Title The Corporation of Foreign Bondholders / Paolo Mauro and Yishay Yafeh

Published [Washington, D.C.] : International Monetary Fund, ©2003

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Description 1 online resource (30 pages) : illustrations Series IMF working paper, 2227-8885 ; WP/03/107 IMF working paper ; WP/03/107. 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 CreditorsG. 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 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 Bibliography Includes bibliographical references (pages 27-30) Notes Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002. http://purl.oclc.org/DLF/benchrepro0212 MiAaHDL digitized 2010 HathiTrust Digital Library committed to preserve pda MiAaHDL Print version record Subject Corporation of Foreign Bondholders (Great Britain) SUBJECT Corporation of Foreign Bondholders (Great Britain) fast Subject Bonds -- Finance Investments, Foreign. Default (Finance) Default (Finance) Investments, Foreign Form Electronic book Author Yafeh, Yishay, author. International Monetary Fund. Research Department. ISBN 1451898657 9781451898651 1281602140 9781281602145 9781451853001 1451853009

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