Financial sector crisis and restructuring: lessons from Asia
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.
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Financial Sector Reforms in IMFSupported Programs 46
Addressing the Emergency
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announced asset management company authorities Bank Central Asia Bank Indonesia Bank Mandiri Bank Negara Malaysia Bank of Thailand bank restructuring banking sector banking system blanket guarantee bonds borrowers bridge banks capital adequacy requirements chaebols closure commercial banks corporate restructuring corporate sector costs deposits domestic banks economic equity exchange rate finance companies Financial Sector Restructuring Financial Supervisory Commission financial system fiscal foreign banks foreign currency framework funds growth IBRA IMF-supported program impaired assets initial interest rates investment investors KAMCO lending liabilities loan classification loan-loss provisioning losses macroeconomic measures ment merchant banks mergers Monetary nancial nonperforming loans operations owners percent of GDP percent of total Philippines policies portfolio private banks private sector prudential regulations purchase recapitalization reforms restructuring strategy ringgit rupiah share shareholders short-term stabilize strengthening structuring supervision three crisis countries Tier 2 capital tions U.S. dollar valuation weak Yes Yes Yes