Download or read book Corporate Debt Restructuring in East Asia written by Mr.Mark R. Stone and published by International Monetary Fund. This book was released on 1998-10-01 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper summarizes some lessons from international experience for corporate debt restructuring in east Asia. Basic principles of debt restructuring are described, the experiences of Mexico, Chile, the United Kingdom, Hungary, and Poland are examined, and general lessons are drawn. The approaches currently being adopted in Indonesia, Korea, Malaysia and Thailand are then reviewed in the context of these lessons.
Download or read book Corporate Debt Restructuring A Proposal for East Asia written by Donald B. Hausch and published by . This book was released on 1999 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Bank and Corporate Restructuring in Crisis affected East Asia written by Masahiro Kawai and published by . This book was released on 2001 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Corporate Leverage Bankruptcy and Output Adjustment in Post Crisis East Asia written by Mr.Se-Jik Kim and published by International Monetary Fund. This book was released on 1999-10-01 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: Different levels of corporate leverage are used in this paper to help explain the wide range of post-crisis output adjustment across East Asia. In the model developed here, highly leveraged firms facing a cutoff of capital inflows are threatened by bankruptcy. These firms respond by eliminating investment and selling their capital goods-at a discount-to try to stay afloat. Lower investment and wasteful capital sales shrink the aggregate capital stock, trigger deflationary pressures, and contract overall output. The available data are broadly consistent with the assumptions and predictions of the model.
Download or read book Resolution of Corporate Distress written by Stijn Claessens and published by World Bank Publications. This book was released on 1999 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt: Abstract: June 1999 - Evidence from East Asia suggests that a firm's ownership relationship with a family or bank provides insurance against the likelihood of bankruptcy during bad times, possibly at the expense of minority shareholders. Bankruptcy is more likely in countries with strong creditor rights and a good judicial system - perhaps because creditors are more likely to force a firm to file for bankruptcy. The widespread financial crisis in East Asia caused large economic shocks, which varied by degree across the region. That crisis provides a unique opportunity for investigating the factors that determine the use of bankruptcy processes in a number of economies. Claessens, Djankov, and Klapper study the use of bankruptcy in Hong Kong, Indonesia, Japan, the Republic of Korea, Malaysia, the Philippines, Singapore, Taiwan (China), and Thailand. These economies differ in their institutional frameworks for resolving financial distress, partly because of the different origins of their judicial systems. One difference is the strength of creditor rights, which Claessens, Djankov, and Klapper document. They expect that differences in legal enforcement and judicial efficiency should affect the resolution of financial distress. Using a sample of 4,569 publicly traded East Asian firms, they observe a total of 106 bankruptcies in 1997 and 1998. They find that: · The likelihood of filing for bankruptcy is lower for firms with ownership links to banks and families, controlling for firm and country characteristics. Filings are more likely in countries with better judicial systems; Filings are more likely where there are both strong creditor rights and a good judicial system. These results alone do not allow Claessens, Djankov, and Klapper to address whether increased use of bankruptcy is an efficient resolution mechanism. This paper - a product of the Financial Economics Unit, Financial Sector Practice Department - is part of a larger effort in the department to study corporate financing and governance mechanisms in emerging markets.
Download or read book Managing Financial and Corporate Distress written by Charles Adams and published by Rowman & Littlefield. This book was released on 2010-12-01 with total page 516 pages. Available in PDF, EPUB and Kindle. Book excerpt: A World Bank, International Monetary Fund, and Brookings Institution publication More than three years have elapsed since the East Asian financial crisis erupted, threatening economic and financial stability in the region and beyond. Although many of the region's economies have since staged a remarkable turnaround, much additional restructuring and reform is needed. Managing Financial and Corporate Distress: Lessons from Asia, stands out from other works on the East Asian crisis by moving beyond macroeconomic assessments to offer an institutional treatment of the microeconomic aspects of the corporate and bank restructuring. Contributors draw on their practical, hands-on expertise in various aspects of finance to provide complementary perspectives on how best to set in place strong and responsive institutions that might be able to resolve and avoid future crises in other emerging markets.
