Abstract

http://ssrn.com/abstract=2332296
 
 

Citations



 


 



The Wonder-Clause


Anna Gelpern


Georgetown University Law Center

G. Mitu Gulati


Duke University - School of Law

2013

Journal of Comparative Economics, Vol. 41, pp. 367-385, 2013

Abstract:     
The Greek debt crisis prompted EU officials to embark on a radical reconstruction of the European sovereign debt markets. Prominently featured in this reconstruction was a set of contract provisions called Collective Action Clauses, or CACs. CACs are supposed to help governments and private creditors to renegotiate unsustainable debt contracts, and obviate the need for EU bailouts. But European sovereign debt contacts were already amenable to restructuring; adding CACs could make it harder. Why, then, promote CACs at all, and cast them in such a central role in the market reform initiative? Using interviews with participants in the initiative and those affected by it, as well as observations at policy and academic meetings, we attempt to shed light on the puzzle and draw implications for the role of contract techniques in market construction.

Keywords: legal theory of finance, Eurozone, sovereign debt, collective action clauses

JEL Classification: F34, F55, F65, G15, G20, G28, H63, H81, K2, N20, P16, P43, P48

Accepted Paper Series





Not Available For Download

Date posted: September 30, 2013 ; Last revised: October 18, 2013

Suggested Citation

Gelpern, Anna and Gulati, G. Mitu, The Wonder-Clause (2013). Journal of Comparative Economics, Vol. 41, pp. 367-385, 2013. Available at SSRN: http://ssrn.com/abstract=2332296

Contact Information

Anna Gelpern (Contact Author)
Georgetown University Law Center ( email )
600 New Jersey Avenue, NW
Washington, DC 20001
United States
Gaurang Mitu Gulati
Duke University - School of Law ( email )
Box 90360
Duke School of Law
Durham, NC 27708
United States
Feedback to SSRN


Paper statistics
Abstract Views: 272

© 2014 Social Science Electronic Publishing, Inc. All Rights Reserved.  FAQ   Terms of Use   Privacy Policy   Copyright   Contact Us
This page was processed by apollo3 in 0.656 seconds