How to Accelerate Corporate and Financial Sector Restructuring in East Asia

Resolving systemic banking and corporate distress is not easy. The large scale of the East Asian financial crisis has made the task even more daunting in Indonesia, the Republic of Korea, Malaysia, and Thailand. Two years into the process, bank and...

Full description

Bibliographic Details
Main Authors:	Claessens, Stijn, Djankov, Simeon, Klingebiel, Daniela
Format:	Viewpoint
Language:	English
Published:	World Bank, Washington, DC 2012
Subjects:	ACCOUNTING ASSET MANAGEMENT ASSET MANAGEMENT COMPANIES ASSET PRICE BUBBLE ASSET RECOVERY ASSETS AUCTION AUCTION PROCESS AUCTION SCHEME AUCTIONS BALANCE SHEET BALANCE SHEETS BANK OF JAPAN BANK RECAPITALIZATION BANKING CRISES BANKING SECTOR BANKING SYSTEM BANKRUPTCY BANKRUPTCY PROCEDURES BANKS CASH FLOWS COMMON POLICY CORPORATE CONTROL CORPORATE GOVERNANCE CORPORATE RESTRUCTURING CREDIT COOPERATIVES CREDIT DISCIPLINE CREDITOR PROTECTION CRISIS ECONOMIES CROSS-COUNTRY EXPERIENCE DEBT DEBT RESTRUCTURING DEBT SERVICING DEPOSIT GUARANTEES DEPOSIT INSURANCE DEPOSITORS DEPOSITS DEREGULATION DISCLOSURE EQUITY CAPITAL EQUITY MARKETS EXTENSIVE DEPOSIT GUARANTEES FINANCIAL ASSETS FINANCIAL CRISIS FINANCIAL DISTRESS FINANCIAL INSTITUTIONS FINANCIAL INTERMEDIARIES FINANCIAL MANAGEMENT FINANCIAL REGULATION FINANCIAL RESTRUCTURING FORECLOSURE LAWS FOREIGN MANAGEMENT FOREIGN SALES FRAUDULENT ASSETS GAMBLING GUIDELINES INCENTIVE FRAMEWORK INSOLVENCY INSTITUTIONAL REFORM INTEREST RATES INVENTORY LABOR UNIONS LAND PRICES LAWS LIQUIDITY LOAN CLASSIFICATION LOAN LOSS PROVISIONS MARKET VALUE MATURITIES MERGERS MUTUAL FUNDS NATIONALIZATION NONBANK FINANCIAL INSTITUTIONS NONPERFORMING LOANS PAYOUT PORTFOLIO PORTFOLIOS PRESENT VALUE PROFITABILITY PUBLIC DEBT RECAPITALIZATION REORGANIZATION RETAINED EARNINGS RETIREMENT SAVINGS SECURITIES SHAREHOLDERS STATE OWNERSHIP STOCK MARKETS SUBORDINATED DEBT SUPERVISORY FRAMEWORK SWAPS TRANSPARENCY VENTURE CAPITAL CORPORATE RESTRUCTURING FINANCIAL SECTOR REFORM BANKING DISTRESS FINANCIAL CRISES ECONOMIC CRISIS INVESTMENT FUNDS PARTICIPATION OF STAKEHOLDERS EMPLOYEE OWNERSHIP CORPORATE DEBT
Online Access:	http://documents.worldbank.org/curated/en/1999/11/439479/accelerate-corporate-financial-sector-restructuring-east-asia http://hdl.handle.net/10986/11452

id	okr-10986-11452
recordtype	oai_dc
spelling	okr-10986-114522021-06-14T11:03:26Z How to Accelerate Corporate and Financial Sector Restructuring in East Asia Claessens, Stijn Djankov, Simeon Klingebiel, Daniela ACCOUNTING ASSET MANAGEMENT ASSET MANAGEMENT COMPANIES ASSET PRICE BUBBLE ASSET RECOVERY ASSETS AUCTION AUCTION PROCESS AUCTION SCHEME AUCTIONS BALANCE SHEET BALANCE SHEETS BANK OF JAPAN BANK RECAPITALIZATION BANKING CRISES BANKING SECTOR BANKING SYSTEM BANKRUPTCY BANKRUPTCY