Download or read book Dealing with Private Debt Distress in the Wake of the European Financial Crisis A Review of the Economics and Legal Toolbox written by Ms.Yan Liu and published by International Monetary Fund. This book was released on 2013-02-20 with total page 21 pages. Available in PDF, EPUB and Kindle. Book excerpt: The private non-financial sector in Europe is facing increased challenges in meeting its debt servicing obligation. In response, governments are revisiting legal tools and—in some cases—institutional arrangements to deal with over-indebtedness. For households, where the problem in some countries is large but no established best practice exists, reforms have generally sought to allow debtors a fresh start while minimizing moral hazard and preserving bank solvency and credit discipline. For the corporate sector, efforts have focused on facilitating debt restruturing (including through out of court mechanisms). Direct government intervention has been rare.
Download or read book Dealing with Private Debt Distress in the Wake of the European Financial Crisis A Review of the Economics and Legal Toolbox written by Ms.Yan Liu and published by International Monetary Fund. This book was released on 2013-02-20 with total page 21 pages. Available in PDF, EPUB and Kindle. Book excerpt: The private non-financial sector in Europe is facing increased challenges in meeting its debt servicing obligation. In response, governments are revisiting legal tools and—in some cases—institutional arrangements to deal with over-indebtedness. For households, where the problem in some countries is large but no established best practice exists, reforms have generally sought to allow debtors a fresh start while minimizing moral hazard and preserving bank solvency and credit discipline. For the corporate sector, efforts have focused on facilitating debt restruturing (including through out of court mechanisms). Direct government intervention has been rare.
Download or read book Policy Options for Supporting and Restructuring Firms Hit by the COVID 19 Crisis written by Ms. Juliana Dutra Araujo and published by International Monetary Fund. This book was released on 2022-02-23 with total page 79 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper presents principles that could guide the design of more targeted policy support and facilitate the restructuring of firms adversely impacted by the COVID-19 pandemic. To this end, the paper takes stock of vulnerabilities and risks in the enterprise sector and assesses countries’ preparedness to handle a large-scale restructuring of businesses. Crisis preparedness of insolvency systems is measured according to a newly designed indicator that includes five dimensions of the insolvency and restructuring regime (out-of-court restructuring, hybrid restructuring, reorganization, liquidation, and the institutional framework). Vulnerabilities tend to be more pronounced in jurisdictions with shortcomings in crisis preparedness, and those countries need to step up efforts to improve their insolvency systems.
Download or read book Global Insolvency and Bankruptcy Practice for Sustainable Economic Development written by Dubai Economic Council and published by Springer. This book was released on 2016-04-29 with total page 287 pages. Available in PDF, EPUB and Kindle. Book excerpt: How an economy handles financial and business distress has a major impact on confidence in business, the availability of investment, the cost of credit, and economic growth. The financial crisis of 2007-2008 and its aftermath was a catalyst to legal reform in the field of bankruptcy and restructuring law and brought an added focus to the systemic threat of bank failure to the financial system. This book explores the general principles and practice of legal reform within bankruptcy. From a variety of specialists including practitioners, lawyers, bankers, accountants and judges from the United Arab Emirates, the UK and Singapore, it provides a variety of perspectives on the topic. Chapters include topics such as the 'Four Pillars of Regulatory Framework', the history and application of the UNCITRAL Model Law on Cross-Border Insolvency, the challenges for financial institutions and the treatment of the insolvency of natural persons. The book also offers a comparative study of Islamic Shari'ah principles with modern bankruptcy regimes, an analysis of bankruptcy in the UAE and an evaluation of the legal infrastructure of the DIFC Courts. The authors explore core questions surrounding bankruptcy law, including its ability to facilitate the turnaround of business, to enable efficient reallocation of capital, to provide coherent rules for entrepreneurs, investors, employees, and creditors, and to provide for both appropriate sanctions and for rehabilitation. ?
