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 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 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.
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 2001-12-01 with total page 358 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is about the restructuring of industry in ten East Asian economies at the start of the twenty-first century. It examines the dynamic aspects of the region's industrial structures -- the changes occurring with globalisation fuelled by liberalisation and by a paradigm shift from industrial technology to information technology. The traditional "flying geese" concept is less relevant to explaining the economic and industrial development in the region as the pattern has become less predictable.
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 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 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 Business Groups in East Asia written by Sea-Jin Chang and published by OUP Oxford. This book was released on 2006-03-02 with total page 288 pages. Available in PDF, EPUB and Kindle. Book excerpt: The 1997 Asian Crisis principally affected Thailand, Indonesia, Malaysia, and Korea, as well as other East Asian countries heavily dependent on intra-regional trade. Banks and other financial institutions quickly become insolvent, and heavily indebted industrial firms went bankrupt. Many of these firms were affiliated with the business groups of this region, yet most groups did not immediately collapse, indeed they proved remarkably robust, some surviving and even prospering. This book examines these East Asian business groups and their subsequent restructuring following the Asian Crisis. East Asian nations embarked on very different trajectories to this common external shock. The Asian Crisis affected the inter-relationships among the socio-cultural environment, the state, and the market of each country quite differently and had distinct effects on the operations of these countries' business groups. This slow yet divergent pattern of development provides evidence against theories of rapid global convergence. Yet East Asian business groups face an uncertain future. Foreign investors' influence has increased substantially since the crisis, as East Asian governments had to accommodate their demands to keep attracting foreign capital. Governments supervise banks more closely and have loosened restrictions on mergers and hostile takeovers, further strengthening the discipline of the market. Various entry barriers that had inhibited foreign multinationals from competing in national markets were lifted, exposing business groups to intensified foreign competition. Under these new conditions, business groups in East Asia should reconfigure their business structures and adjust their corporate governance systems to regain momentum for further growth. Business groups will continue to be important vehicles for the sustained future growth of this region, and this book presents a substantial amount of new data on this, which will be of interest to academics, researchers, and advanced students of East Asian business, and business practitioners working within the region.
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 381 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 and provides a detailed review of the experience of the region's economies.
Download or read book Financial Sector Crisis and Restructuring written by Carl-Johan Lindgren and published by . This book was released on 1999 with total page 103 pages. Available in PDF, EPUB and Kindle. Book excerpt: An IMF paper reviewing the policy responses of Indonesia, Korea and Thailand to the 1997 Asian crisis, comparing the actions of these three countries with those of Malaysia and the Philippines. Although all judgements are still tentative, important lessons can be learned from the experiences of the last two years.
Download or read book Financial Stability Issues The Case of East Asia written by Mamiko Yokoi-Arai and published by Kluwer Law International B.V.. This book was released on 2002-07-08 with total page 396 pages. Available in PDF, EPUB and Kindle. Book excerpt: Whatever can be said about the financial crises that have plagued East Asian countries since the early 1990s, it must be averred that they teach us a great deal. Many earlier assumptions about finance and investment have been called into question, and the field is more open than it has been in many decades to legal and economic analysis and theory. In particular, issues of financial sector reform have come into sharp focus. Here is a new proposal, solidly grounded in current reality, for a regional "zone of law" designed to supplement and benefit domestic reforms under way in Japan and the three emerging economies of Indonesia, South Korea, and Thailand. The author draws on a wide range of relevant material, including exploration of international standards and "best practices" in banking and finance, the experience of the U.S. and the U.K. in planning and implementing reform measures, and the theoretical literature respecting financial crises and what causes them. In this context, the specific reforms applied in the four Asian countries under consideration are discussed in detail, with "lessons to be learned" about crisis detection, containment, and prevention. During the course of the analysis, the author reveals fundamental policy areas where meaningful and effective reform can take place. Financial Stability Issues: The Case of East Asia offers numerous practical applications at the same time as it strikes a rich vein of theory in the field. Its fresh, sensible approach will be greatly appreciated, not only by academic theorists, but by hardheaded business people, policymakers, and regulators as well.
Download or read book A Comparative Study on Financial and Corporate Sector Restructuring in East Asia written by Masahiro Kawai 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 Achieving Financial Stability in Asia written by Asian Development Bank and published by OECD Publishing. This book was released on 2000 with total page 188 pages. Available in PDF, EPUB and Kindle. Book excerpt: Achieving Financial Stability in Asia sets out to identify the elements which could restore confidence to the countries of the region and stabilise financial flows on a global basis. Thus, measures must be taken which include improving public and ...
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 From Crisis to Opportunity written by Jongryn Mo and published by Walter H. Shorenstein Asia-Pacific Research Center. This book was released on 2006 with total page 154 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since the mid-1990s, China, Japan, and Korea have come under severe pressure to restructure and reform their economic systems. In fact, across East Asia governments are attempting to address their structural problems with a variety of reform programs. After several years of their efforts, clear patterns are now emerging. The authors of this book conclude that the interaction between financial globalization and domestic politics is the key to unlocking the reform process. In particular, they address issues important to the study of East Asian political economies--receptivity to financial globalization, financial integration, the convergence or divergence of their economic institutions, and the impact that institutional transformations will have on national competitive advantage and the global economic system. The book identifies and accounts for empirical regularities across East Asian countries and sectors, which previous studies have left largely unexplained. Contributors include Jongryn Mo (Yonsei University), Daniel I. Okimoto (Stanford University), Jennifer Amyx (University of Pennsylvania), Yves Tiberghien (Harvard University and University of British Columbia), Wonhyuk Lim (Korea Development Institute), and Joon-Ho Hahm (Yonsei University).
Download or read book Corporate Sector Restructuring written by Mr.Mark R. Stone and published by International Monetary Fund. This book was released on 2002-08-19 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: Examines the steps involved in restructuring the corporate sector. Large-scale corporate restructuring made necessary by a financial crisis is one of the most daunting challenges faced by economic policymakers. The government is forced to take a leading role, even if indirectly, because of the need to prioritize policy goals, address market failures, reform the legal and tax systems, and deal with the resistance of powerful interest groups.
Download or read book Managing Currency Crises in Emerging Markets written by Michael P. Dooley and published by University of Chicago Press. This book was released on 2007-11-01 with total page 456 pages. Available in PDF, EPUB and Kindle. Book excerpt: The management of financial crises in emerging markets is a vital and high-stakes challenge in an increasingly global economy. For this reason, it's also a highly contentious issue in today's public policy circles. In this book, leading economists-many of whom have also participated in policy debates on these issues-consider how best to reduce the frequency and cost of such crises. The contributions here explore the management process from the beginning of a crisis to the long-term effects of the techniques used to minimize it. The first three chapters focus on the earliest responses and the immediate defense of a currency under attack, exploring whether unnecessary damage to economies can be avoided by adopting the right response within the first few days of a financial crisis. Next, contributors examine the adjustment programs that follow, considering how to design these programs so that they shorten the recovery phase, encourage economic growth, and minimize the probability of future difficulties. Finally, the last four papers analyze the actual effects of adjustment programs, asking whether they accomplish what they are designed to do-and whether, as many critics assert, they impose disproportionate costs on the poorest members of society. Recent high-profile currency crises have proven not only how harmful they can be to neighboring economies and trading partners, but also how important policy responses can be in determining their duration and severity. Economists and policymakers will welcome the insightful evaluations in this important volume, and those of its companion, Sebastian Edwards and Jeffrey A. Frankel's Preventing Currency Crises in Emerging Markets.
