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Bond restructuring and moral hazard: are collective action clauses costly?

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Cited by:

  1. Esteban Jadresic M. & Sergio Lehmann B., 2003. "Evaluación de Propuestas Recientes en Torno a la Arquitectura Financiera Internacional," Notas de Investigación Journal Economía Chilena (The Chilean Economy), Central Bank of Chile, vol. 6(3), pages 81-88, December.
  2. Sandrine Levasseur & Christine Rifflart, 2003. "Crises de dette souveraine : vers une nouvelle résolution ?," Revue de l'OFCE, Presses de Sciences-Po, vol. 86(3), pages 83-131.
  3. Weinschelbaum, Federico & Wynne, Jose, 2005. "Renegotiation, collective action clauses and sovereign debt markets," Journal of International Economics, Elsevier, vol. 67(1), pages 47-72, September.
  4. Marc Flandreau & Juan H. Flores & Norbert Gaillard & Sebastián Nieto-Parra, 2010. "The End of Gatekeeping: Underwriters and the Quality of Sovereign Bond Markets, 1815–2007," NBER Chapters, in: NBER International Seminar on Macroeconomics 2009, pages 53-92, National Bureau of Economic Research, Inc.
  5. Ghosal, Sayantan & Thampanishvong, Kannika, 2013. "Does strengthening Collective Action Clauses (CACs) help?," Journal of International Economics, Elsevier, vol. 89(1), pages 68-78.
  6. Rohan Pitchford & Mark L. J. Wright, 2012. "Holdouts in Sovereign Debt Restructuring: A Theory of Negotiation in a Weak Contractual Environment," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 79(2), pages 812-837.
  7. Chuck Fang & Julian Schumacher & Christoph Trebesch, 2021. "Restructuring Sovereign Bonds: Holdouts, Haircuts and the Effectiveness of CACs," IMF Economic Review, Palgrave Macmillan;International Monetary Fund, vol. 69(1), pages 155-196, March.
  8. Yue, Vivian Z., 2010. "Sovereign default and debt renegotiation," Journal of International Economics, Elsevier, vol. 80(2), pages 176-187, March.
  9. Chamon, Marcos & Schumacher, Julian & Trebesch, Christoph, 2018. "Foreign-Law Bonds: Can They Reduce Sovereign Borrowing Costs?," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, vol. 114, pages 164-179.
  10. repec:hal:wpspec:info:hdl:2441/2443 is not listed on IDEAS
  11. Kenneth Kletzer & Mr. Barry J. Eichengreen & Mr. Ashoka Mody, 2003. "Crisis Resolution: Next Steps," IMF Working Papers 2003/196, International Monetary Fund.
  12. repec:spo:wpecon:info:hdl:2441/2443 is not listed on IDEAS
  13. Brooke, Martin & Pienkowski, Alex & Mendes, Rhys & Santor, Eric, 2013. "Financial Stability Paper No 27: Sovereign Default and State-Contingent Debt," Bank of England Financial Stability Papers 27, Bank of England.
  14. Mattia Osvaldo Picarelli & Aitor Erce & Xu Jiang, 2019. "The benefits of reducing holdout risk: evidence from the Euro CAC experiment, 2013–2018," Capital Markets Law Journal, Oxford University Press, vol. 14(2), pages 155-177.
  15. Nicoletta Layher & Eyden Samunderu, 2020. "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," JRFM, MDPI, vol. 14(1), pages 1-32, December.
  16. Helmut Stix, 2004. "The Impact of ATM Transactions and Cashless Payments on Cash Demand in Austria," Monetary Policy & the Economy, Oesterreichische Nationalbank (Austrian Central Bank), issue 1, pages 90-105.
  17. Sönke Häseler, 2009. "Collective Action Clauses In International Sovereign Bond Contracts – Whence The Opposition?," Journal of Economic Surveys, Wiley Blackwell, vol. 23(5), pages 882-923, December.
  18. Klaus, Juergen & Selga, Eriks & Klein, Tony, 2019. "Floating Rate Notes and Stakeholder Activities During Zero and Negative Interest Rate Regimes," QBS Working Paper Series 2019/03, Queen's University Belfast, Queen's Business School.
  19. Herrero, Alicia Garcia & Santos, Enestor Dos, 2009. "Comment," LSE Research Online Documents on Economics 123275, London School of Economics and Political Science, LSE Library.
  20. Michael Bradley & James D. Cox & Mitu Gulati, 2010. "The Market Reaction to Legal Shocks and Their Antidotes: Lessons from the Sovereign Debt Market," The Journal of Legal Studies, University of Chicago Press, vol. 39(1), pages 289-324, January.