Download or read book Euro Area Policies written by International Monetary Fund. European Dept. and published by International Monetary Fund. This book was released on 2013-07-25 with total page 72 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Selected Issues paper on Euro Area Policies 2013 Article IV Consultation highlights the monetary transmission mechanism and monetary policies. The European Central Bank has announced the Outright Monetary Transactions framework to address severe distortions in sovereign bond markets and safeguard monetary transmission. The cost of unsecured bond issuance remains elevated for both core and periphery banks, but there is a growing divergence between the two, driven mainly by rising periphery spreads. Weak growth and high levels of private balance sheet debt in the periphery are weighing on the health of bank balance sheets.
Download or read book Consumer Debt and Social Exclusion in Europe written by Hans-W. Micklitz and published by Routledge. This book was released on 2016-03-09 with total page 259 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book analyses the dichotomy between the goal of social inclusion and the effect of social exclusion through over-indebtedness since 2008 in Europe. Filling a vital gap in the current literature on the effects of the financial and economic crisis, this volume puts into context academic discussion with the real-life dimension of over-indebtedness. Reports from six European countries provide socio-economic and legal information on over-indebtedness as well as the regulatory and judicial responses to the problems entailed by over-indebtedness. They form the empirical background for five analyses of different aspects of the inclusion-exclusion dichotomy. It becomes clear that in the context of credit expansion, individual over-indebtedness has turned into a social issue, which the current design of the consumer credit and mortgage system in Europe has helped to produce while disregarding the consequential danger of social exclusion.
Download or read book Personal Insolvency in the 21st Century written by Iain Ramsay and published by Bloomsbury Publishing. This book was released on 2017-05-04 with total page 258 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since 1979 the world has witnessed a remarkable cycle of personal insolvency law reform. Changes in capitalist economies, financial crises and political interest groups all contributed to this cycle of reform. This book examines the role of interest groups and distinct narratives in shaping reform in different countries while drawing attention to the role of timing, path dependency and unintended consequences in the development of personal insolvency law. The book presents case studies of personal insolvency law in the US, France, Sweden, and England and Wales. It then analyses how, following the Great Recession of 2008, international financial institutions paid greater attention to the significance of household debt in contributing to financial instability and the role of individual insolvency law in providing a fresh start. Personal insolvency law reform became part of EU responses to the eurozone crisis and the EU has proposed harmonisation of individual insolvency law to promote entrepreneurialism. This book examines the extent to which these developments represent an emerging international commonsense about personal insolvency and its relationship to neo-liberalism. Finally, this book discusses whether the international emergence of individual personal insolvency law represents a progressive step or a band-aid for the costs of neo-liberal policies, where a significant number of people live close to the precipice of over-indebtedness.
Download or read book Crisis Program Review written by International Monetary Fund and published by International Monetary Fund. This book was released on 2015-09-11 with total page 74 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper provides an updated review of Fund-supported programs undertaken during the global financial crisis. It follows a series of previous reviews during 2009–12 that assessed program design and outcomes during the surge in Fund supported programs since 2008. The review covers experience during 2008–15 for 32 arrangements financed from the Fund's general resources account (GRA). It covers 27 countries for which arrangements were approved during September 2008–June 2013, with two years or more of program performance.
Download or read book Republic of Slovenia written by International Monetary Fund. European Dept. and published by International Monetary Fund. This book was released on 2015-02-19 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Selected Issues paper examines social spending reform and fiscal savings in Slovenia. Rising expenditure has been at the root of Slovenia’s fiscal deterioration since the onset of the crisis. The paper explores reform options to reduce Slovenia’s social spending over the medium and long term. It discusses key features of the pension system, and analyzes the evolution of pension spending in the absence of reforms. The paper also examines the health and education spending and provides a framework to assess their efficiency relative to other countries.
Download or read book Tackling Small and Medium Enterprise Problem Loans in Europe written by Mr.Wolfgang Bergthaler and published by International Monetary Fund. This book was released on 2015-03-30 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: The global financial crisis has left a large private sector debt overhang and high levels of non- performing loans (NPLs) in several European countries. Small and medium-size enterprises (SMEs) represent a significant and weak segment of the nonfinancial corporate sector. SMEs face a number of legal, financial, and regulatory challenges to restructuring that differ from those of larger corporates, such as a rigid and costly insolvency regime, a higher fixed cost to loan restructuring, and the lack of alternative sources of financing. Given SMEs’ large presence and close links to the banking system, addressing the SME loan problem in Europe will be critical for strengthening bank and corporate balance sheets and supporting a more robust and sustained recovery.