PROCEDURES BANKS CASH FLOWS COMMON POLICY CORPORATE CONTROL CORPORATE GOVERNANCE CORPORATE RESTRUCTURING CREDIT COOPERATIVES CREDIT DISCIPLINE CREDITOR PROTECTION CRISIS ECONOMIES CROSS-COUNTRY EXPERIENCE DEBT DEBT RESTRUCTURING DEBT SERVICING DEPOSIT GUARANTEES DEPOSIT INSURANCE DEPOSITORS DEPOSITS DEREGULATION DISCLOSURE EQUITY CAPITAL EQUITY MARKETS EXTENSIVE DEPOSIT GUARANTEES FINANCIAL ASSETS FINANCIAL CRISIS FINANCIAL DISTRESS FINANCIAL INSTITUTIONS FINANCIAL INTERMEDIARIES FINANCIAL MANAGEMENT FINANCIAL REGULATION FINANCIAL RESTRUCTURING FORECLOSURE LAWS FOREIGN MANAGEMENT FOREIGN SALES FRAUDULENT ASSETS GAMBLING GUIDELINES INCENTIVE FRAMEWORK INSOLVENCY INSTITUTIONAL REFORM INTEREST RATES INVENTORY LABOR UNIONS LAND PRICES LAWS LIQUIDITY LOAN CLASSIFICATION LOAN LOSS PROVISIONS MARKET VALUE MATURITIES MERGERS MUTUAL FUNDS NATIONALIZATION NONBANK FINANCIAL INSTITUTIONS NONPERFORMING LOANS PAYOUT PORTFOLIO PORTFOLIOS PRESENT VALUE PROFITABILITY PUBLIC DEBT RECAPITALIZATION REORGANIZATION RETAINED EARNINGS RETIREMENT SAVINGS SECURITIES SHAREHOLDERS STATE OWNERSHIP STOCK MARKETS SUBORDINATED DEBT SUPERVISORY FRAMEWORK SWAPS TRANSPARENCY VENTURE CAPITAL CORPORATE RESTRUCTURING FINANCIAL SECTOR REFORM BANKING DISTRESS FINANCIAL CRISES ECONOMIC CRISIS CORPORATE GOVERNANCE DEBT RESTRUCTURING INVESTMENT FUNDS AUCTIONS PARTICIPATION OF STAKEHOLDERS EMPLOYEE OWNERSHIP CORPORATE DEBT Resolving systemic banking and corporate distress is not easy. The large scale of the East Asian financial crisis has made the task even more daunting in Indonesia, the Republic of Korea, Malaysia, and Thailand. Two years into the process, bank and corporate restructuring is still a work in progress. Governments should act to accelerate it. Besides adopting common policy prescriptions - improving financial regulation, corporate governance, and bankruptcy procedures and shoring up banks' capital positions - governments could take three additional steps: Set up competitive, privately managed specialized funds, to hold nonperforming loans and depoliticize restructuring. Allow auctions as an alternative to negotiations, to speed debt restructuring. And allow employee ownership participation schemes, to reduce workers' resistance to changes in ownership. 2012-08-13T15:06:37Z 2012-08-13T15:06:37Z 1999-11 http://documents.worldbank.org/curated/en/1999/11/439479/accelerate-corporate-financial-sector-restructuring-east-asia http://hdl.handle.net/10986/11452 English Viewpoint: Public Policy for the Private Sector; Note No. 200 CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank World Bank, Washington, DC Publications & Research :: Viewpoint Publications & Research East Asia and Pacific
repository_type	Digital Repository
institution_category	Foreign Institution
institution	Digital Repositories
