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Author: Marinela E. Dado Publisher: World Bank Publications ISBN: Category : Banks and banking Languages : en Pages : 60
Book Description
Countries that have experienced banking crises have adopted one of two distinct approaches toward the resolution of nonperforming assets--a centralized or a decentralized solution. A centralized approach entails setting up a government agency--an asset management company--with the full responsibility for acquiring, restructuring, and selling of the assets. A decentralized approach relies on banks and other creditors to manage and resolve nonperforming assets. Dado and Klingebiel study banking crises where governments adopted a decentralized, creditor-led workout strategy following systemic crises. They use a case study approach and analyze seven banking crises in which governments mainly relied on banks to resolve nonperforming assets. The study suggests that out of the seven cases, only Chile, Norway, and Poland successfully restructured their corporate sectors with companies attaining viable financial structures. The analysis underscores that as in the case of a centralized strategy the prerequisites for a successful decentralized restructuring strategy are manifold. The successful countries significantly improved the banking system's capital position, enabling banks to write down loan losses; banks as well as corporations had adequate incentives to engage in corporate restructuring; and ownership links between banks and corporations were limited or severed during crises. This paper--a product of the Financial Sector Operations and Policy Department--is part of a larger effort in the department to examine the resolution of financial crises.
Author: Marinela E. Dado Publisher: World Bank Publications ISBN: Category : Banks and banking Languages : en Pages : 60
Book Description
Countries that have experienced banking crises have adopted one of two distinct approaches toward the resolution of nonperforming assets--a centralized or a decentralized solution. A centralized approach entails setting up a government agency--an asset management company--with the full responsibility for acquiring, restructuring, and selling of the assets. A decentralized approach relies on banks and other creditors to manage and resolve nonperforming assets. Dado and Klingebiel study banking crises where governments adopted a decentralized, creditor-led workout strategy following systemic crises. They use a case study approach and analyze seven banking crises in which governments mainly relied on banks to resolve nonperforming assets. The study suggests that out of the seven cases, only Chile, Norway, and Poland successfully restructured their corporate sectors with companies attaining viable financial structures. The analysis underscores that as in the case of a centralized strategy the prerequisites for a successful decentralized restructuring strategy are manifold. The successful countries significantly improved the banking system's capital position, enabling banks to write down loan losses; banks as well as corporations had adequate incentives to engage in corporate restructuring; and ownership links between banks and corporations were limited or severed during crises. This paper--a product of the Financial Sector Operations and Policy Department--is part of a larger effort in the department to examine the resolution of financial crises.
Author: Marinela E. Dado Publisher: ISBN: Category : Languages : en Pages : 54
Book Description
Countries that have experienced banking crises have adopted one of two distinct approaches toward the resolution of nonperforming assets - a centralized or a decentralized solution. A centralized approach entails setting up a government agency - an asset management company - with the full responsibility for acquiring, restructuring, and selling of the assets. A decentralized approach relies on banks and other creditors to manage and resolve nonperforming assets.Dado and Klingebiel study banking crises where governments adopted a decentralized, creditor-led workout strategy following systemic crises. They use a case study approach and analyze seven banking crises in which governments mainly relied on banks to resolve nonperforming assets. The study suggests that out of the seven cases, only Chile, Norway, and Poland successfully restructured their corporate sectors with companies attaining viable financial structures. The analysis underscores that as in the case of a centralized strategy the prerequisites for a successful decentralized restructuring strategy are manifold. The successful countries significantly improved the banking system's capital position, enabling banks to write down loan losses; banks as well as corporations had adequate incentives to engage in corporate restructuring; and ownership links between banks and corporations were limited or severed during crises.This paper - a product of the Financial Sector Operations and Policy Department - is part of a larger effort in the department to examine the resolution of financial crises.
Author: Michael Pomerleano Publisher: World Bank Publications ISBN: 0821359282 Category : Business & Economics Languages : en Pages : 436
Book Description
In light of the periodic financial crises of the late 1990s, there has been a growing recognition of the need for a strategy to avoid and mitigate the severity of crises in the corporate sector, requiring the complementary efforts of policymakers, regulators, lawyers, insolvency experts and financiers. This publication examines the issue of corporate restructuring, drawing on case studies of corporate crises in Indonesia, Korea, Malaysia and Thailand among others; and discusses a range of topics including the key role of governments in securing an enabling legal system, effective out-of-court workouts, supportive tax regimes, policy and regulatory initiatives to address systemic corporate problems.
Author: Daniela Klingebiel Publisher: World Bank Publications ISBN: 9780821350560 Category : Business & Economics Languages : en Pages : 68
Book Description
This volume provides two recent analyses of government responses to financial crises; they have been developed in the light of the recent East Asian crisis, but also draw on experiences from other regions. Issues discussed relate to: the tradeoffs involved in public policies for systemic financial and corporate sector restructuring; and the use of cross-country evidence to determine whether specific crisis containment and resolution policies effect the fiscal costs of resolving a crisis. The book also presents information on 113 systemic banking crises that have occurred in 93 countries since the 1970s, as well as 50 borderline or non-systemic banking crises in 44 countries during the same period.
