How to Accelerate Corporate and Financial Sector Restructuring in East Asia

Claessens, Stijn ; Djankov, Simeon ; Klingebiel, Daniela

World Bank, Washington, DC

关键词: ACCOUNTING;    ASSET MANAGEMENT;    ASSET MANAGEMENT COMPANIES;    ASSET PRICE BUBBLE;    ASSET RECOVERY;   

RP-ID  :  19931

学科分类：社会科学、人文和艺术（综合）

来源: World Bank Open Knowledge Repository

【 摘 要 】

Resolving systemic banking and corporatedistress is not easy. The large scale of the East Asianfinancial crisis has made the task even more daunting inIndonesia, the Republic of Korea, Malaysia, and Thailand.Two years into the process, bank and corporate restructuringis still a work in progress. Governments should act toaccelerate it. Besides adopting common policy prescriptions- improving financial regulation, corporate governance, andbankruptcy procedures and shoring up banks' capitalpositions - governments could take three additional steps:Set up competitive, privately managed specialized funds, tohold nonperforming loans and depoliticize restructuring.Allow auctions as an alternative to negotiations, to speeddebt restructuring. And allow employee ownershipparticipation schemes, to reduce workers' resistance tochanges in ownership.