Corporate Distress in East Asia : The Effect of Currency and Interest Rate Shocks

Claessens, Stijn ; Djankov, Simeon ; Ferri, Giovanni

World Bank, Washington, DC

关键词: ASSETS;    BALANCE SHEET;    BALANCE SHEETS;    BANK FOR INTERNATIONAL SETTLEMENTS;    BANK LENDING;   

RP-ID  :  19058

学科分类：社会科学、人文和艺术（综合）

来源: World Bank Open Knowledge Repository

【 摘 要 】

A study of the five countries mostaffected by the East Asian financial crisis - Indonesia, theRepublic of Korea, Malaysia, the Philippines, and Thailand-- shows that more than 60 percent of firms are illiquid and30 percent are technically insolvent. Among solvent firms,about half are at risk of insolvency unless their liquidityconstraints are relieved. Worst affected is Indonesia, with77 percent of firms illiquid and 65 percent insolvent,followed by Korea and Thailand. Extrapolations using thesefindings suggest that non-performing loans in the fivecountries could amount to 7 to 30 percent of Gross DomesticProduct (GDP) and non-performing assets to more than a thirdof their combined GDP.