cover image: The evolution of bonding technology, creditor committees and the IMF /

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The evolution of bonding technology, creditor committees and the IMF /

15 Apr 2016

CECs have moved onto the international policy agenda in the wake of the recent Although the terms of the debate on CECs remain to be introduction of model “second-generation” collective fully defined, the paper concludes that efforts to develop action clauses (CACs) designed to address problems rules of the game for creditor engagement that are highlighted by the protracted litigation between Arge [...] Such adjustments are made at the discretion of the bank’s in a single-shot bargaining game without the possibility of a counter- management and board, all with the same objective of maximizing offer, it would not hold in the case where output declines the longer the net present value of the expected payments schedule to the bank. [...] Implicit in this position is the concern that the Conceptually, the answer is that the IMF should promote status quo fails to provide sufficiently deep restructurings, efficient restructurings that preserve the bonding role of resulting in the socialization of risk and an excessive debt and minimize the deadweight losses associated with adjustment burden on domestic residents. [...] This historic shift in the structure of the world economy affects the governance of international economic and financial institutions, the coordination of policy among member states and the stability of global financial markets. [...] It compares the traditional findings from the data analyzed indicate that approach, in which China mainly focuses on the effects of the termination of the MFA on the bilateral means to pursue its overseas energy clothing trade was more significant for clothing supply security, and the new concept of energy than for the textiles trade.
monetary policy debt relief debts, public

Authors

Haley, James A

Pages
20
Published in
Ottawa, Ontario

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