Author: Joshua Aizenman Publisher: Cambridge University Press ISBN: 1139446940 Category : Business & Economics Languages : en Pages : 615
Book Description
Economic volatility has come into its own after being treated for decades as a secondary phenomenon in the business cycle literature. This evolution has been driven by the recognition that non-linearities, long buried by the economist's penchant for linearity, magnify the negative effects of volatility on long-run growth and inequality, especially in poor countries. This collection organizes empirical and policy results for economists and development policy practitioners into four parts: basic features, including the impact of volatility on growth and poverty; commodity price volatility; the financial sector's dual role as an absorber and amplifier of shocks; and the management and prevention of macroeconomic crises. The latter section includes a cross-country study, case studies on Argentina and Russia, and lessons from the debt default episodes of the 1980s and 1990s.
Author: Purnendra Jain Publisher: Global Oriental ISBN: 9004216529 Category : Business & Economics Languages : en Pages : 254
Book Description
To what extent is Japan in decline? Recent views are that the rise of Japan is long since over and that the world's second largest economy is not just treading water but that society and the economy are failing, with potential catastrophic outcomes. But is this really the case? Could it be that once again Japan is being misread and misinterpreted?
Author: Mr.Olaf Unteroberdoerster Publisher: International Monetary Fund ISBN: 1451972873 Category : Business & Economics Languages : en Pages : 26
Book Description
This paper reviews recent banking reform efforts in the lower Mekong countries (LMCs), comprising Cambodia, the Lao People's Democratic Republic, and Vietnam. Linked by close economic and cultural ties, the three LMCs face the dual challenge of economic development and transition to market-based economies. Two-tier banking systems were formally introduced in the late 1980s. However, state-owned banks with weak balance sheets continue to dominate the banking systems of Vietnam and Lao P.D.R. Cambodia's main challenge is to reconstruct a banking system after decades of civil strife. Based on progress made and brief cross-country comparisons, the paper identifies key challenges and options for further reform.
Author: Dilip K. Das Publisher: Psychology Press ISBN: 9780415312622 Category : Business & Economics Languages : en Pages : 544
Book Description
Here leading world economic experts examine topical issues of international finance such as globalization, multilateral financial institutions and capital flows to emerging economies. Ideal for students, businesspeople and policy makers.
Author: International Monetary Fund. European Dept. Publisher: International Monetary Fund ISBN: 1498371019 Category : Business & Economics Languages : en Pages : 76
Book Description
This Selected Issues paper on Cyprus models the evolution of the saving rate to help shed some light on its determinants, which could help inform medium-term projections. This paper suggests that household net wealth and unemployment are key determinants of the saving rate in Cyprus. Cypriot households dissaved in the period preceding the global crisis, as their wealth increased, and credit could be used to finance consumption. The data uncertainty, due to various data sources used and relatively short time-period may affect the regression results. Moreover, in the estimation, the endogeneity between household wealth and the saving rate, as well as between unemployment and the saving rate may have not been fully controlled through lags. Due to the lack of micro-level data, the analysis does not explore the distributional consideration with respect to wealth. Since wealth is likely distributed unevenly, high indebted households with limited wealth are likely to reduce their saving rate more than the average to support consumption in the face of economic stress. The forward-looking projections are also subject to considerable uncertainty and should be interpreted with care.
Author: Bernard M. Hoekman Publisher: World Bank Publications ISBN: Category : Antitrust law Languages : en Pages : 40
Book Description
At the recent World Trade Organization (WTO) ministerial meeting in Doha, Qatar, WTO members called for the launch of negotiations on disciplines relating to competition based on explicit consensus on modalities to be agreed at the fifth WTO ministerial meeting in 2003. WTO discussions since 1997 have revealed little support for ambitious multilateral action. Proponents of the WTO antitrust disciplines currently propose an agreement that is limited to "core principles"-nondiscrimination, transparency, and provisions banning "hard core" cartels. The authors argue that an agreement along such lines will create compliance costs for developing countries without addressing the anticompetitive behavior of firms located in foreign jurisdictions. To be unambiguously beneficial to low-income countries, any WTO antitrust disciplines should recognize the capacity constraints that prevail in these economies, make illegal collusive business practices by firms with international operations that raise prices in developing country markets, and require competition authorities in high-income countries to take action against firms located in their jurisdictions to defend the interests of affected developing country consumers. More generally, a case is made that traditional liberalization commitments using existing WTO fora will be the most effective means of lowering prices and increasing access to an expanded variety of goods and services.
Author: Marinela E. Dado
Author: Marinela E. Dado
Author: Marinela E. Dado
Author: Michael Pomerleano
Author: Daniela Klingebiel
Author: Joshua Aizenman
Author: Purnendra Jain
Author: Mr.Olaf Unteroberdoerster
Author: Dilip K. Das
Author: International Monetary Fund. European Dept.
Author: Bernard M. Hoekman