Decentralized Creditor-Led Corporate Restructuring : Cross-Country Experience

Dado, Marinela E. ; Klingebiel, Daniela

World Bank, Washington, DC

关键词: ACCOUNTING;    ACCOUNTING FRAMEWORK;    ASSET MANAGEMENT;    ASSET MANAGEMENT COMPANIES;    ASSET RECOVERY;   

DOI  :  10.1596/1813-9450-2901
RP-ID  :  WPS2901

学科分类：社会科学、人文和艺术（综合）

来源: World Bank Open Knowledge Repository

【 摘 要 】

Countries that have experienced bankingcrises have adopted one of two distinct approaches towardthe resolution of non-performing assets-a centralized or adecentralized solution. A centralized approach entailssetting up a government agency-an asset managementcompany-with the full responsibility for acquiring,restructuring, and selling of the assets. A decentralizedapproach relies on banks and other creditors to manage andresolve non-performing assets. The authors study bankingcrises where governments adopted a decentralized,creditor-led workout strategy following systemic crises.They use a case study approach and analyze seven bankingcrises in which governments mainly relied on banks toresolve non-performing assets. The study suggests that outof the seven cases, only Chile, Norway, and Polandsuccessfully restructured their corporate sectors withcompanies attaining viable financial structures. Theanalysis underscores that as in the case of a centralizedstrategy the prerequisites for a successful decentralizedrestructuring strategy are manifold. The successfulcountries significantly improved the banking system'scapital position, enabling banks to write down loan losses;banks as well as corporations had adequate incentives toengage in corporate restructuring; and ownership linksbetween banks and corporations were limited or severedduring crises.