Crisis Resolution: Next Steps

Barry Eichengreen and Kenneth Kletzer

No 10095, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: 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.

JEL-codes: F33 F34 (search for similar items in EconPapers)
Date: 2003-11
New Economics Papers: this item is included in nep-rmg
Note: IFM
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (40)

Downloads: (external link)
http://www.nber.org/papers/w10095.pdf (application/pdf)

Related works:
Working Paper: Crisis Resolution: Next Steps (2003)
Working Paper: Crisis Resolution: Next Steps (2003)
Working Paper: Crisis Resolution: Next Steps (2003)
Working Paper: Crisis resolution: next steps (2003)
Working Paper: Crisis Resolution: Next Steps (2003)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:nbr:nberwo:10095

Ordering information: This working paper can be ordered from
http://www.nber.org/papers/w10095

Access Statistics for this paper

More papers in NBER Working Papers from National Bureau of Economic Research, Inc National Bureau of Economic Research, 1050 Massachusetts Avenue Cambridge, MA 02138, U.S.A.. Contact information at EDIRC.
Bibliographic data for series maintained by ().