New approaches to crisis resolution: Weighing the options (A comment)
AbstractComments on: Barry Eichengreen, Kenneth Kletzer, and Ashoka Mody who describe the debate over collective action clauses, which have been considered by the G-7,G-10, G-20, G-22, G-30, Institute of International Finance (IIF),International Monetary Fund, International Monetary and Financial Committee(IMFC), Council of Foreign Relations (CFR), Emerging Markets Credit Association (EMCA), a variety of finance ministries, and others no doubt—although not, to my knowledge, the Boy Scouts of America (BSA). For those who have not received a merit badge in the language of internationalbureaucrats, collective action clauses allow a specified majority of bondholders to represent the interests of the totality of issuers in renegotiations with the issuer.
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Bibliographic InfoPaper provided by University Library of Munich, Germany in its series MPRA Paper with number 13200.
Date of creation: 2003
Date of revision:
debt; restructuring; collective action; moral hazard;
Find related papers by JEL classification:
- G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
- G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation
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- Graciela L. Kaminsky & Carmen Reinhart & Carlos A. Vegh, 2003.
"The Unholy Trinity of Financial Contagion,"
NBER Working Papers
10061, National Bureau of Economic Research, Inc.
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