Download or read book East Asian Corporate Debt Problems written by Akiko Nakazawa and published by . This book was released on 2000 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book How to Accelerate Corporate and Financial Sector Restructuring in East Asia written by Stijn Claessens and published by . This book was released on 2012 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Resolving systemic banking and corporate distress is not easy. The large scale of the East Asian financial crisis has made the task even more daunting in Indonesia, the Republic of Korea, Malaysia, and Thailand. Two years into the process, bank and corporate restructuring is still a work in progress. Governments should act to accelerate it. Besides adopting common policy prescriptions - improving financial regulation, corporate governance, and bankruptcy procedures and shoring up banks' capital positions - governments could take three additional steps: Set up competitive, privately managed specialized funds, to hold nonperforming loans and depoliticize restructuring. Allow auctions as an alternative to negotiations, to speed debt restructuring. And allow employee ownership participation schemes, to reduce workers' resistance to changes in ownership.
Download or read book Business Groups in East Asia written by Se-jin Chang and published by Oxford University Press, USA. This book was released on 2006-03-02 with total page 279 pages. Available in PDF, EPUB and Kindle. Book excerpt: 'Business Groups in East Asia' examines some East Asian business groups and their subsequent restructuring following the Asian Crisis of 1997. This crisis affected the inter-relationships among the socio-cultural environment, the state and the market of each country quite differently.
Download or read book Bankruptcy Procedures and the Efficiency of Corporate Debt Restructuring in Korea and Japan written by Ken'ya Fujiwara and published by KIEP. This book was released on 2006 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Industrial Restructuring in East Asia written by Seiichi Masuyama and published by Institute of Southeast Asian Studies. This book was released on 2001 with total page 384 pages. Available in PDF, EPUB and Kindle. Book excerpt: Divided into three parts, this volume covers industrial restructuring in Southeast Asian economies, restructuring in Asia's newly industrialized economies, and industrial restructuring in the two large Asian economies.
Download or read book Governance Re invented written by United Nations. Economic and Social Commission for Asia and the Pacific and published by United Nations Publications. This book was released on 2001 with total page 254 pages. Available in PDF, EPUB and Kindle. Book excerpt: Wide-ranging reforms of the financial sector were undertaken by many developing economies in the Economic and Social Commission for Asia and the Pacific region, particularly in the late 1980s and early 1990s. This publication contains four country studies of the restructuring reforms implemented in Indonesia, Malaysia, the Republic of Korea and Thailand, together with a regional overview paper presented at a sub-regional seminar and a report on the seminar proceedings.
Download or read book Corporate Restructuring written by Michael Pomerleano and published by World Bank Publications. This book was released on 2005 with total page 436 pages. Available in PDF, EPUB and Kindle. Book excerpt: In light of the periodic financial crises of the late 1990s, there has been a growing recognition of the need for a strategy to avoid and mitigate the severity of crises in the corporate sector, requiring the complementary efforts of policymakers, regulators, lawyers, insolvency experts and financiers. This publication examines the issue of corporate restructuring, drawing on case studies of corporate crises in Indonesia, Korea, Malaysia and Thailand among others; and discusses a range of topics including the key role of governments in securing an enabling legal system, effective out-of-court workouts, supportive tax regimes, policy and regulatory initiatives to address systemic corporate problems.
