Restructuring Sovereign Debt
提供了关于金融市场和国际社会如何处理主权债务危机改革的新实证证据，特别是投资者和部分主权国家反对在新兴市场债券中更多使用集体行动条款，研究了市场如何定价这些条款的使用与否。
This paper provides new empirical evidence relevant to the debate over the desirability of reforms to the way that financial markets and the international community deal with sovereign debt crises. In particular, given the ongoing opposition of investors and some sovereigns to greater use of collective action clauses (CACs) in emerging market bonds, we present new evidence on the way that financial markets have priced the use or non-use of CACs.