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The Corporation of Foreign Bondholders

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Author Info

  • Paolo Mauro
  • Yishay Yafeh

Abstract

This paper analyzes the Corporation of Foreign Bondholders (CFB), an association of British investors holding bonds issued by foreign governments. The CFB played a key role during the heyday of international bond finance, 1870-1913, and in the aftermath of the defaults of the 1930s. It fostered coordination among creditors, especially in cases of default, arranging successfully for many important debt restructurings, though failing persistently in a few cases. While a revamped creditor association might once again help facilitate creditor coordination, the relative appeal of defection over coordination is greater today than it was in the past. The CFB may have had an easier time than any comparable body would have today.

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Bibliographic Info

Paper provided by International Monetary Fund in its series IMF Working Papers with number 03/107.

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Length: 31
Date of creation: 01 May 2003
Date of revision:
Handle: RePEc:imf:imfwpa:03/107

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Keywords: Bonds; bondholders; debt; creditors; creditor; defaults; debt restructuring; bond; loans; restructuring; sovereign debt; interest; external debt; payments; tax revenues; sovereign repayment; obligations; debts; bondholder; international capital; debtors; bond market; stock exchange; bond issues; international financial architecture; holders of international capital markets; foreign financial institutions; outstanding debt; individual bondholders; underwriting; financial stability; international debt; international bond; insolvency; brady bond; government access to international capital; corporate debt repayment; financial markets; public debt; stock exchanges; taxes; international capital mobility; public emerging bond market; outstanding repudiation; stock markets; mortgage international financial markets; international bond market; commercial loans; creditor countries; debt burden; debt crises; debtor countries; market bond; debt contracts; markets for financial globalization; debt renegotiations; financial economics; bankruptcy procedures; secondary markets; emerging market bond; moral hazard; debt problems; emerging market corporate bond issues; debt forgiveness; old brady bond issue; bond payments; bond restructuring; expenditures; bank loans;

References

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  1. Raghuram G. Rajan & Luigi Zingales, 2000. "The Great Reversals: The Politics of Financial Development in the 20th Century," OECD Economics Department Working Papers 265, OECD Publishing.
  2. Peter H. Lindert & Peter J. Morton, 1989. "How Sovereign Debt Has Worked," NBER Chapters, in: Developing Country Debt and Economic Performance, Volume 1: The International Financial System, pages 39-106 National Bureau of Economic Research, Inc.
  3. La Porta, Rafael & Lopez-de-Silanes, Florencio & Shleifer, Andrei & Vishny, Robert, 2000. "Investor protection and corporate governance," Journal of Financial Economics, Elsevier, vol. 58(1-2), pages 3-27.
  4. Jeremy I. Bulow & Kenneth Rogoff, 1988. "Sovereign Debt: Is To Forgive To Forget?," NBER Working Papers 2623, National Bureau of Economic Research, Inc.
  5. Paolo Mauro & Yishay Yafeh & Nathan Sussman, 2001. "Emerging Market Spreads: Then Versus Now," OFRC Working Papers Series 2001fe03, Oxford Financial Research Centre.
  6. Obstfeld, Maurice & Taylor, Alan M, 1997. "The Great Depression as a Watershed: International Capital Mobility over the Long Run," CEPR Discussion Papers 1633, C.E.P.R. Discussion Papers.
  7. Barry Eichengreen & Michael D. Bordo, 2002. "Crises Now and Then: What Lessons from the Last Era of Financial Globalization," NBER Working Papers 8716, National Bureau of Economic Research, Inc.
  8. Eaton, Jonathan & Gersovitz, Mark, 1981. "Debt with Potential Repudiation: Theoretical and Empirical Analysis," Review of Economic Studies, Wiley Blackwell, vol. 48(2), pages 289-309, April.
  9. Bolton, Patrick & Scharfstein, David S, 1996. "Optimal Debt Structure and the Number of Creditors," Journal of Political Economy, University of Chicago Press, vol. 104(1), pages 1-25, February.
  10. Flandreau, Marc & Sussman, Nathan, 2004. "Old Sins: Exchange Rate Clauses and European Foreign Lending in the 19th Century," CEPR Discussion Papers 4248, C.E.P.R. Discussion Papers.
  11. Fishlow, Albert, 1985. "Lessons from the past: capital markets during the 19th century and the interwar period," International Organization, Cambridge University Press, vol. 39(03), pages 383-439, June.
  12. Michael D. Bordo & Barry Eichengreen & Jongwoo Kim, 1998. "Was There Really an Earlier Period of International Financial Integration Comparable to Today?," NBER Working Papers 6738, National Bureau of Economic Research, Inc.
  13. Yishay Yafeh & Paolo Mauro & Nathan Sussman, 2000. "Emerging Market Spreads," IMF Working Papers 00/190, International Monetary Fund.
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Citations

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Cited by:
  1. Alquist, Ron & Chabot, Benjamin, 2011. "Did gold-standard adherence reduce sovereign capital costs?," Journal of Monetary Economics, Elsevier, vol. 58(3), pages 262-272.
  2. Ghosal, Sayantan; Thampanishvong, Kannika, 2010. "Does strengthening Collective Action Clauses (CACs) help?," CAGE Online Working Paper Series 29, Competitive Advantage in the Global Economy (CAGE).
  3. Marco Committeri & Francesco Spadafora, 2013. "You Never Give Me Your Money? Sovereign Debt Crises, Collective Action Problems, and IMF Lending," IMF Working Papers 13/20, International Monetary Fund.
  4. Rui Pedro Esteves, 2007. "Quis custodiet quem? Sovereign Debt and Bondholders` Protection Before 1914," Economics Series Working Papers 323, University of Oxford, Department of Economics.
  5. Kris James Mitchener & Marc D. Weidenmier, 2007. "The Baring Crisis and the Great Latin American Meltdown of the 1890s," NBER Working Papers 13403, National Bureau of Economic Research, Inc.
  6. Kris James Mitchener & Marc D. Weidenmier, 2005. "Supersanctions and Sovereign Debt Repayment," NBER Working Papers 11472, National Bureau of Economic Research, Inc.
  7. Amrita Dhillon & Javier GarcĂ­a-Fronti & Sayantan Ghosal & Marcus Miller, 2006. "Debt Restructuring and Economic Recovery: Analysing the Argentine Swap," The World Economy, Wiley Blackwell, vol. 29(4), pages 377-398, 04.

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