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Corporate Insolvency Procedures and Bank Behavior

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  • Qaizar Hussain
  • Clas Wihlborg

Abstract

This paper explores insolvency and debt recovery procedures, and political, legal, and institutional factors influencing financial decisions of corporations and banks during pre-crisis years in six Asian economies. It also examines whether these factors may have contributed to the depth and duration of the 1997 crisis. There are two key findings: First, bank behavior and other institutional factors, and not the nature of stakeholder orientation, seem to explain variations in capital structures and the depth of recessions across economies. Second, aspects of insolvency procedures favoring rehabilitation of “financially distressed” firms seem to explain well the expected duration of the crisis.

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Bibliographic Info

Paper provided by International Monetary Fund in its series IMF Working Papers with number 99/135.

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Length: 46
Date of creation: 01 Oct 1999
Date of revision:
Handle: RePEc:imf:imfwpa:99/135

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Cited by:
  1. Christophe Godlewski, 2004. "Excess Credit Risk and Bank’s Default Risk An Application of Default Prediction’s Models to Banks from Emerging Market Economies," Finance 0409028, EconWPA.
  2. ATI Abdessatar & BEN JAZIA Rachida, 2013. "Institutional Quality And Financial Stress: Experience From Emerging Country," Studies in Business and Economics, Lucian Blaga University of Sibiu, Faculty of Economic Sciences, vol. 8(3), pages 5-20, December.
  3. Pasadilla, Gloria O., 2005. "Special Purpose Vehicles and Insolvency Reforms in the Philippines," Discussion Papers DP 2005-06, Philippine Institute for Development Studies.
  4. Ismael E Arciniegas Rueda & Fabio Arciniegas, 2005. "SOM-based Data Analysis of Speculative Attacks' Real Effects," International Finance 0507001, EconWPA.
  5. Cargill, Thomas F. & Parker, Elliott, 2002. "Asian finance and the role of bankruptcy: a model of the transition costs of financial liberalization," Journal of Asian Economics, Elsevier, vol. 13(3), pages 297-318.
  6. Christophe Godlewski, 2004. "Capital Regulation and Credit Risk Taking : Empirical Evidence from Banks in Emerging Market Economies," Finance 0409030, EconWPA.
  7. Gertjan W. Vlieghe, 2001. "Indicators of fragility in the UK corporate sector," Bank of England working papers 146, Bank of England.
  8. Buttwill, Klas & Wihlborg, Clas, 2005. "The Efficiency of the Bankruptcy Process. An International Comparison," Ratio Working Papers 65, The Ratio Institute.
  9. Wihlborg, Clas, 2002. "Insolvency and Debt Recovery Procedures in Economic Development: An Overview of African Law," Working Paper Series UNU-WIDER Research Paper , World Institute for Development Economic Research (UNU-WIDER).

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