Jump to ContentJump to Main Navigation
Overcoming Developing Country Debt Crises$
Users without a subscription are not able to see the full content.

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

Show Summary Details
Page of

PRINTED FROM OXFORD SCHOLARSHIP ONLINE (oxford.universitypressscholarship.com). (c) Copyright Oxford University Press, 2020. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 01 December 2020

How CACs Became Boilerplate

How CACs Became Boilerplate

Governments in ‘Market‐Based’ Change

(p.347) 13 How CACs Became Boilerplate
Overcoming Developing Country Debt Crises

Anna Gelpern

Mitu Gulati

Oxford University Press

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

Oxford Scholarship Online requires a subscription or purchase to access the full text of books within the service. Public users can however freely search the site and view the abstracts and keywords for each book and chapter.

Please, subscribe or login to access full text content.

If you think you should have access to this title, please contact your librarian.

To troubleshoot, please check our FAQs , and if you can't find the answer there, please contact us .