Do Enhanced Collective Action Clauses Affect Sovereign Borrowing Costs? /

This paper analyzes the effects of including collective action clauses (CACs) and enhanced CACs in international (nondomestic law-governed) sovereign bonds on sovereigns' borrowing costs, using secondary-market bond yield spreads. Our findings indicate that inclusion of enhanced CACs, introduce...

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Detalhes bibliográficos
Autor principal: Chung, Kay
Outros Autores: Papaioannou, Michael
Formato: Periódico
Idioma:English
Publicado em: Washington, D.C. : International Monetary Fund, 2020.
Colecção:IMF Working Papers; Working Paper ; No. 2020/162
Acesso em linha:Full text available on IMF