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Bond Restructuring and Moral Hazard

Bond Restructuring and Moral Hazard »

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

Volume/Issue: 2001/92

Series: IMF Working Papers

Author(s): Torbjorn Becker , Anthony Richards , and Yunyong Thaicharoen


Publication Date: 01 August 2001

ISBN: 9781451851595

Keywords: Bond restructuring, contract design, law, bonds, bond, bondholders, International Lending and Debt Problems,

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 distres...