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Two Approaches to Resolving Nonperforming Assets During Financial Crises


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  • D. Woo
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    The unprecedented rise in nonperforming assets during the recent Asian financial crisis severely tested the limit and capacity of the existing asset management infrastructure, leading policymakers to consider new approaches to resolve them. This paper examines two such approaches—the creation of asset management companies and the development of out-of-court centralized corporate debt workout frameworks—that came to define the core asset management setting in countries most seriously affected by the crisis. In addition to investigating their respective role, and evaluating their strengths and weaknesses, this paper seeks to benchmark some best practices in their design.

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    Bibliographic Info

    Paper provided by International Monetary Fund in its series IMF Working Papers with number 00/33.

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    Length: 41
    Date of creation: 01 Feb 2000
    Date of revision:
    Handle: RePEc:imf:imfwpa:00/33

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    Postal: International Monetary Fund, Washington, DC USA
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    Keywords: Asia; asset management; restructuring; loans; debt; debt restructuring; creditors; debtors; interest; corporate debt; financial crises; financial restructuring; liabilities; asian crisis; debt workout; asset management companies; closed banks; payments; corporate sector; financial crisis; political interference; taxes; rating agencies; crisis countries; foreclosure; creditor; solvency; deposit insurance; repayment; insolvency; legal protection; defaults; secondary markets; debt management; risk premium; insolvent banks; credit rating; debt instruments; outstanding debt; tax systems; capital adequacy; banking supervision; debt resolution; tax deduction; obligations; banking crises; systemic bank restructuring; credit bureaus; legal infrastructure; receivership; resource allocation; recapitalization; debt recovery; asian financial crisis; recession; subordinated debt; legal systems; taxpayers; government securities; letters of credit; credit market; mortgage loans; bond market; debt repayment; debt service; debt forgiveness; financial sector crisis; resolution of banking crises;


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    Cited by:
    1. Gary Gorton & Lixin Huang, 2002. "Liquidity, Efficiency and Bank Bailouts," NBER Working Papers 9158, National Bureau of Economic Research, Inc.
    2. He, Dong, 2002. "Resolving Non-performing Assets of the Indian Banking System," MPRA Paper 9758, University Library of Munich, Germany.
    3. Miroslav Kollár & Luboš Komárek, 2009. "Selective Approaches and Experiences with Problematic Assets in Banking Sector," Politická ekonomie, University of Economics, Prague, University of Economics, Prague, vol. 2009(5), pages 601-621.


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