02001cas a2200265 a 4500 AALejournalIMF002656 230101c9999 xx r poo 0 0eng d 5.00 USD 9781451859980 1018-5941 BD-DhAAL BD-DhAAL Kletzer, Kenneth. Crisis Resolution : Next Steps / Kenneth Kletzer, Barry Eichengreen, Ashoka Mody. Washington, D.C. : International Monetary Fund, 2003. 1 online resource (58 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students At the April 2003 meeting of the International Monetary and Financial Committees, it was decided to further encourage the contractual approach to smoothing the process of sovereign debt restructuring by encouraging the more widespread use of collective action clauses (CACs) in international bonds. This decision was shaped partly by Mexico's successful launch of a bond subject to New York law but featuring CACs, and by subsequent issues with similar provisions from other emerging market countries. This paper reviews the developments leading up to that event, its implications, and prospects for the future. It asks whether we can expect to see additional issuance by emerging markets of bonds featuring CACs, whether such a trend would in fact help to make the world a safer financial place, and what additional steps might be taken to further enhance modalities for crisis resolution. Mode of access: Internet Eichengreen, Barry. Mody, Ashoka. IMF Working Papers; Working Paper ; No. 2003/196 Full text available on IMF http://elibrary.imf.org/view/journals/001/2003/196/001.2003.issue-196-en.xml IMF e-Library