At the spring 2003 meetings of the IMF and World Bank it was decided to push ahead with the contractual approach to smoothing the process of sovereign debt restructuring by encouraging the more widespread use of collective action clauses (CACs) in international bonds. This decision was shaped by...

The IMF attempts to stabilize private capital flows to emerging markets by providing public monitoring and emergency finance. In analyzing its role we contrast cases where banks and bondholders do the lending. Banks have a natural advantage in monitoring and creditor coordination, while bonds...

At the April 2003 meeting of the International Monetary and Financial Committees, it was decided to further encourage the contractual approach to smoothing the process of sovereign debt restructuring by encouraging the more widespread use of collective action clauses (CACs) in international...

The IMF attempts to catalyze and stabilize private capital flows to emerging markets by providing public monitoring and emergency finance. In analyzing its role we contrast cases where banks and bondholders do the lending. Banks have a natural advantage in monitoring and creditor coordination,...

At the April 2003 meeting of the International Monetary and Financial Committees, it was decided to further encourage the contractual approach to smoothing the process of sovereign debt restructuring by encouraging the more widespread use of collective action clauses (CACs) in international...

Muchos problemas del desarrollo van más allá de las fronteras nacionales y tienen un carácter regional e incluso global. El reconocimiento de estos retos, los cuales van de la transmisión de enfermedades entre fronteras hasta la dispersión de inestabilidad financiera global, ha llevado a...

Muchos problemas del desarrollo van más allá de las fronteras nacionales y tienen un carácter regional e incluso global. El reconocimiento de estos retos, los cuales van de la transmisión de enfermedades entre fronteras hasta la dispersión de inestabilidad financiera global, ha llevado a...