| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP5713 |
| DP5713 CEO Compensation and Strategy Inertia | |
| Roman Inderst; Holger Mueller | |
| 发表日期 | 2006-06-23 |
| 出版年 | 2006 |
| 语种 | 英语 |
| 摘要 | What role did the US courts play in the Argentine debt swap of 2005? What are the implications for the future of creditor rights in sovereign bond markets? The judge in the Argentine case has, it appears, deftly exploited creditor heterogeneity ? between holdouts seeking capital gains and institutional investors wanting a settlement ? to promote a swap with a supermajority of 76% of creditors. Our analysis of Argentine debt litigation reveals a process of 'judge-mediated' sovereign debt restructuring, which resolves the key issues of Transition and Aggregation - two of the roles envisaged for the IMF's still-born Sovereign Debt Restructuring Mechanism (SDRM). For the future we note how the judge-mediated sovereign debt restructuring, together with creditor committees, may complement the market-based alternative promoted by the Treasury, namely collective action clauses (CACs) in sovereign bond contracts. |
| 主题 | International Macroeconomics |
| 关键词 | Sovereign debt restructuring Holdout creditors Collective action clauses |
| URL | https://cepr.org/publications/dp5713 |
| 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/534563 |
| 推荐引用方式 GB/T 7714 | Roman Inderst,Holger Mueller. DP5713 CEO Compensation and Strategy Inertia. 2006. |
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