Sovereign Bond Restructuring: Collective Action Clauses and official Crisis Intervention
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| 100 | 1 | |a Kletzer, Kenneth |e Verfasser |4 aut | |
| 245 | 1 | 0 | |a Sovereign Bond Restructuring |b Collective Action Clauses and official Crisis Intervention |c Kletzer, Kenneth |
| 264 | 1 | |a Washington, D.C |b International Monetary Fund |c 2003 | |
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| 490 | 0 | |a IMF Working Papers |v Working Paper No. 03/134 | |
| 520 | 3 | |a This paper compares the restructuring of sovereign bonds with and without collective action clauses. One conclusion is that collective action clauses can allow efficient debt renegotiation in a formal model of sovereign debt renegotiation while unanimity rules offer incentives for opportunistic behavior by bondholders that leads to inefficient outcomes. With collective action clauses, the mutual gains from renegotiation can be internalized by bondholders so that the holders of each bond issue have incentives to participate in a collective debt restructuring. The analysis abstracts from transactions costs, and the last conclusion might well be sensitive to renegotiation and coordination costs | |
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Record in the Search Index
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| id | DE-604.BV048350799 |
| illustrated | Not Illustrated |
| indexdate | 2024-12-20T19:42:21Z |
| institution | BVB |
| isbn | 1451855621 9781451855623 |
| language | English |
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| publishDate | 2003 |
| publishDateSearch | 2003 |
| publishDateSort | 2003 |
| publisher | International Monetary Fund |
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| series2 | IMF Working Papers |
| spellingShingle | Kletzer, Kenneth Sovereign Bond Restructuring Collective Action Clauses and official Crisis Intervention |
| title | Sovereign Bond Restructuring Collective Action Clauses and official Crisis Intervention |
| title_auth | Sovereign Bond Restructuring Collective Action Clauses and official Crisis Intervention |
| title_exact_search | Sovereign Bond Restructuring Collective Action Clauses and official Crisis Intervention |
| title_full | Sovereign Bond Restructuring Collective Action Clauses and official Crisis Intervention Kletzer, Kenneth |
| title_fullStr | Sovereign Bond Restructuring Collective Action Clauses and official Crisis Intervention Kletzer, Kenneth |
| title_full_unstemmed | Sovereign Bond Restructuring Collective Action Clauses and official Crisis Intervention Kletzer, Kenneth |
| title_short | Sovereign Bond Restructuring |
| title_sort | sovereign bond restructuring collective action clauses and official crisis intervention |
| title_sub | Collective Action Clauses and official Crisis Intervention |
| url | http://elibrary.imf.org/view/IMF001/06354-9781451855623/06354-9781451855623/06354-9781451855623.xml |
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