Bond Restructuring and Moral Hazard : Are Collective Action Clauses Costly?

Are Collective Action Clauses Costly?

Nopic
Many official groups have endorsed the wider use by emerging market borrowers of contract clauses which allow for a qualified majority of bondholders to restructure repayment terms in the event of financial distress. Some have argued that such clauses will be associated with moral hazard and increased borrowing costs. This paper addresses this... READ MORE...

Publication date: August 2001
ISBN 9781451851595
$15.00

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