Download or read book A Strategy for Resolving Europe s Problem Loans written by Mr.Shekhar Aiyar and published by International Monetary Fund. This book was released on 2015-09-24 with total page 79 pages. Available in PDF, EPUB and Kindle. Book excerpt: Europe’s banking system is weighed down by high levels of non-performing loans (NPLs), which are holding down credit growth and economic activity. This discussion note uses a new survey of European country authorities and banks to examine the structural obstacles that discourage banks from addressing their problem loans. A three pillared strategy is advocated to remedy the situation, comprising: (i) tightened supervisory policies, (ii) insolvency reforms, and (iii) the development of distressed debt markets.
Download or read book Bankruptcy written by Joseph Spooner and published by Cambridge University Press. This book was released on 2019-04-11 with total page 309 pages. Available in PDF, EPUB and Kindle. Book excerpt: Excessive household debt has allowed for economic growth, but this model has become increasingly unstable. Spooner examines bankruptcy law as a potential solution.
Download or read book Reinventing Insolvency Law in Emerging Economies written by Aurelio Gurrea-Martínez and published by Cambridge University Press. This book was released on 2024-05-31 with total page 341 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book explains how and why insolvency law in emerging economies needs to be reinvented. It starts by examining the importance of insolvency law for the promotion of economic growth as well as the similarities and divergences in the design of insolvency law around the world. The central thesis of the book is that insolvency law in emerging economies fails to serve as a catalyst for growth. It is argued that this failure is mainly due to the design of an insolvency legislation that is not tailored to the market and institutional environment generally existing in emerging economies. The book also provides a critical analysis of the design of insolvency law in many advanced economies where the insolvency system has proven to be unattractive for debtors, creditors or both. Therefore, in addition to suggesting a new insolvency framework for emerging economies, this book ultimately invites readers to rethink insolvency law.
Download or read book A Strategy for Developing a Market for Nonperforming Loans in Italy written by Nadège Jassaud and published by International Monetary Fund. This book was released on 2015-02-06 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt: Addressing the buildup of nonperforming loans (NPLs) in Italy since the global financial crisis will remain a challenge for some time and be important for supporting a sustained, robust economic recovery. The buildup reflects both the prolonged recession as well as structural factors that have held back NPL write-offs by banks. The paper discusses the impediments to NPL resolution in Italy and a strategy for fostering a market for restructuring distressed assets that could support corporate and financial restructuring.
Download or read book Jobs and Growth written by Mr.Martin Schindler and published by International Monetary Fund. This book was released on 2014-04-10 with total page 284 pages. Available in PDF, EPUB and Kindle. Book excerpt: Five years after the onset of the global financial crisis, Europe’s economy is still fragile. Notwithstanding recent positive signs amid calmer financial markets, medium-term growth is likely to remain frail owing to continuing weaknesses and vulnerabilities at the country level and in the fabric of European institutions and banks, especially in the euro area. In addition, unemployment in many countries has reached very high levels. The IMF research collected in this volume provides a number of guideposts that offer an opportunity for stronger and better-balanced growth and employment in Europe after what has been a long and dismal period of crisis.
Download or read book OECD Economic Surveys Italy 2017 written by OECD and published by OECD Publishing. This book was released on 2017-02-15 with total page 156 pages. Available in PDF, EPUB and Kindle. Book excerpt: This 2017 OECD Economic Survey of Italy examines recent economic developments, policies and prospects. The special chapters cover raising business investment and enhancing skills.
Download or read book How s Life 2013 Measuring Well being written by OECD and published by OECD Publishing. This book was released on 2013-11-05 with total page 216 pages. Available in PDF, EPUB and Kindle. Book excerpt: This second edition of How’s Life? provides an update on the most important aspects that shape people’s lives and well-being: income, jobs, housing, health, work-life balance, education, social connections, civic engagement and governance, environment, personal security and subjective well-being.