Corporate Restructuring

Author: Michael Pomerleano
Publisher: World Bank Publications
ISBN: 9780821359280
Format: PDF, Kindle
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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.

Corporate Restructuring and Its Macro Effects

Author: Mr.Jongsoon Shin
Publisher: International Monetary Fund
ISBN: 1475578024
Format: PDF, ePub, Docs
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This paper describes issues in Korea’s corporate sector, the need for restructuring, and the authorities’ initiatives and challenges. It then identifies lessons from other countries’ experience and conducts an econometric analysis based on cross-country aggregate data, compared with previous studies which mostly use firm-level data. This analysis finds that restructuring episodes, while sometimes challenging in the short term, have typically been associated with more rapid economic growth afterward. Corporate restructuring could have a negative effect on the labor and the financial markets in the short term, but is associated with positive growth through increased investment and capital productivity in the medium term, outpacing the negative effects.

Approaches to Corporate Debt Restructuring in the Wake of Financial Crises

Author: Thomas Laryea
Publisher: International Monetary Fund
ISBN: 1452736197
Format: PDF, Kindle
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This paper starts from a discussion of the economic case for moderated government intervention in debt restructuring in the nonfinancial corporate sector. It then draws on lessons from past crises to explain three broad approaches that have been applied to corporate debt restructurings in the aftermath of a crisis. From there, it addresses challenges in designing and implementing a comprehensive debt restructuring strategy and draws together some key principles.

Corporate Debt Restructuring in East Asia

Author: Mr. Mark R. Stone
Publisher: International Monetary Fund
ISBN: 1455249785
Format: PDF, Mobi
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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.

Managing Financial Crises

Author: Mr. G. Russell Kincaid
Publisher: International Monetary Fund
ISBN: 9781451989281
Format: PDF, ePub, Mobi
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This paper seeks to draw lessons from the IMF’s experience in handling financial crises around the globe over the past ten years that are relevant to the challenges faced by countries in Latin America, especially in the wake of the recent crisis in Argentina. Experience suggests that there is no quick or easy fix in the face of a wide-ranging crisis involving both acute external financing pressures and rapidly changing asset prices that undermine financial stability and household and corporate balance sheets. In the end, effective solutions depend on developing a comprehensive strategy combining the full range of fiscal, monetary, financial system, and debt policy instruments. Recent experience with crises has had important implications for the IMF’s work in assessing crisis vulnerabilities. IMF surveillance work has been strengthened and a more objective framework has been developed for assessing debt sustainability, and this approach continues to be refined.

Financial sector crisis and restructuring

Author: Carl-Johan Lindgren
Publisher: Intl Monetary Fund
ISBN: 9781557758712
Format: PDF, ePub, Docs
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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.

Imf Survey No 12 2002

Author: International Monetary Fund
Publisher: International Monetary Fund
ISBN: 1455241660
Format: PDF, Kindle
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Corporate profitability is a source of uncertainty in a generally positive global market outlook, IMF International Capital Markets Department Head and Counsellor Gerd Häusler said at a June 12 press conference. Summarizing the findings (see charts, pages 194–95) of the IMF’s second Global Financial Stability Report, he noted that “the near-term outlook in mature markets is largely free of imminent threats, mainly because the world economy has recovered and has helped build support also for financial markets.” However, emerging markets in South America have come under recent pressure. This report is designed to “detect fault lines in global financial markets,” and a theme running through this issue is the uncertainty posed by the level and quality of corporate profits.