Managing Financial and Corporate Distress: Lessons from Asia

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Charles Adams, Robert E. Litan, Michael Pomerleano
Brookings Institution Press, Dec 1, 2010 - Business & Economics - 352 pages
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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.
 

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Contents

How Easy Should Debt Restructuring Be?
21
The Role of Institutions for Collective Action
47
Debt Restructuring in East Asia How Much How Fast and Lessons Learned
75
Financial Stabilization and Initial Restructuring of East Asian Corporations Approaches Results and Lessons
77
Debt Restructuring in East Asia Government and the Corporate Sector
137
Financial Sector Restructuring in East Asia
149
Restructuring in East Asia LongTerm Growth Implications for the Crisis Economies
223
Facilitating Restructuring
243
The London Approach and Corporate Debt Restructuring in East Asia
299
Risk Management
323
ShortTerm Debt and Financial Crises
325
What You See versus What You Get Derivatives in International Capital Flows
361
Financial Risk Management and Liquidity Crises
385
Will SelfProtection Policies Safeguard Emerging Markets from Crises?
413
Managing Risks of Global Financial Market Integration
447
Contributors
481

Facilitating Bank and Corporate Restructuring The Role of Government
245
Governments as Managers of Systemic Financial Crises Controlling Costs by Integrating Bank and Corporate Restructuring
267

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About the author (2010)

Charles Adams is assistant director in the research department of the International Monetary Fund and directs the publication of the annual financial survey International Capital Markets: Developments, Prospects, and Key Policy Issues. Robert E. Litan is a senior fellow in Economic Studies at Brookings and vice president for research and policy at the Kauffman Foundation. Michael Pomerleano is lead financial specialist in the Financial Sector Operations and Policy Department of the World Bank.

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