Bond Restructuring and Moral Hazard : Are Collective Action Clauses Costly?
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 increas...
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Other Authors: | , |
Format: | Book |
Language: | English |
Published: |
Washington, D.C. :
International Monetary Fund,
2001
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Series: | IMF Working Papers ;
Working Paper No. 01/92 IMF eLibrary |
Subjects: |