Would Collective Action Clauses Raise Borrowing Costs An Update And Additional Results
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Would Collective Action Clauses Raise Borrowing Costs
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Author : Barry Eichengreen
language : en
Publisher: World Bank Publications
Release Date : 2000
Would Collective Action Clauses Raise Borrowing Costs written by Barry Eichengreen and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 2000 with Bonds categories.
Abstract: June 2000 - Collective action clauses raise borrowing costs for low-rated borrowers and lower them for high-rated borrowers. This result holds for all developing country bonds and also for the subset of sovereign bond issuers. It is easy to say that the International Monetary Fund should not resort to financial rescue for countries in crisis; this is hard to do when there is no alternative. That is where collective action clauses come in. Collective action clauses are designed to facilitate debt restructuring by the principals - borrowers and lenders - with minimal intervention by international financial institutions. Despite much discussion of this option, there has been little action. Issuers of bonds fear that collective action clauses would raise borrowing costs. Eichengreen and Mody update earlier findings about the impact of collective action clauses on borrowing costs. It has been argued that only in the past year or so have investors focused on the presence of these provisions and that, given the international financial institutions' newfound resolve to bail in investors, they now regard these clauses with trepidation. Extending their data to 1999, Eichengreen and Mody find no evidence of such changes but rather the same pattern as before: Collective action clauses raise the costs of borrowing for low-rated issuers but reduce them for issuers with good credit ratings. Their results hold both for the full set of bonds and for bonds issued only by sovereigns. They argue that these results should reassure those who regard collective action clauses as an important element in the campaign to strengthen international financial architecture. This paper - a product of the Development Prospects Group - is part of a larger effort in the group to analyze international capital flows. The study was funded by the Bank's Research Support Budget under the research project Pricing of Bonds and Bank Loans in the Market for Developing Country Debt. The authors may be contacted at eichengr@@econ.berkeley.edu or amody@@worldbank.org.
Would Collective Action Clauses Raise Borrowing Costs An Update And Additional Results
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Author : Ashoka Mody
language : en
Publisher:
Release Date : 2016
Would Collective Action Clauses Raise Borrowing Costs An Update And Additional Results written by Ashoka Mody and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016 with categories.
Collective action clauses raise borrowing costs for low-rated borrowers and lower them for high-rated borrowers. This result holds for all developing country bonds and also for the subset of sovereign bond issuers.It is easy to say that the International Monetary Fund should not resort to financial rescue for countries in crisis; this is hard to do when there is no alternative. That is where collective action clauses come in. Collective action clauses are designed to facilitate debt restructuring by the principals - borrowers and lenders - with minimal intervention by international financial institutions. Despite much discussion of this option, there has been little action. Issuers of bonds fear that collective action clauses would raise borrowing costs.Eichengreen and Mody update earlier findings about the impact of collective action clauses on borrowing costs. It has been argued that only in the past year or so have investors focused on the presence of these provisions and that, given the international financial institutions' newfound resolve to bail in investors, they now regard these clauses with trepidation.Extending their data to 1999, Eichengreen and Mody find no evidence of such changes but rather the same pattern as before: Collective action clauses raise the costs of borrowing for low-rated issuers but reduce them for issuers with good credit ratings. Their results hold both for the full set of bonds and for bonds issued only by sovereigns.They argue that these results should reassure those who regard collective action clauses as an important element in the campaign to strengthen international financial architecture.This paper - a product of the Development Prospects Group - is part of a larger effort in the group to analyze international capital flows. The study was funded by the Bank's Research Support Budget under the research project Pricing of Bonds and Bank Loans in the Market for Developing Country Debt. The authors may be contacted at [email protected] or [email protected].
Collective Action Clauses In Sovereign Bond Contracts Encouraging Greater Use
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Author : International Monetary Fund. Policy Development and Review Dept.
language : en
Publisher: International Monetary Fund
Release Date : 2002-06-06
Collective Action Clauses In Sovereign Bond Contracts Encouraging Greater Use written by International Monetary Fund. Policy Development and Review Dept. and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2002-06-06 with Business & Economics categories.
