English, Article, Journal or magazine article edition: Renegotiation, Collective Action Clauses and Sovereign Debt Markets Jose Wynne; José Wynne; Federico Weinschelbaum

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Bookmark: http://trove.nla.gov.au/version/57101
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Renegotiation, Collective Action Clauses and Sovereign Debt Markets
Author
  • Jose Wynne
  • José Wynne
  • Federico Weinschelbaum
Physical Description
  • preprint
Notes
  • Sovereign Debt, Collective Action Clauses, Renegotiation, Moral Hazard, International Bankrucpty Court
  • RePEc:red:sed004:7
  • Collective action clauses (CACs) are provisions specifying that a supermajority of bondholders can change the terms of a bond. We study how CACs determine governments’ fiscal incentives, sovereign bond prices and default probabilities in 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 significantly the cost of borrowing for sovereigns, contrary to what is suggested in previous empirical literature
  • Sovereign debt; Collective action clauses; Renegotiation; Moral hazard; International bankruptcy court.
  • RePEc:ecm:latm04:153
Language
  • English
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