دورية أكاديمية
Power in sovereign debt markets: debtors' coordination for more competitive outcomes.
| العنوان: | Power in sovereign debt markets: debtors' coordination for more competitive outcomes. |
|---|---|
| المؤلفون: | Guzman, Martin, Colodenco, Maia, Wiedenbrug, Anahí |
| المصدر: | Industrial & Corporate Change; Apr2024, Vol. 33 Issue 2, p507-518, 12p |
| مصطلحات موضوعية: | PUBLIC debts, BOND market, DEBTOR & creditor, EXTERNAL debts, BONDS (Finance) |
| مصطلحات جغرافية: | CARTAGENA (Spain) |
| مستخلص: | Evidence suggests that sovereign debt markets are not featured by perfect competition but power dynamics are a key determinant of market outcomes such as ex-post returns on sovereign bonds. In such environment, coordination within each side of the market matters. With the purpose of influencing the international debt architecture, private creditors have historically been fairly coordinated and their interests more aligned ex-ante. Sovereign debtors, however, have not. The power asymmetry that that entails has equity and efficiency implications, both ex-ante and ex-post. This paper analyzes asymmetries in collective action of each side of the sovereign debt market and the mechanisms through which it affects market outcomes. It also analyses the Cartagena Group's experience in the 1980s as a prominent historical case of greater borrower coordination and identifies mechanisms through which greater debtor coordination could be fostered. [ABSTRACT FROM AUTHOR] |
| Copyright of Industrial & Corporate Change is the property of Oxford University Press / USA and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.) | |
| قاعدة البيانات: | Complementary Index |
Full Text Finder كن أول من يترك تعليقا!