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Policy Options For Supporting And Restructuring Firms Hit By The Covid 19 Crisis
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Book Synopsis Policy Options for Supporting and Restructuring Firms Hit by the COVID-19 Crisis by : Ms. Juliana Dutra Araujo
Download or read book Policy Options for Supporting and Restructuring Firms Hit by the COVID-19 Crisis written by Ms. Juliana Dutra Araujo and published by International Monetary Fund. This book was released on 2022-02-23 with total page 79 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper presents principles that could guide the design of more targeted policy support and facilitate the restructuring of firms adversely impacted by the COVID-19 pandemic. To this end, the paper takes stock of vulnerabilities and risks in the enterprise sector and assesses countries’ preparedness to handle a large-scale restructuring of businesses. Crisis preparedness of insolvency systems is measured according to a newly designed indicator that includes five dimensions of the insolvency and restructuring regime (out-of-court restructuring, hybrid restructuring, reorganization, liquidation, and the institutional framework). Vulnerabilities tend to be more pronounced in jurisdictions with shortcomings in crisis preparedness, and those countries need to step up efforts to improve their insolvency systems.
Book Synopsis Insolvency Prospects Among Small-and-Medium-Sized Enterprises in Advanced Economies by : Mr.Federico J Diez
Download or read book Insolvency Prospects Among Small-and-Medium-Sized Enterprises in Advanced Economies written by Mr.Federico J Diez and published by International Monetary Fund. This book was released on 2021-04-02 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt: The COVID-19 pandemic has increased insolvency risks, especially among small and medium enterprises (SMEs), which are vastly overrepresented in hard-hit sectors. Without government intervention, even firms that are viable a priori could end up being liquidated—particularly in sectors characterized by labor-intensive technologies, threatening both macroeconomic and social stability. This staff discussion note assesses the impact of the pandemic on SME insolvency risks and policy options to address them. It quantifies the impact of weaker aggregate demand, changes in sectoral consumption patterns, and lockdowns on firm balance sheets and estimates the impact of a range of policy options, for a large sample of SMEs in (mostly) advanced economies.
Book Synopsis Global Corporate Stress Tests—Impact of the COVID-19 Pandemic and Policy Responses by : Mr. Thierry Tressel
Download or read book Global Corporate Stress Tests—Impact of the COVID-19 Pandemic and Policy Responses written by Mr. Thierry Tressel and published by International Monetary Fund. This book was released on 2021-08-06 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt: Corporate sector vulnerabilities have been a central policy topic since the outset of the COVID-19 pandemic. In this paper, we analyze some 17,000 publicly listed firms in a sample of 24 countries, and assess their ability to withstand shocks induced by the pandemic to their liquidity, viability and solvency. For this purpose, we develop novel multi-factor sensitivity analysis and dynamic scenario-based stress test techniques to assess the impact of shocks on firm’s ability to service their debt, and on their liquidity and solvency positions. Applying the October 2020 WEO baseline and adverse scenarios, we find that a large share of publicly-listed firms become vulnerable as a result of the pandemic shock and additional borrowing needs to overcome cash shortfalls are large, while firm behavioral responses and policies substantially help overcome the impact of the shock in the near term. Looking forward, while interest coverage ratios tend to improve over time after the initial shock as earnings recover in line with projected macroeconomic conditions, liquidity needs remain substantial in many firms across countries and across industries, while insolvencies rise over time in specific industries. To inform policy debates, we offer an approach to a triage between viable and unviable firms, and find that the needs for liquidity support of viable firms remain important beyond 2020, and that medium-term debt restructuring needs and liquidations of firms may be substantial in the medium-term.
Author :International Monetary Fund. Strategy, Policy, & Review Department Publisher :International Monetary Fund ISBN 13 : Total Pages :179 pages Book Rating :4.4/5 (2 download)
Book Synopsis Operational Guidance Note On Program Design and Conditionality by : International Monetary Fund. Strategy, Policy, & Review Department
Download or read book Operational Guidance Note On Program Design and Conditionality written by International Monetary Fund. Strategy, Policy, & Review Department and published by International Monetary Fund. This book was released on 2024-01-30 with total page 179 pages. Available in PDF, EPUB and Kindle. Book excerpt: This note aims to provide guidance on the key principles and considerations underlying the design of Fund-supported programs. The note expands on the previous operational guidance notes on conditionality published over 2003-2014, incorporating lessons from the 2018-19 Review of Conditionality, and other recent key policy developments including the recommendation of the Management’s Implementation Plan in response to Independent Evaluation Office (IEO)’s report on growth and adjustment in IMF-supported programs. The note in particular highlights operational advice to (i) improve the realism of macroeconomic forecast in programs and fostering a more systematic analysis of contingency plans and risks; (ii) improve the focus, depth, implementation, and tailoring of structural conditions (SCs), with due consideration of growth effects; and (iii) help strengthen the ownership of country authorities. Designed as a comprehensive reference and primer on program design and conditionality in an accessible and transparent manner, the note refers in summary to a broad range of economic and policy considerations over the lifecycle of Fund-supported programs. As with all guidance notes, the relevant IMF Executive Board Decisions remain the primary legal authority on matters covered in this note.
