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Emerging Markets and Financial GlobalizationSovereign Bond Spreads in 1870-1913 and Today$
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Paolo Mauro, Nathan Sussman, and Yishay Yafeh

Print publication date: 2006

Print ISBN-13: 9780199272693

Published to Oxford Scholarship Online: May 2006

DOI: 10.1093/0199272697.001.0001

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Sovereign Defaults and the Corporation of Foreign Bondholders

Sovereign Defaults and the Corporation of Foreign Bondholders

Chapter:
(p.128) 7 Sovereign Defaults and the Corporation of Foreign Bondholders
Source:
Emerging Markets and Financial Globalization
Author(s):

Paolo Mauro (Contributor Webpage)

Nathan Sussman

Yishay Yafeh (Contributor Webpage)

Publisher:
Oxford University Press
DOI:10.1093/0199272697.003.0007

This chapter analyzes the operations of the Corporation of Foreign Bondholders (CFB) — an association of British investors holding bonds issued by foreign governments — between 1870 and 1913. It describes the coordination among creditors fostered by the CFB and evaluates its successes and failures. It is shown that a revamped creditor association might facilitate creditor coordination today and facilitate sovereign debt crisis resolution. The CFB may have had an easier time than a comparable body would have today.

Keywords:   Corporation of Foreign Bondholders, sovereign default, bond finance, creditor coordination

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