ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

David SkeelSubscribe to David Skeel

Has the Financial World Arrived at a Collective Action Clause Consensus?

With truly astonishing speed (in a little over a month) collective action clauses in US bonds for sovereign issuers have moved from taboo, to a tentative first try (Mexico), to what looked like consensus on the clause (Uruguay), to more change (Brazil). What does this sudden move from a point of unwillingness to try even minimal change to one of everyday experimentation tell us about the dynamics of the underlying system? And where does this leave the policy debate?

How to Get the Government-Owned Corporation Working

It is possible to structure government enterprises to work at improved levels of efficiency. In the private sector, for the most part, it is the markets that impose discipline. In the public sector there are generally no comparable disciplining mechanisms. However, there is nothing to prevent the creation of mechanisms for scrutiny and accountability for government enterprises.
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