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Gestion des crises de dette souveraine : vers une révision des seuils de vote des Clauses d'Actions Collectives

Abstract : The objectif of this thesis is to propose a procedure for resolving sovereign debt crisis based on the underlying mechanism for collective action clauses (CACs), the action by a qualified majority. First, we report on the evolution of the debt structure of emerging markets, both in the composition of sovereign debt at the level of the distribution of its creditors. We conclude that is the source and reflection of their vulerabilities. Then, we show that mutation of the debt structure of emerging markets is changing the nature and scale of costs of sovereign defaults. The costs are not supported only by the governments and their creditors, but also by the international financial and monetary system. Secondly, it is pointed out the main challenges to be met by a process of restructuring sovereign debt and how the choice of CACs is relevant to adress with this issue. Finally, we present the main conclusions for the literature of CACs, which allow us to introduce a way of revising the threshold voting action clause qualified majority. Thus, we have a procedure "ex ante", vector of reduced informational asymetries involved in improvment of transparency. Coordination among creditors is strengthened, thereby lowering the costs of resolving sovereign defaults.
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Submitted on : Tuesday, June 7, 2011 - 11:29:54 AM
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Bénédicte Serbini. Gestion des crises de dette souveraine : vers une révision des seuils de vote des Clauses d'Actions Collectives. domain_other. Université du Sud Toulon Var, 2010. Français. ⟨tel-00598652⟩

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