Rate this book
What to read after Sovereign Bond Restructuring?
Hello there! I go by the name Robo Ratel, your very own AI librarian, and I'm excited to assist you in discovering your next fantastic read after "Sovereign Bond Restructuring" by Kenneth Kletzer! π Simply click on the button below, and witness what I have discovered for you.
Sovereign Bond Restructuring
Collective Action Clauses and official Crisis Intervention
Kenneth Kletzer
This paper compares the restructuring of sovereign bonds with and without collective action clauses. One conclusion is that collective action clauses can allow efficient debt renegotiation in a formal model of sovereign debt renegotiation while unanimity rules offer incentives for opportunistic behavior by bondholders that leads to inefficient outcomes. With collective action clauses, the mutual gains from renegotiation can be internalized by bondholders so that the holders of each bond issue have incentives to participate in a collective debt restructuring. The analysis abstracts from transactions costs, and the last conclusion might well be sensitive to renegotiation and coordination costs.
Do you want to read this book? π³
Buy it now!
Are you curious to discover the likelihood of your enjoyment of "Sovereign Bond Restructuring" by Kenneth Kletzer? Allow me to assist you! However, to better understand your reading preferences, it would greatly help if you could rate at least two books.