Do Enhanced Collective Action Clauses Affect Sovereign Borrowing Costs? PDF Download
Are you looking for read ebook online? Search for your book and save it on your Kindle device, PC, phones or tablets. Download Do Enhanced Collective Action Clauses Affect Sovereign Borrowing Costs? PDF full book. Access full book title Do Enhanced Collective Action Clauses Affect Sovereign Borrowing Costs? by Kay Chung. Download full books in PDF and EPUB format.
Author: Kay Chung
Publisher:
ISBN: 9781513526843
Category :
Languages : en
Pages : 44
Get Book Here
Book Description
This paper analyzes the effects of including collective action clauses (CACs) and enhanced CACs in international (nondomestic law-governed) sovereign bonds on sovereigns' borrowing costs, using secondary-market bond yield spreads. Our findings indicate that inclusion of enhanced CACs, introduced in August 2014, is associated with lower borrowing costs for both noninvestment-grade and investment-grade issuers. These results suggest that market participants do not associate the use of CACs and enhanced CACs with borrowers' moral hazard, but instead consider their implied benefits of an orderly and efficient debt resolution process in case of restructuring.
Author: Kay Chung
Publisher:
ISBN: 9781513526843
Category :
Languages : en
Pages : 44
Get Book Here
Book Description
This paper analyzes the effects of including collective action clauses (CACs) and enhanced CACs in international (nondomestic law-governed) sovereign bonds on sovereigns' borrowing costs, using secondary-market bond yield spreads. Our findings indicate that inclusion of enhanced CACs, introduced in August 2014, is associated with lower borrowing costs for both noninvestment-grade and investment-grade issuers. These results suggest that market participants do not associate the use of CACs and enhanced CACs with borrowers' moral hazard, but instead consider their implied benefits of an orderly and efficient debt resolution process in case of restructuring.
Author: Martin Guzman
Publisher: Columbia University Press
ISBN: 023154202X
Category : Business & Economics
Languages : en
Pages : 307
Get Book Here
Book Description
The current approach to resolving sovereign debt crises does not work: sovereign debt restructurings come too late and address too little. Though unresolved debt crises impose enormous costs on societies, many recent restructurings have not been deep enough to provide the conditions for economic recovery (as illustrated by the Greek debt restructuring of 2012). And if the debtor decides not to accept the terms demanded by the creditors, finalizing a restructuring can be slowed by legal challenges (as illustrated by the recent case of Argentina, deemed as "the trial of the century"). A fresh start for distressed debtors is a basic principle of a well-functioning market economy, yet there is no international bankruptcy framework for sovereign debts. While this problem is not new, the United Nations and the global community are now willing to do something about it. Providing guidance for those who intend to take up reform, this book assesses the relative merits of various debt-restructuring proposals, especially in relation to the main deficiencies of the current nonsystem. With contributions by leading academics and practitioners, Too Little, Too Late reflects the overwhelming consensus among specialists on the need to find workable solutions.
Author: International Monetary Fund,
Publisher: International Monetary Fund
ISBN: 1498330665
Category : Business & Economics
Languages : en
Pages : 40
Get Book Here
Book Description
The Revised Guidelines for Public Debt Management have been developed as part of a broader work program undertaken by the IMF and the World Bank to strengthen the international financial architecture, promote policies and practices that contribute to financial stability and transparency, and reduce countries external vulnerabilities.
Author: Dan Pallotta
Publisher: John Wiley & Sons
ISBN: 1118237684
Category : Business & Economics
Languages : en
Pages : 258
Get Book Here
Book Description
A blueprint for a national leadership movement to transform the way the public thinks about giving Virtually everything our society has been taught about charity is backwards. We deny the social sector the ability to grow because of our short-sighted demand that it send every short-term dollar into direct services. Yet if the sector cannot grow, it can never match the scale of our great social problems. In the face of this dilemma, the sector has remained silent, defenseless, and disorganized. In Charity Case, Pallotta proposes a visionary solution: a Charity Defense Council to re-educate the public and give charities the freedom they need to solve our most pressing social issues. Proposes concrete steps for how a national Charity Defense Council will transform the public understanding of the humanitarian sector, including: building an anti-defamation league and legal defense for the sector, creating a massive national ongoing ad campaign to upgrade public literacy about giving, and ultimately enacting a National Civil Rights Act for Charity and Social Enterprise From Dan Pallotta, renowned builder of social movements and inventor of the multi-day charity event industry (including the AIDS Rides and Breast Cancer 3-Days) that has cumulatively raised over $1.1 billion for critical social causes The hotly-anticipated follow-up to Pallotta’s groundbreaking book Uncharitable Grounded in Pallotta’s clear vision and deep social sector experience, Charity Case is a fascinating wake-up call for fixing the culture that thwarts our charities’ ability to change the world.
