Restructuring: A Theory Of Negotiation In A Weak Contractual Environment," CAMA Working Papers 2008-37, Australian National University, Centre for Applied Macroeconomic Analysis. [Downloadable!]
  5. Andrew G Haldane & Adrian Penalver & Victoria Saporta & Hyun Song Shin, . "Optimal collective action clause thresholds," Bank of England working papers 249, Bank of England. [Downloadable!]
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