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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

(p.128) 7 Sovereign Defaults and the Corporation of Foreign Bondholders
Emerging Markets and Financial Globalization

Paolo Mauro (Contributor Webpage)

Nathan Sussman

Yishay Yafeh (Contributor Webpage)

Oxford University Press

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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