Collective Action Clauses in International Sovereign Bond Contracts – Whence the Opposition?

In the debate on strengthening the international financial architecture, which peaked in 2002 after a series of emerging market sovereign debt crises, the universal adoption of collective action clauses (CACs) was the most promising reform proposal. Academics and the official sector had been promoting CACs at least since 1995, yet market practice did not begin to change until 2003. This delay is often attributed to the opposition of investors and sovereign borrower to CACs.This paper evaluates the publicly stated as well as the suspected private motives of the two sides to block the spread of CACs. It draws on a wide range of existing evidence and adds some new theoretical considerations to show that there is no reason to be sceptical of CACs unless bailouts exist as an alternative crisis resolution mechanism. This conclusion may be of interest purely for the sake of historical accuracy. But more importantly, it may help to better understand any potential future resistance by market participants, e.g. in the process of introducing CACs in bonds governed by German law.

Contributions of Meaning by Service Professionals to the Phenomenon of the Experience of Coping for Women in the Spectrum of Domestic Violence Abuse: A Leadership Perspective

Domestic violence abuse for women continues to be an urgent concern in American society. This perpetual problem has resulted in revitalization in improving delivery of care for women of abuse. Especially for service professionals who directly aid and council the women in the spectrum of abuse including whether they stay in, or leave, the leadership initiatives, perspectives, and unique leadership style approaches of service providers for enhancing services become vital. This qualitative, phenomenological case study of eight, non-abused service professionals working in four different agencies investigated the phenomenon of the experience of coping in the spectrum of domestic violence abuse from service professionals\u27 interpretations, and how their own leadership approaches impact service delivery to the women of abuse clients they serve. Two service providers, per agency, from a leadership lens, detailed the coping mechanisms they observe for the women of abuse. Participants were from the greater western New York region and will be recruited by phone calls, and emails to web addresses to which many social service professionals subscribe. With Appendix A as the interview guide, participants engaged in semi-structured, individual interviews that were audio-taped and transcribed. De-identified transcripts were then used for data analysis. For instruments used the three data sources included: interviews, secondary sources such as relevant documents and archival materials, and the author\u27s own separate, field notes of the interviews. From their sophisticated insights and views, this author was able to provide further understanding of women\u27s service needs. In addition, from the numerous service delivery models discussed, this study located specific organizational development frameworks that will heighten service delivery uniquely fitted for these agencies. From this research study a more concise, in-depth, and holistic leadership perception of women of abuse will be achieved that many various professionals currently, and in the future, may find useful for better understanding women of abuse from a leadership perspective