  21. Sönke Häseler, 2012. "Trustees versus fiscal agents and default risk in international sovereign bonds," European Journal of Law and Economics, Springer, vol. 34(3), pages 425-448, December.
  22. Gelpern, Anna & Gulati, Mitu, 2013. "The wonder-clause," Journal of Comparative Economics, Elsevier, vol. 41(2), pages 367-385.
  23. Häseler, Sönke, 2010. "Trustees versus fiscal agents and default risk in international sovereign bonds," MPRA Paper 35332, University Library of Munich, Germany.
  24. Trebesch, Christoph, 2015. "Kurzgutachten zu Staatsschuldenkrisen," Working Papers 06/2015, German Council of Economic Experts / Sachverständigenrat zur Begutachtung der gesamtwirtschaftlichen Entwicklung.
  25. Mr. Ashoka Mody, 2004. "What is An Emerging Market?," IMF Working Papers 2004/177, International Monetary Fund.
  26. Satyajit Chatterjee, 2016. "Chapter 11 for Countries?," Economic Insights, Federal Reserve Bank of Philadelphia, vol. 1(2), pages 7-14, April.
  27. Serbini, Bénédicte, 2012. "L’adoption des clauses d’actions collectives dans les obligations souveraines européennes," L'Actualité Economique, Société Canadienne de Science Economique, vol. 88(4), pages 479-497, Décembre.
  28. repec:spo:wpmain:info:hdl:2441/2443 is not listed on IDEAS
  29. Eggert Wolfgang & Stephan Maximilian & von Ungern-Sternberg Handirk, 2016. "Eine Analyse polit-ökonomischer Probleme bei Staatsumschuldungen," Zeitschrift für Wirtschaftspolitik, De Gruyter, vol. 65(2), pages 157-176, August.
  30. Mr. Patrick Bolton, 2003. "Toward a Statutory Approach to Sovereign Debt Restructuring: Lessons From Corporate Bankruptcy Practice Around the World," IMF Working Papers 2003/013, International Monetary Fund.
  31. Andreas Rathgeber & David Rudolph & Stefan Stöckl, 2015. "Pricing anomaly at the first sight: same borrower in different currencies faces different credit spreads—an explanation by means of a quanto option," Review of Derivatives Research, Springer, vol. 18(2), pages 107-143, July.
  32. Kenneth M. Kletzer, 2004. "Resolving sovereign debt crises with collective action clauses," FRBSF Economic Letter, Federal Reserve Bank of San Francisco, issue feb.20.
  33. Alfredo Bardozzetti & Davide Dottori, 2013. "Collective action clauses: how do they weigh on sovereigns?," Temi di discussione (Economic working papers) 897, Bank of Italy, Economic Research and International Relations Area.
  34. Bardozzetti, Alfredo & Dottori, Davide, 2014. "Collective action clauses: How do they affect sovereign bond yields?," Journal of International Economics, Elsevier, vol. 92(2), pages 286-303.
  35. Barry Eichengreen, 2003. "Restructuring Sovereign Debt," Journal of Economic Perspectives, American Economic Association, vol. 17(4), pages 75-98, Fall.
  36. Lang Yang, 2019. "The impact of state intervention and bankruptcy authorization laws on local government deficits," Economics of Governance, Springer, vol. 20(4), pages 305-328, December.
  37. Elisabeth de Fontenay & Josefin Meyer & Mitu Gulati, 2019. "The sovereign debt listing puzzle," Oxford Economic Papers, Oxford University Press, vol. 71(2), pages 472-495.
  38. Philipp Maier, 2007. "Do We Need the IMF to Resolve a Crisis? Lessons from Past Episodes of Debt Restructuring," Staff Working Papers 07-10, Bank of Canada.
  39. repec:hal:spmain:info:hdl:2441/2443 is not listed on IDEAS
  40. Lanau, Sergi, 2011. "The contractual approach to sovereign debt restructuring," Bank of England working papers 409, Bank of England.
  41. Federico Sturzenegger, 2002. "Defaults in the 90´s: Factbook and Preliminary Lessons," Business School Working Papers veintidos, Universidad Torcuato Di Tella.
  42. Kenneth Kletzer, 2003. "Sovereign Bond Restructuring: Collective Action Clauses and official Crisis Intervention," IMF Working Papers 2003/134, International Monetary Fund.
  43. Christoph Trebesch & Mr. Michael G. Papaioannou & Mr. Udaibir S Das, 2012. "Sovereign Debt Restructurings 1950-2010: Literature Survey, Data, and Stylized Facts," IMF Working Papers 2012/203, International Monetary Fund.
  44. Martin Brooke & Rhys R. Mendes & Alex Pienkowski & Eric Santor, 2013. "Sovereign Default and State-Contingent Debt," Discussion Papers 13-3, Bank of Canada.
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