Bank And Corporate Restructuring In Crisis Affected East Asia
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Bank And Corporate Restructuring In Crisis Affected East Asia
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Author : Masahiro Kawai
language : en
Publisher:
Release Date : 2001
Bank And Corporate Restructuring In Crisis Affected East Asia written by Masahiro Kawai and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001 with Banking law categories.
Business Groups In East Asia
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Author : Sea-Jin Chang
language : en
Publisher: OUP Oxford
Release Date : 2006-03-02
Business Groups In East Asia written by Sea-Jin Chang and has been published by OUP Oxford this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006-03-02 with Business & Economics categories.
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.
Managing Financial And Corporate Distress
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Author : Charles Adams
language : en
Publisher: Rowman & Littlefield
Release Date : 2010-12-01
Managing Financial And Corporate Distress written by Charles Adams and has been published by Rowman & Littlefield this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-12-01 with Business & Economics categories.
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.
Resolution Of Corporate Distress
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Author : Stijn Claessens
language : en
Publisher: World Bank Publications
Release Date : 1999
Resolution Of Corporate Distress written by Stijn Claessens and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999 with Bank categories.
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.
The East Asian Crisis
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Author : Ms.Kalpana Kochhar
language : en
Publisher: International Monetary Fund
Release Date : 1998-09-01
The East Asian Crisis written by Ms.Kalpana Kochhar and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 1998-09-01 with Business & Economics categories.
This paper reviews macroeconomic developments during the first year of the crisis in east Asia and draws some preliminary policy lessons. The crisis is rooted in the interaction of large capital inflows and weak private and public sector governance. At the same time, macroeconomic adjustment in these countries has resulted in some surprising outcomes, including severe economic contractions, low inflation, and rapid external adjustment. The lessons for crisis resolution include the importance of tight monetary policy early on for exchange rate stabilization, flexible fiscal policy, and comprehensive structural reform. Crises are avoided by prudent macroeconomic policies, diligent bank supervision, transparent data dissemination, strong governance, and forward-looking policymaking, even in good times.
Stock Market Responses To Bank Restructuring Policies During The East Asian Crisis
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Author : Daniela Klingebiel
language : en
Publisher:
Release Date : 2004
Stock Market Responses To Bank Restructuring Policies During The East Asian Crisis written by Daniela Klingebiel and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004 with categories.
During a crisis of confidence, announcements of deposit guarantees may give market participants short-term comfort. But stock market responses show that using public funds for bank bailouts is not a credible way to restore the health of the financial sector.The East Asian crisis began in Thailand in mid-1997 when an ailing financial sector, a slowdown in exports, and large increases in central bank credit to weak financial institutions triggered a run on the baht. Then the crisis spread to other countries in the region as common vulnerabilities and revaluations of risk in emerging markets triggered large capital outflows.To better understand the impact of different policy responses to financial crises, Klingebiel, Kroszner, Laeven, and van Oijen investigate how stock markets in East Asian countries reacted to the initial policy announcements of bank and financial restructuring - especially how banking and nonfinancial sectors in Indonesia, the Republic of Korea, Malaysia, and Thailand fared in response to announcements of different restructuring measures.They find that prices of bank stocks responded positively to announcements about government guarantees of bank liabilities. Nonfinancial companies gained in value when guarantees were announced, but their stock prices were negatively affected by announcements favoring public recapitalization schemes and generous liquidity support programs.Possibly the market was concerned that public funds per se would not restore the health of the financial sector - that they would not be sufficient or would not be used to restructure bank balance sheets and operations and allow banks to engage in meaningful corporate restructuring. The announcements of increased public support may have been viewed as a signal that the financial institutions were in a financially weaker position than previously thought.This paper - a product of the Financial Sector Strategy and Policy Department - is part of a larger effort in the department to better understand the costs and benefits of different measures for resolving financial crisies. The authors may be contacted at [email protected] or [email protected].
Corporate Leverage Bankruptcy And Output Adjustment In Post Crisis East Asia
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Author : Mr.Se-Jik Kim
language : en
Publisher: International Monetary Fund
Release Date : 1999-10-01
Corporate Leverage Bankruptcy And Output Adjustment In Post Crisis East Asia written by Mr.Se-Jik Kim and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999-10-01 with Business & Economics categories.
Different levels of corporate leverage are used in this paper to help explain the wide range of post-crisis output adjustment across East Asia. In the model developed here, highly leveraged firms facing a cutoff of capital inflows are threatened by bankruptcy. These firms respond by eliminating investment and selling their capital goods-at a discount-to try to stay afloat. Lower investment and wasteful capital sales shrink the aggregate capital stock, trigger deflationary pressures, and contract overall output. The available data are broadly consistent with the assumptions and predictions of the model.
East Asia S Financial Systems
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Author : Seiichi Masuyama
language : en
Publisher: Institute of Southeast Asian Studies
Release Date : 1999
East Asia S Financial Systems written by Seiichi Masuyama and has been published by Institute of Southeast Asian Studies this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999 with Business & Economics categories.
Financial systems in the East Asian region are commanding worldwide attention. Japan's financial sector, with an ailing banking system in the aftermath of a bubble economy, is undergoing a "Big Bang" deregulation, liberalization, and securitization. At the same time, the rehabilitation of Southeast Asian and Korean economies in the wake of the Asian financial crisis awaits restoration of their banking sectors. The region's bank-dominated and development finance-oriented financial systems are coming into friction with global capital markets that lack adequate architecture. In this volume, researchers from ten East Asian think- tanks analyse the financial systems in their respective economies. They survey the financial sector deregulation and liberalization that took place in the midst of economic booms and they evaluate the role of the financial systems in the region's current economic misfortunes. Together, the pieces in this volume lay the groundwork for understanding how financial systems in East Asia have evolved as the economies have grown more complex and capital markets have globalized, and how these systems must adapt to move beyond today's crisis to serve the region's economies in the future.
Reform And Recovery In East Asia
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Author : Peter Drysdale
language : en
Publisher: Routledge
Release Date : 2003-09-02
Reform And Recovery In East Asia written by Peter Drysdale and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003-09-02 with Business & Economics categories.
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.
Financial Sector Crisis And Restructuring
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Author : Carl-Johan Lindgren
language : en
Publisher:
Release Date : 1999
Financial Sector Crisis And Restructuring written by Carl-Johan Lindgren and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999 with Business & Economics categories.
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.