Crisis Resolution: Next Steps Ashoka Mody

ISBN: 9781282110229

Published: May 9th 2014

ebook

120 pages


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Crisis Resolution: Next Steps  by  Ashoka Mody

Crisis Resolution: Next Steps by Ashoka Mody
May 9th 2014 | ebook | PDF, EPUB, FB2, DjVu, talking book, mp3, ZIP | 120 pages | ISBN: 9781282110229 | 10.69 Mb

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 ofMoreAt 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 Mexicos 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 expect 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.



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