G2TT
来源类型Speeches & Papers
规范类型其他
The Importance of Being Standard
Anna Gelpern
发表日期2017-01-31
出版年2017
语种英语
正文

Contract standardisation serves many important functions in the sovereign debt market: among these, it saves time and money in preparing documents and endows widely-used terms with a shared public meaning, which in turn saves investors the costs of acquiring information, facilitates secondary market trading and reduces the scope for mistakes in the judicial interpretation of contract terms. Sovereign debt issuers and investors claim to value standardisation and list it as an important contractual objective. Issuers generally insist that their bond contracts are standard and reflect market practice. Variations from past practice and market norm must be explained in disclosure documents and through market outreach. Standardisation is not just part of the fabric of market expectations: international policy initiatives to prevent and manage financial crises rest on the assumption that sovereign debt contracts follow a generally accepted standard. Such initiatives would make no sense in the absence of standardisation.

URLhttps://www.piie.com/commentary/speeches-papers/importance-being-standard
来源智库Peterson Institute for International Economics (United States)
资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/456646
推荐引用方式
GB/T 7714
Anna Gelpern. The Importance of Being Standard. 2017.
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