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- Title
Optimal collective action clause thresholds.
- Authors
Haldane, Andrew G.; Penalver, Adrian; Saporta, Victoria; Hyun Song Shin
- Abstract
Discusses the use of collective action clause (CAC) to facilitate the restructuring of debts. Ability of CAC to allow a contractually specified super-majority of bondholders to agree on a revision the payment terms that is binding on all, even those who voted against; Tendency of risk-averse debtors to put greater weight on pay-offs during crisis periods than during non-crisis periods; Behavioral interactions between short-term liquidity and debt restructuring following a solvency crises.
- Subjects
DEBT; DEBT management; DEBT relief; LIQUIDITY (Economics); PORTFOLIO management (Investments); FINANCE
- Publication
Bank of England Quarterly Bulletin, 2005, Vol 45, Issue 1, p50
- ISSN
0005-5166
- Publication type
Article