This paper analyzes the effects of including collective action clauses (CACs) and enhanced CACs in international …

social control on the extent of informal risk sharing when agents are induced to form such risk-sharing coalitions. Social … where formal financial markets are absent. We develop a theoretical model to address the impact of limited commitment and …

This paper analyzes the effects of including collective action clauses (CACs) and enhanced CACs in international …

informal risk-sharing more reliable, thus alleviating the vulnerability to poverty. Even in areas with developed financial …Abstract: Informal risk-sharing is often cited as a key factor for sustainable poverty alleviation in developing … to poverty will be reduced but not vanish if households participate in the formal risk-sharing market. Confucian culture …

This paper conducts an empirical study on the inclusion of uniform European Collective Action Clauses (CACs) in … European Union are priced on financial markets and that sovereign bond yields do respond to the inclusion of uniform CACs in …

This paper conducts an empirical study on the inclusion of uniform European Collective Action Clauses (CACs) in … European Union are priced on financial markets and that sovereign bond yields do respond to the inclusion of uniform CACs in …

This paper compares the restructuring of sovereign bonds with and without collective action clauses. One conclusion is … that collective action clauses can allow efficient debt renegotiation in a formal model of sovereign debt renegotiation … collective action clauses, the mutual gains from renegotiation can be internalized by bondholders so that the holders of each …

This paper evaluates the gains from international risk sharing in some simple general-equilibrium models with output …