Crisis Resolution: Next Steps /

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Bibliographic Details
Author / Creator:	Eichengreen, Barry J.
Imprint:	Cambridge, Mass. National Bureau of Economic Research 2003.
Description:	1 online resource.
Language:	English
Series:	NBER working paper series no. w10095 Working paper series (National Bureau of Economic Research) ; no. w10095.
Subject:	Bonds -- Developing countries. Debt relief -- Developing countries. Financial crises. Bonds Debt relief Financial crises Developing countries
Format:	E-Resource Book
URL for this record:	http://pi.lib.uchicago.edu/1001/cat/bib/14153742

Hidden Bibliographic Details
Other authors / contributors:	Kletzer, Kenneth.
Notes:	November 2003. Mode of access: World Wide Web.
Summary:	At the April 2003 meeting of the International Monetary and Financial Committees, it was decided to further encourage the contractual approach to smoothing the process of sovereign debt restructuring by encouraging the more widespread use of collective action clauses (CACs) in international bonds. This decision was shaped partly by Mexico's successful launch of a bond subject to New York law but featuring CACs, and by subsequent issues with similar provisions from other emerging market countries. This paper reviews the developments leading up to that event, its implications, and prospects for the future. It asks whether we can expects to see additional issuance by emerging markets of bonds featuring CACs, whether such a trend would in fact help to make the world a safer financial place, and what additional steps might be taken to further enhance modalities for crisis resolution.

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