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Overcoming Developing Country Debt Crises$
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Barry Herman, José Antonio Ocampo, and Shari Spiegel

Print publication date: 2010

Print ISBN-13: 9780199578788

Published to Oxford Scholarship Online: May 2010

DOI: 10.1093/acprof:oso/9780199578788.001.0001

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How CACs Became Boilerplate

How CACs Became Boilerplate

Governments in ‘Market‐Based’ Change

Chapter:
(p.347) 13 How CACs Became Boilerplate
Source:
Overcoming Developing Country Debt Crises
Author(s):

Anna Gelpern

Mitu Gulati

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199578788.003.0013

The authors found this intriguing, as it is doubtful that senior political figures in the major economic powers knew what legal boilerplate was, let alone would advocate for particular clauses. There was policy content in the advocacy, however, over whether ‘market‐based’ (i.e. contractual) changes would suffice to provide for orderly restructuring of sovereign bonds of developing countries in financial crisis. In fact, the CACs in question have yet to face a major test under fire. The authors found little indication of belief among the more than 100 intimately involved people in the CAC debate that they interviewed that the clauses would be important determinants of restructuring outcomes.

Keywords:   collective action clauses, sovereign debt, reform mechanisms, IFM, G7, Brady Plan

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