building	World Bank Open Knowledge Repository
collection	World Bank
language	English
topic	ACCOUNTING ASSET MANAGEMENT ASSET MANAGEMENT COMPANIES ASSET PRICE BUBBLE ASSET RECOVERY ASSETS AUCTION AUCTION PROCESS AUCTION SCHEME AUCTIONS BALANCE SHEET BALANCE SHEETS BANK OF JAPAN BANK RECAPITALIZATION BANKING CRISES BANKING SECTOR BANKING SYSTEM BANKRUPTCY BANKRUPTCY PROCEDURES BANKS CASH FLOWS COMMON POLICY CORPORATE CONTROL CORPORATE GOVERNANCE CORPORATE RESTRUCTURING CREDIT COOPERATIVES CREDIT DISCIPLINE CREDITOR PROTECTION CRISIS ECONOMIES CROSS-COUNTRY EXPERIENCE DEBT DEBT RESTRUCTURING DEBT SERVICING DEPOSIT GUARANTEES DEPOSIT INSURANCE DEPOSITORS DEPOSITS DEREGULATION DISCLOSURE EQUITY CAPITAL EQUITY MARKETS EXTENSIVE DEPOSIT GUARANTEES FINANCIAL ASSETS FINANCIAL CRISIS FINANCIAL DISTRESS FINANCIAL INSTITUTIONS FINANCIAL INTERMEDIARIES FINANCIAL MANAGEMENT FINANCIAL REGULATION FINANCIAL RESTRUCTURING FORECLOSURE LAWS FOREIGN MANAGEMENT FOREIGN SALES FRAUDULENT ASSETS GAMBLING GUIDELINES INCENTIVE FRAMEWORK INSOLVENCY INSTITUTIONAL REFORM INTEREST RATES INVENTORY LABOR UNIONS LAND PRICES LAWS LIQUIDITY LOAN CLASSIFICATION LOAN LOSS PROVISIONS MARKET VALUE MATURITIES MERGERS MUTUAL FUNDS NATIONALIZATION NONBANK FINANCIAL INSTITUTIONS NONPERFORMING LOANS PAYOUT PORTFOLIO PORTFOLIOS PRESENT VALUE PROFITABILITY PUBLIC DEBT RECAPITALIZATION REORGANIZATION RETAINED EARNINGS RETIREMENT SAVINGS SECURITIES SHAREHOLDERS STATE OWNERSHIP STOCK MARKETS SUBORDINATED DEBT SUPERVISORY FRAMEWORK SWAPS TRANSPARENCY VENTURE CAPITAL CORPORATE RESTRUCTURING FINANCIAL SECTOR REFORM BANKING DISTRESS FINANCIAL CRISES ECONOMIC CRISIS CORPORATE GOVERNANCE DEBT RESTRUCTURING INVESTMENT FUNDS AUCTIONS PARTICIPATION OF STAKEHOLDERS EMPLOYEE OWNERSHIP CORPORATE DEBT
spellingShingle	ACCOUNTING ASSET MANAGEMENT ASSET MANAGEMENT COMPANIES ASSET PRICE BUBBLE ASSET RECOVERY ASSETS AUCTION AUCTION PROCESS AUCTION SCHEME AUCTIONS BALANCE SHEET BALANCE SHEETS BANK OF JAPAN BANK RECAPITALIZATION BANKING CRISES BANKING SECTOR BANKING SYSTEM BANKRUPTCY BANKRUPTCY PROCEDURES BANKS CASH FLOWS COMMON POLICY CORPORATE CONTROL CORPORATE GOVERNANCE CORPORATE RESTRUCTURING CREDIT COOPERATIVES CREDIT DISCIPLINE CREDITOR PROTECTION CRISIS ECONOMIES CROSS-COUNTRY EXPERIENCE DEBT DEBT RESTRUCTURING DEBT SERVICING DEPOSIT GUARANTEES DEPOSIT INSURANCE DEPOSITORS DEPOSITS DEREGULATION DISCLOSURE EQUITY CAPITAL EQUITY MARKETS EXTENSIVE DEPOSIT GUARANTEES FINANCIAL ASSETS FINANCIAL CRISIS FINANCIAL DISTRESS FINANCIAL INSTITUTIONS FINANCIAL INTERMEDIARIES FINANCIAL MANAGEMENT FINANCIAL REGULATION FINANCIAL RESTRUCTURING FORECLOSURE LAWS FOREIGN MANAGEMENT FOREIGN SALES FRAUDULENT ASSETS GAMBLING GUIDELINES INCENTIVE FRAMEWORK INSOLVENCY INSTITUTIONAL REFORM INTEREST RATES INVENTORY LABOR UNIONS LAND PRICES LAWS LIQUIDITY LOAN