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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.
This book contains the third annual report of the Council of the Corporation of Foreign Bondholders, a British organization established to protect the interests of British investors in foreign bonds and securities. The report presents a detailed overview of the organization's activities and achievements over the previous year, as well as a summary of the economic and political conditions affecting foreign bondholders. Investors, economic historians, and anyone interested in the history of British finance and investment will find this book to be a valuable resource. This work has been selected by scholars as being culturally important, and is part of the knowledge base of civilization as we k...
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