rescue initiatives on IMF programme participation using a pooled probit model. The safety net permitting exceptional access …

environments with and without contingent debt and IMF presence. We claim that CACs are likely to be an irrelevant dimension of debt … contracts in current sovereign debt markets because of the variety of instruments utilized by sovereigns and the implicit IMF … guarantee. Nonetheless, under a new international bankruptcy regime like that recently proposed by the IMF, CACs can increase …