Author: International Monetary Fund
Publisher: International Monetary Fund
ISBN: 149832892X
Category : Business & Economics
Languages : en
Pages : 39
Get Book Here
Book Description
NULL
Author:
Publisher:
ISBN: 9781479945849
Category :
Languages : en
Pages :
Get Book Here
Book Description
Author: Patrick S. Kenadjian
Publisher: Walter de Gruyter
ISBN: 3110314525
Category : Law
Languages : en
Pages : 280
Get Book Here
Book Description
The volume contains articles based on presentations given at a conference hosted by the Institute for Law and Finance of Goethe University on October 27, 2011. Collective action clauses are an example of the typical dichotomy of financial regulation: While the problems are economic in nature, the solutions need to be implemented by law. The Institute for Law and Finance strives to bring together law and finance in order to foster a better mutual understanding of both disciplines and to improve the regulation of financial markets. Thus, the organizers are particularly pleased that eminent experts from the fields of law and finance agreed to participate in the event and to share their views on and experiences with collective action clauses. The presentations given at the conference have been updated in 2012 to reflect recent developments.
Author: United States. Office of Child Development
Publisher:
ISBN:
Category : Compensatory education
Languages : en
Pages : 76
Get Book Here
Book Description
Author: Thomas Piketty
Publisher: Harvard University Press
ISBN: 0674979850
Category : Business & Economics
Languages : en
Pages : 817
Get Book Here
Book Description
What are the grand dynamics that drive the accumulation and distribution of capital? Questions about the long-term evolution of inequality, the concentration of wealth, and the prospects for economic growth lie at the heart of political economy. But satisfactory answers have been hard to find for lack of adequate data and clear guiding theories. In this work the author analyzes a unique collection of data from twenty countries, ranging as far back as the eighteenth century, to uncover key economic and social patterns. His findings transform debate and set the agenda for the next generation of thought about wealth and inequality. He shows that modern economic growth and the diffusion of knowledge have allowed us to avoid inequalities on the apocalyptic scale predicted by Karl Marx. But we have not modified the deep structures of capital and inequality as much as we thought in the optimistic decades following World War II. The main driver of inequality--the tendency of returns on capital to exceed the rate of economic growth--today threatens to generate extreme inequalities that stir discontent and undermine democratic values if political action is not taken. But economic trends are not acts of God. Political action has curbed dangerous inequalities in the past, the author says, and may do so again. This original work reorients our understanding of economic history and confronts us with sobering lessons for today.
Author: Kei Nakajima
Publisher: Cambridge University Press
ISBN: 1009250035
Category : Law
Languages : en
Pages : 381
Get Book Here
Book Description
The first two decades of the twenty-first century witnessed a series of large-scale sovereign defaults and debt restructurings, in which sovereigns struggled to negotiate with recalcitrant bondholders, particularly hedge funds. Also, the outbreak of the COVID-19 pandemic in 2020 heralded a bleak financial outlook for many developing and emerging market countries, requiring sovereign debt restructuring in times of great macroeconomic uncertainty. Given the absence of a multilateral mechanism for sovereign debt restructuring equivalent to domestic corporate bankruptcy system, however, defaulted sovereigns often suffer from holdout litigation wrought by bondholders. This book proposes ways in which such legal actions could be regulated without the undue expense of bondholders' remedies by exploring the mechanism of balancing bondholder protection and respect for sovereign debt restructuring at various stages of litigation and arbitration proceedings.