CLASSIFICATION LOAN LOSS PROVISIONS MARKET VALUE MATURITIES MERGERS MUTUAL FUNDS NATIONALIZATION NONBANK FINANCIAL INSTITUTIONS NONPERFORMING LOANS PAYOUT PORTFOLIO PORTFOLIOS PRESENT VALUE PROFITABILITY PUBLIC DEBT RECAPITALIZATION REORGANIZATION RETAINED EARNINGS RETIREMENT SAVINGS SECURITIES SHAREHOLDERS STATE OWNERSHIP STOCK MARKETS SUBORDINATED DEBT SUPERVISORY FRAMEWORK SWAPS TRANSPARENCY VENTURE CAPITAL CORPORATE RESTRUCTURING FINANCIAL SECTOR REFORM BANKING DISTRESS FINANCIAL CRISES ECONOMIC CRISIS CORPORATE GOVERNANCE DEBT RESTRUCTURING INVESTMENT FUNDS AUCTIONS PARTICIPATION OF STAKEHOLDERS EMPLOYEE OWNERSHIP CORPORATE DEBT Claessens, Stijn Djankov, Simeon Klingebiel, Daniela How to Accelerate Corporate and Financial Sector Restructuring in East Asia
geographic_facet	East Asia and Pacific
relation	Viewpoint: Public Policy for the Private Sector; Note No. 200
description	Resolving systemic banking and corporate distress is not easy. The large scale of the East Asian financial crisis has made the task even more daunting in Indonesia, the Republic of Korea, Malaysia, and Thailand. Two years into the process, bank and corporate restructuring is still a work in progress. Governments should act to accelerate it. Besides adopting common policy prescriptions - improving financial regulation, corporate governance, and bankruptcy procedures and shoring up banks' capital positions - governments could take three additional steps: Set up competitive, privately managed specialized funds, to hold nonperforming loans and depoliticize restructuring. Allow auctions as an alternative to negotiations, to speed debt restructuring. And allow employee ownership participation schemes, to reduce workers' resistance to changes in ownership.
format	Publications & Research :: Viewpoint
author	Claessens, Stijn Djankov, Simeon Klingebiel, Daniela
author_facet	Claessens, Stijn Djankov, Simeon Klingebiel, Daniela
author_sort	Claessens, Stijn
title	How to Accelerate Corporate and Financial Sector Restructuring in East Asia
title_short	How to Accelerate Corporate and Financial Sector Restructuring in East Asia
title_full	How to Accelerate Corporate and Financial Sector Restructuring in East Asia
title_fullStr	How to Accelerate Corporate and Financial Sector Restructuring in East Asia
title_full_unstemmed	How to Accelerate Corporate and Financial Sector Restructuring in East Asia
title_sort	how to accelerate corporate and financial sector restructuring in east asia
publisher	World Bank, Washington, DC
publishDate	2012
url	http://documents.worldbank.org/curated/en/1999/11/439479/accelerate-corporate-financial-sector-restructuring-east-asia http://hdl.handle.net/10986/11452
_version_	1764416782035058688

How to Accelerate Corporate and Financial Sector Restructuring in East Asia

Similar Items