Author :International Monetary Fund. Asia and Pacific Dept Publisher :International Monetary Fund ISBN 13 : Total Pages :44 pages Book Rating :4.4/5 (2 download)
Book Synopsis Thailand by : International Monetary Fund. Asia and Pacific Dept
Download or read book Thailand written by International Monetary Fund. Asia and Pacific Dept and published by International Monetary Fund. This book was released on 2022-09-16 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: Selected Issues
Book Synopsis Corporate Liquidity and Solvency in Europe during COVID-19: The Role of Policies by : Mr.Christian H Ebeke
Download or read book Corporate Liquidity and Solvency in Europe during COVID-19: The Role of Policies written by Mr.Christian H Ebeke and published by International Monetary Fund. This book was released on 2021-03-02 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: The spread of COVID-19, containment measures, and general uncertainty led to a sharp reduction in activity in the first half of 2020. Europe was hit particularly hard—the economic contraction in 2020 is estimated to have been among the largest in the world—with potentially severe repercussions on its nonfinancial corporations. A wave of corporate bankruptcies would generate mass unemployment, and a loss of productive capacity and firm-specific human capital. With many SMEs in Europe relying primarily on the banking sector for external finance, stress in the corporate sector could easily translate into pressures in the banking system (Aiyar et al., forthcoming).
Book Synopsis Fiscal Monitor, October 2022 by : International Monetary Fund
Download or read book Fiscal Monitor, October 2022 written by International Monetary Fund and published by International Monetary Fund. This book was released on 2022-10-12 with total page 100 pages. Available in PDF, EPUB and Kindle. Book excerpt: The report explores how fiscal policy can foster resilience by protecting households against large income and employment losses. Governments face increasingly difficult trade-offs in tackling the spikes in food and energy prices when policy buffers are largely exhausted after two years of pandemic. They should prioritize protecting vulnerable groups through targeted support while keeping a tight fiscal stance to help reduce inflation. Building fiscal buffers in normal times would allow governments to respond swiftly and flexibly during adversities. Several fiscal tools, such as job-retention schemes, have proven useful to preserve jobs and income for workers. Social safety nets should be made more readily scalable and better targeted, leveraging digital technologies. Exceptional support to firms should be reserved for severe situations and requires sound fiscal risk management.
Book Synopsis Advancements in Business for Integrating Diversity, and Sustainability by : Dimitrios A Karras
Download or read book Advancements in Business for Integrating Diversity, and Sustainability written by Dimitrios A Karras and published by Taylor & Francis. This book was released on 2024-03-01 with total page 385 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is the collection of selected articles that appeared at the First International Analytics Conference 2023 held in Hyderabad in virtual mode on February 2nd the 3rd 2023. In the fast-paced, ever-changing world of business, the pursuit of diversity and sustainability has emerged as a dynamic catalyst for progress. This illuminating volume takes you on a journey through the evolving realm of business, where innovative approaches are redefining corporate strategies and values.
Book Synopsis Corporate Bond Markets in Asia Challenges and Opportunities for Growth Companies by : OECD
Download or read book Corporate Bond Markets in Asia Challenges and Opportunities for Growth Companies written by OECD and published by OECD Publishing. This book was released on 2024-03-12 with total page 85 pages. Available in PDF, EPUB and Kindle. Book excerpt: This report presents a comprehensive analysis of the use and structure of corporate bond markets in Asia.
Book Synopsis Republic of Latvia by : International Monetary
Download or read book Republic of Latvia written by International Monetary and published by International Monetary Fund. This book was released on 2022-08-23 with total page 25 pages. Available in PDF, EPUB and Kindle. Book excerpt: Selected Issues
Book Synopsis The COVID-19 Impact on Corporate Leverage and Financial Fragility by : Sharjil M. Haque
Download or read book The COVID-19 Impact on Corporate Leverage and Financial Fragility written by Sharjil M. Haque and published by International Monetary Fund. This book was released on 2021-11-05 with total page 51 pages. Available in PDF, EPUB and Kindle. Book excerpt: We study the impact of the COVID-19 recession on capital structure of publicly listed U.S. firms. Our estimates suggest leverage (Net Debt/Asset) decreased by 5.3 percentage points from the pre-shock mean of 19.6 percent, while debt maturity increased moderately. This de-leveraging effect is stronger for firms exposed to significant rollover risk, while firms whose businesses were most vulnerable to social distancing did not reduce leverage. We rationalize our evidence through a structural model of firm value that shows lower expected growth rate and higher volatility of cash flows following COVID-19 reduced optimal levels of corporate leverage. Model-implied optimal leverage indicates firms which did not de-lever became over-leveraged. We find default probability deteriorates most in large, over-leveraged firms and those that were stressed pre-COVID. Additional stress tests predict value of these firms will be less than one standard deviation away from default if cash flows decline by 20 percent.
