European Parliament Library

The Corporation of Foreign Bondholders, Paolo Mauro, Yishay Yafeh

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
Table Of 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""
Literary Form
non fiction
Description based upon print version of record
Physical Description
1 online resource (31 p.)
Specific Material Designation
Form Of Item

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