The Corporation of Foreign Bondholders / Paolo Mauro, Yishay Yafeh.

Format:

Book

Government document

Author/Creator:

Mauro, Paolo.

Contributor:

Yafeh, Yishay.

Series:

IMF Working Papers; Working Paper ; No. 2003/107

IMF Working Papers

Language:

English

Subjects (All):

Corporation of Foreign Bondholders (Great Britain).

Investments, Foreign.

Default (Finance).

Physical Description:

1 online resource (31 p.)

Place of Publication:

Washington, D.C. : International Monetary Fund, 2003.

Language Note:

English

Summary:

This paper analyzes the Corporation of Foreign Bondholders (CFB), an association of British investors holding bonds issued by foreign governments. The CFB played a key role during the heyday of international bond finance, 1870-1913, and in the aftermath of the defaults of the 1930s. It fostered coordination among creditors, especially in cases of default, arranging successfully for many important debt restructurings, though failing persistently in a few cases. While a revamped creditor association might once again help facilitate creditor coordination, the relative appeal of defection over coordination is greater today than it was in the past. The CFB may have had an easier time than any comparable body would have today.

Contents:

""Contents""; ""I. INTRODUCTION""; ""II. THE NEED FOR CREDITOR COORDINATION, 1870�1913 VERSUS TODAY""; ""III. EFFECTIVENESS: SUCCESSES AND FAILURES""; ""IV. THE CORPORATION OF FOREIGN BONDHOLDERS: MODE OF OPERATION""; ""A. The CFB�s Objectives�Provision of Information and Creditor Coordination""; ""B. The CFB�s Institutional History, Organization, and Officers� Incentives""; ""C. Coordination Among British Creditors""; ""D. Mechanisms for Reaching Consensus Within the CFB""; ""E. Internal Disagreements and Coordination Among Holders of Different Bonds""

""F. Forceful Coordination Among Creditors""""G. Coordination with Bondholders in Other Countries""; ""H. Relationship with the British Government""; ""I. When Negotiations Between the CFB and the Borrowing Government Failed""; ""J. The Nature of Settlements""; ""V. ASSESSMENT, IMPLICATIONS, AND OPEN QUESTIONS""; ""REFERENCES""

Notes:

Description based upon print version of record.

Includes bibliographical references.

Description based on online resource; title from PDF title page (ebrary, viewed September 17, 2015).

ISBN:

9786613782830

9781462377176

1462377173

9781452707860

1452707863

9781281602145

1281602140

9781451898651

1451898657