| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP4704 |
| DP4704 Optimal Rewards in Contests | |
| Aner Sela; Todd Kaplan; Chen Cohen | |
| 发表日期 | 2004-10-23 |
| 出版年 | 2004 |
| 语种 | 英语 |
| 摘要 | The Paper sets out the principles that should underlie sovereign debt restructuring. It argues for a rules-based approach to achieve private sector involvement in restructuring. The rules must operate, however, in the context of an appropriate institutional framework with appropriate incentives. The markets cannot and will not create these institutions without some official intervention. The Paper discusses why intervention in the form of a Sovereign Debt Restructuring Mechanism has been shelved. It goes on to consider a new institutional framework, with a permanent bondholders? committee and collective action clauses (CACs) in bond contracts. It stresses the need for uniformity in CACs. After interpreting the views of market participants on CACs, the Paper concludes with an argument for official intervention to make CACs universal. |
| 主题 | International Macroeconomics |
| 关键词 | Collective action clauses Financial crises Sovereign debt |
| URL | https://cepr.org/publications/dp4704 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/533622 |
| 推荐引用方式 GB/T 7714 | Aner Sela,Todd Kaplan,Chen Cohen. DP4704 Optimal Rewards in Contests. 2004. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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