Cover image for Managing financial and corporate distress : lessons from Asia
Managing financial and corporate distress : lessons from Asia
Adams, Charles F., 1945-
Publication Information:
Washington, D.C. : Brookings Institution Press, [2000]

Physical Description:
x, 500 pages : illustrations ; 23 cm
General Note:
Papers presented at a conference sponsored by the World Bank, International Monetary Fund, and the Brookings Institution, held in March 2000.
Introduction / Charles Adams, Robert E. Litan, and Michael Pomerleano -- How easy should debt restructuring be? / Benjamin M. Friedman -- The role of institutions for collective action / Richard Portes -- Financial stabilization and initial restructuring of East Asian corporations : approaches, results, and lessons / Masahiro Kawai, Ira Lieberman, and William P. Mako -- Debt restructuring in East Asia : government and the corporate sector / Joel A. Binamira and William C. Haworth -- Financial sector restructuring in East Asia / Gregory Root, Paul Grela, Mark Jones, and Anand Adiga -- Restructuring in East Asia : long-term growth implications for the crisis economies / Bernard Eschweiler.

Facilitating bank and corporate restructuring : the role of government / Stefan Ingves and Dong He -- Governments as managers of systemic financial crises : controlling costs by integrating bank and corporate restructuring / David Scott -- The London approach and corporate debt restructuring in East Asia / Gerald E. Meyerman -- Short-term debt and financial crises / Dipak Dasgupta, Dilip Ratha, Dennis P.J. Botman, and Ashish Narain -- What you see versus what you get : derivatives in international capital flows / Peter M. Garber -- Financial risk management and liquidity crises / Timothy S. Wilson -- Will self-protection policies safeguard emerging markets from crises? / Kenneth M. Kletzer and Ashoka Mody -- Managing risks of global financial market integration / Mansoor Dailami.
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HG3891.5 .M334 2000 Adult Non-Fiction Central Closed Stacks

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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.

Author Notes

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.

Table of Contents

Charles Adams and Robert E. Litan and Michael PomerleanoBenjamin M. FriedmanRichard PortesMasahiro Kawai and Ira Lieberman and William P. MakoJoel A. Binamira and William C. HaworthGregory Root and Paul Grela and Mark Jones and Anand AdigaBernhard EschweilerStefan Ingves and Dong HeDavid ScottGerald E. MeyermanDipak Dasgupta and Dilip Ratha and Dennis P. J. Botman and Ashish NarainPeter M. GarberTimothy S. WilsonKenneth M. Kletzer and Ashoka ModyMansoor Dailami
1 Introductionp. 1
Part 1 Debt Restructuring: What Does It Matter?
2 How Easy Should Debt Restructuring Be?p. 21
3 The Role of Institutions for Collective Actionp. 47
Part 2 Debt Restructuring in East Asia: How Much, How Fast, and Lessons Learned
4 Financial Stabilization and Initial Restructuring of East Asian Corporations: Approaches, Results, and Lessonsp. 77
5 Debt Restructuring in East Asia: Government and the Corporate Sectorp. 137
6 Financial Sector Restructuring in East Asiap. 149
7 Restructuring in East Asia: Long-Term Growth Implications for the Crisis Economiesp. 223
Part 3 Facilitating Restructuring
8 Facilitating Bank and Corporate Restructuring: The Role of Governmentp. 245
9 Governments as Managers of Systemic Financial Crises: Controlling Costs by Integrating Bank and Corporate Restructuringp. 267
10 The London Approach and Corporate Debt Restructuring in East Asiap. 299
Part 4 Risk Management
11 Short-Term Debt and Financial Crisesp. 325
12 What You See versus What You Get: Derivatives in International Capital Flowsp. 361
13 Financial Risk Management and Liquidity Crisesp. 385
14 Will Self-Protection Policies Safeguard Emerging Markets from Crises?p. 413
15 Managing Risks of Global Financial Market Integrationp. 447
Contributorsp. 481
Indexp. 483