Book Synopsis COVID-19 and SME Failures by : Pierre-Olivier Gourinchas
Download or read book COVID-19 and SME Failures written by Pierre-Olivier Gourinchas and published by . This book was released on 2020 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt: Abstract: We estimate the impact of the COVID-19 crisis on business failures among small and medium size enterprises (SMEs) in seventeen countries using a large representative firm-level database. We use a simple model of firm cost-minimization and measure each firm's liquidity shortfall during and after COVID-19. Our framework allows for a rich combination of sectoral and aggregate supply, productivity, and demand shocks. We estimate a large increase in the failure rate of SMEs under COVID-19 of nearly 9 percentage points, absent government support. Accommodation & Food Services, Arts, Entertainment & Recreation, Education, and Other Services are among the most affected sectors. The jobs at risk due to COVID-19 related SME business failures represent 3.1 percent of private sector employment. Despite the large impact on business failures and employment, we estimate only moderate effects on the financial sector: the share of Non Performing Loans on bank balance sheets would increase by up to 11 percentage points, representing 0.3 percent of banks' assets and resulting in a 0.75 percentage point decline in the common equity Tier-1 capital ratio. We evaluate the cost and effectiveness of various policy interventions. The fiscal cost of an intervention that narrowly targets at risk firms can be modest (0.54% of GDP). However, at a similar level of effectiveness, non-targeted subsidies can be substantially more expensive (1.82% of GDP). Our results have important implications for the severity of the COVID-19 recession, the design of policies, and the speed of the recovery
Author :International Monetary Fund. Asia and Pacific Dept Publisher :International Monetary Fund ISBN 13 : Total Pages :58 pages Book Rating :4.4/5 (2 download)
Book Synopsis People’s Republic of China by : International Monetary Fund. Asia and Pacific Dept
Download or read book People’s Republic of China written by International Monetary Fund. Asia and Pacific Dept and published by International Monetary Fund. This book was released on 2024-02-09 with total page 58 pages. Available in PDF, EPUB and Kindle. Book excerpt: Selected Issues
Book Synopsis Brookings Papers on Economic Activity: Fall 2020 by : Janice Eberly
Download or read book Brookings Papers on Economic Activity: Fall 2020 written by Janice Eberly and published by Brookings Institution Press. This book was released on 2021-06-22 with total page 452 pages. Available in PDF, EPUB and Kindle. Book excerpt: Brookings Papers on Economic Activity (BPEA) provides academic and business economists, government officials, and members of the financial and business communities with timely research on current economic issues.
Book Synopsis Policy Advice to Asia in the COVID-19 Era by : Changyong Rhee
Download or read book Policy Advice to Asia in the COVID-19 Era written by Changyong Rhee and published by International Monetary Fund. This book was released on 2021-03-05 with total page 105 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Asia-Pacific region was the first to be hit by the COVID-19 pandemic; it put a strain on its people and economies, and policymaking became exceptionally difficult. This departmental paper contains the assessment of the key challenges facing Asia at this critical juncture and policy advice to the region both to address the current challenges and to build the foundations for a more sustainable and inclusive future. The paper focuses on (1) adjusting to the COVID-19 shock, (2) using unconventional policies when policy space is limited, (3) dealing with debt, and (4) helping the vulnerable and greening the recovery. The paper first presents the different ways countries are adjusting to the COVID-19 shock.
Author :International Monetary Fund Publisher :International Monetary Fund ISBN 13 :1513571559 Total Pages :122 pages Book Rating :4.5/5 (135 download)
Book Synopsis Fiscal Monitor, April 2021 by : International Monetary Fund
Download or read book Fiscal Monitor, April 2021 written by International Monetary Fund and published by International Monetary Fund. This book was released on 2021-04-07 with total page 122 pages. Available in PDF, EPUB and Kindle. Book excerpt: The April 2021 edition of the Fiscal Monitor focuses on tailoring fiscal responses to the COVID-19 pandemic and adopting policies to reduce inequality and gaps
Book Synopsis Policies for Macrofinancial Stability by : Mr.Bas B. Bakker
Download or read book Policies for Macrofinancial Stability written by Mr.Bas B. Bakker and published by International Monetary Fund. This book was released on 2012-06-07 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: This note explores the costs and benefits of different policy options to reduce the risks associated with credit booms, drawing upon several country experiences and the findings from econometric analysis.
