Introduction

George von Furstenberg

Chapter 1 in Contingent Convertibles [CoCos]:A Potent Instrument for Financial Reform, 2014, pp 3-12 from World Scientific Publishing Co. Pte. Ltd.

Abstract: Reacting to the severe financial crisis of 2007–2009, contingent convertible debt securities, abbreviated CoCos or cocos, were introduced as a promising new instrument of financial reform. They were to reduce bank failures and thereby cushion the next financial crisis more reliably and automatically than existing subordinated debt. After a slow start in 2009 that almost stopped in 2010, their issuance has been growing progressively. However, a number of their design features and uses are still experimental. This makes it exciting to assist with their evaluation, development and acceptance in the public interest and from capital market perspectives…

Keywords: Contingent Convertibles; CoCos; Financial Reform; Financial Crisis; Risk Management; Bank Capital; Financial Services; Fixed-Income Securities; Basel III (search for similar items in EconPapers)
Date: 2014
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