Download or read book Resolution of Corporate Distress written by Stijn Claessens and published by . This book was released on 2004 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt: Evidence from East Asia suggests that a firm's ownership relationship with a family or bank provides insurance against the likelihood of bankruptcy during bad times, possibly at the expense of minority shareholders. Bankruptcy is more likely in countries with strong creditor rights and a good judicial system - perhaps because creditors are more likely to force a firm to file for bankruptcy. The widespread financial crisis in East Asia caused large economic shocks, which varied by degree across the region. That crisis provides a unique opportunity for investigating the factors that determine the use of bankruptcy processes in a number of economies.Claessens, Djankov, and Klapper study the use of bankruptcy in Hong Kong, Indonesia, Japan, the Republic of Korea, Malaysia, the Philippines, Singapore, Taiwan (China), and Thailand. These economies differ in their institutional frameworks for resolving financial distress, partly because of the different origins of their judicial systems. One difference is the strength of creditor rights, which Claessens, Djankov, and Klapper document. They expect that differences in legal enforcement and judicial efficiency should affect the resolution of financial distress.Using a sample of 4,569 publicly traded East Asian firms, they observe a total of 106 bankruptcies in 1997 and 1998. They find that: middot; The likelihood of filing for bankruptcy is lower for firms with ownership links to banks and families, controlling for firm and country characteristics.Filings are more likely in countries with better judicial systems.Filings are more likely where there are both strong creditor rights and a good judicial system.These results alone do not allow Claessens, Djankov, and Klapper to address whether increased use of bankruptcy is an efficient resolution mechanism.This paper - a product of the Financial Economics Unit, Financial Sector Practice Department - is part of a larger effort in the department to study corporate financing and governance mechanisms in emerging markets.
Download or read book Resolving China s Corporate Debt Problem written by Wojciech Maliszewski and published by International Monetary Fund. This book was released on 2016-10-14 with total page 43 pages. Available in PDF, EPUB and Kindle. Book excerpt: Corporate credit growth in China has been excessive in recent years. This credit boom is related to the large increase in investment after the Global Financial Crisis. Investment efficiency has fallen and the financial performance of corporates has deteriorated steadily, affecting asset quality in financial institutions. The corporate debt problem should be addressed urgently with a comprehensive strategy. Key elements should include identifying companies in financial difficulties, proactively recognizing losses in the financial system, burden sharing, corporate restructuring and governance reform, hardening budget constraints, and facilitating market entry. A proactive strategy would trade off short-term economic pain for larger longer-term gain.
Download or read book Reform and Recovery in East Asia written by Peter Drysdale and published by Routledge. This book was released on 2003-09-02 with total page 388 pages. Available in PDF, EPUB and Kindle. Book excerpt: This exciting sequel to East Asia in Crisis offers a completely up-to-date assessment of the progress of East Asian recovery, including coverage of the controversial topic of the role of the state in East Asian development. Featuring an outstanding line-up of international contributors, many of whom also contributed to East Asia in Crisis, this title also provides a detailed review of the experience of the region's economies. It is stimulating and informative reading for all those interested in further understanding the dynamics of East Asian economic crisis and recovery.
Download or read book Progress on Financial and Corporate Restructuring written by Swati Ghosh and published by . This book was released on 2002 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Growth in East Asia, including that of the crisis-affected countries has strengthened progressively-despite the magnitude of the shocks experienced during the financial crisis and their effects on the balance sheets of financial institutions and corporates. Progress on financial and corporate restructuring has contributed to the consolidation of growth. Indeed. Countries that have made the most progress on corporate and financial sector restructuring, notably Korea and Malaysia-have experienced the strongest growth performance since the crisis. However, growth has not been sufficient to redress the problems in the balance sheets of financial and corporate sectors. Although progress has been made in reducing vulnerabilities, especially in the banking sector, progress on corporate restructuring has been slower and more uneven across countries. In most countries, debt-to-equity ratios remain high relative to international norms and continue to pose a threat in the event of a major shock. A sustained effort is needed to complete the corporate and financial sector restructuring agenda, especially since the cases that remain are the more difficult ones. Such efforts are important not only to further potential vulnerability in the kind of uncertain global economic environment we are witnessing, but also to position East Asia for productivity-led growth that must be the basis for sustained improvements in income over the longer-term.
