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, introduced...

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Autors principals:	Kay Chung, Michael G. Papaioannou
Format:	Artigo
Idioma:	Inglês
Publicat:	University of Warsaw 2021-10-01
Col·lecció:	Journal of Banking and Financial Economics
Matèries:	collective action clause sovereign bond contractual clause governing law sovereign debt restructuring default bond spreads sovereign cost of borrowing
Accés en línia:	https://press.wz.uw.edu.pl/cgi/viewcontent.cgi?article=1031&context=jbfe
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