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Resolution of Sovereign Debt Crises: The New Old Framework
Portes, Richard - C.E.P.R. Discussion Papers - 2004
The Paper sets out the principles that should underlie sovereign debt restructuring. It argues for a rules-based approach to achieve private sector involvement in restructuring. The rules must operate, however, in the context of an appropriate institutional framework with appropriate incentives....
Persistent link: https://www.econbiz.de/10005504514
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Does strengthening Collective Action Clauses (CACs) help?
Ghosal, Sayantan; Kannika Thampanishvong - In: Journal of international economics 89 (2013) 1, pp. 68-78
Persistent link: https://www.econbiz.de/10009691614
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Does strengthening Collective Action Clauses (CACs) help?
Ghosal, Sayantan; Thampanishvong, Kannika - Department of Economics, University of Warwick - 2010
Does improving creditor coordination by strengthening CACs lead to efficiency gains in the functioning of sovereign … bond markets? We address this question in a model featuring both debtor moral hazard and creditor coordination under …
Persistent link: https://www.econbiz.de/10010862688
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Does strengthening Collective Action Clauses (CACs) help?
Ghosal, Sayantan; Thampanishvong, Kannika - Department of Economics, University of Warwick - 2009
In a model with both issues of sovereign debtor moral hazard and creditor coordination under incomplete information, we …. Conditional on default, we show that an interim efficient CAC threshold exists and improving creditor coordination results in … default, improved creditor coordination reduces ex ante efficiency and the interim efficient CAC threshold is higher than the …
Persistent link: https://www.econbiz.de/10005146937
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Does Strengthening Collective Action Clauses (CACs) Help?
Ghosal, Sayantan; Thampanishvong, Kannika - Centre for Dynamic Macroeconomic Analysis, University … - 2007
We study the effect of strengthening CACs in a debt rollover model of a sovereign debt crisis. Conditional on default, there are multiple equilibria: the impact of strengthening CACs depends critically on the prevailing equilibrium. For a subset of equilibria, (i) given a fixed number of...
Persistent link: https://www.econbiz.de/10005807916
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Does strengthening Collective Action Clauses (CACs) help?
Ghosal, Sayantan; Thampanishvong, Kannika - In: Journal of International Economics 89 (2013) 1, pp. 68-78
Does improving creditor coordination by strengthening CACs lead to efficiency gains in the functioning of sovereign … bond markets? We address this question in a model featuring both debtor moral hazard and creditor coordination under …
Persistent link: https://www.econbiz.de/10010595069
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How could a new universal code of conduct prevent and resolve sovereign debt crises? : proposals for design and implementation
Berensmann, Kathrin - In: Journal of economic surveys 37 (2023) 3, pp. 747-788
Persistent link: https://www.econbiz.de/10014337964
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How Markets Work: The Lawyer’s Version
Gulati, Mitu; Weidemaier, W. Mark C. - 2011
In this article, we combine two sources of data to shed light on the nature of transactional legal work. The first consists of stories about contracts that circulate widely among elite transactional lawyers. Surprisingly, the stories portray lawyers as ineffective market actors who are...
Persistent link: https://www.econbiz.de/10009471578
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Political Risk and Sovereign Debt Contracts
Gulati, Mitu; Choi, Stephen J.; Posner, Eric A. - 2011
Default on sovereign debt is a form of political risk. Issuers and creditors have responded to this risk both by strengthening the terms in sovereign debt contracts that enable creditors to enforce their debts judicially and by creating terms that enable sovereigns to restructure their debts....
Persistent link: https://www.econbiz.de/10009471592
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The impact of the introduction of uniform European collective action clauses on European government bonds as a regulatory result of the European sovereign debt crisis
Layher, Nicoletta; Samunderu, Eyden - In: Journal of Risk and Financial Management 14 (2021) 1, pp. 1-32
This paper conducts an empirical study on the inclusion of uniform European Collective Action Clauses (CACs) in sovereign bond contracts issued from member states of the European Union, introduced as a regulatory result of the European sovereign debt crisis. The study focuses on the reaction of...
Persistent link: https://www.econbiz.de/10012611559