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A Debt Restructuring Mechanism For Sovereigns
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Author : Christoph G Paulus
language : en
Publisher: Bloomsbury Publishing
Release Date : 2014-12-01
A Debt Restructuring Mechanism For Sovereigns written by Christoph G Paulus and has been published by Bloomsbury Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-12-01 with Law categories.
The Eurozone crisis which started in spring 2010 as a Greek budget crisis has alerted Europeans that the issue of defaulting sovereigns is not one reserved just for the poor and poorest countries on this globe. The crisis painfully amplified that developed countries, too, might be hit by this phenomenon. To be sure, this insight is far from novel - the history of defaulting states reaches back into history for at least two millennia. And yet, lawyers have surprisingly abstained more or less completely from discussing this subject and developing possible solutions. Beginning with the Argentina crisis in 2001, this neglect began to vanish to a certain degree and this movement got some momentum in 2010 by the Eurozone crisis. The present book collects contributions from authors most of whom have participated in a conference on this issue in January 2012 at the Humboldt-Universität zu Berlin. The presentations, thus, provide a unique overview of the present discussion both from an economic and legal perspective.
Collective Action Clauses Recent Developments And Issues
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Author : International Monetary Fund. Monetary and Capital Markets Department
language : en
Publisher: International Monetary Fund
Release Date : 2003-03-25
Collective Action Clauses Recent Developments And Issues written by International Monetary Fund. Monetary and Capital Markets Department and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003-03-25 with Business & Economics categories.
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From Economy To Society
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Author : Bettina Lange
language : en
Publisher: Emerald Group Publishing
Release Date : 2013-11-11
From Economy To Society written by Bettina Lange and has been published by Emerald Group Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-11-11 with Law categories.
Leading socio-legal scholars explore whether and how the idea of harnessing the regulatory capacity of a social sphere provides a new analytical lens that can provide fresh insights into transnational risk regulation.
Imf Staff Papers Volume 47 Special Issue Imf Annual Research Conference
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Author : Mr.Robert P. Flood
language : en
Publisher: International Monetary Fund
Release Date : 2001-11-28
Imf Staff Papers Volume 47 Special Issue Imf Annual Research Conference written by Mr.Robert P. Flood and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001-11-28 with Business & Economics categories.
This paper presents a broad overview of postwar analytical thinking on international macroeconomics, culminating in a more detailed discussion of recent progress. The paper reviews important empirical evidence that has inspired alternative modeling approaches, as well as theoretical and policy considerations behind developments in the field. The paper presents an empirical study of fiscal policy in countries with extreme monetary regimes. It also examines members of multilateral currency unions, dollarized countries that officially use the money of another country, and countries using currency boards.
Reforming The Global Financial Architecture
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Author : Yilmaz Akyuz
language : en
Publisher: Zed Books
Release Date : 2002-04
Reforming The Global Financial Architecture written by Yilmaz Akyuz and has been published by Zed Books this book supported file pdf, txt, epub, kindle and other format this book has been release on 2002-04 with Business & Economics categories.
Instability has become global and systemic. Strengthening international institutions and arrangements would reduce the threat of crises and allow those that do occur to be better managed. These proposals take the developing world into account.
The Reform Of European Economic Governance Towards A Sustainable Monetary Union Egmont Papers 47
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Author :
language : en
Publisher: Academia Press
Release Date :
The Reform Of European Economic Governance Towards A Sustainable Monetary Union Egmont Papers 47 written by and has been published by Academia Press this book supported file pdf, txt, epub, kindle and other format this book has been release on with categories.
The International Financial Architecture
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Author : Peter B. Kenen
language : en
Publisher: Peterson Institute
Release Date : 2001
The International Financial Architecture written by Peter B. Kenen and has been published by Peterson Institute this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001 with Business & Economics categories.
Kenen (economics and international finance, Princeton University) reviews the reform efforts that followed the 1994-95 Mexican crisis, and evaluates their results in the time since then. He compares the existing efforts with the more radical recommendations of the Meltzer Report, and considers the implications of his analysis for the role of the IMF. He then offers his own recommendations for further reform. c. Book News Inc.