Asian Corporate Recovery: Findings from Firm-level Surveys in Five Countries

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Dominique Dwor-Frecaut, Francis X. Colašo, Mary Hallward-Driemeier
World Bank, Jan 1, 2000 - Business & Economics - 241 pages
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"The main complaint of the firms in all countries, with the exception of the Philippines, was the collapse of domestic demand for their products. This complaint is mirrored by the macroeconomic data showing a sharp decline in investment and consumption." Macroeconomic studies investigating the causes of the crisis in East Asia abound. However, until now, there have been few systematic microeconomic explanations of the last two years' events. Recognizing the importance of filling this information gap, the governments of Indonesia, the Republic of Korea, Malaysia, the Philippines, and Thailand, with the technical assistance of the World Bank, undertook an extensive survey of 4,000 firms between November 1998 and February 1999. 'Asian Corporate Recovery' reports the findings of the surveys and explores the impact of the crisis by looking at changes in capacity utilization, export performance, and employment practices. It examines the causes for the decline from the perspective of the surveyed firms and discusses credit availability issues at length. It presents a data set that provides information on the financial position of small and medium enterprises and unlisted large companies. In addition, it relates the extent of the firms' leverage and their reliance on different sources of capital to their reported access to credit. This publication will be of interest to public and private sector economists, bankers, and academics.

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Contents

Data
2
Conclusion
17
Constraints to recovery and policy recommendations
32
Copyright

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