Resolving Chinas Corporate Debt Problem

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Resolving China’s Corporate Debt Problem

Author : Wojciech Maliszewski
Publisher : International Monetary Fund
ISBN 13 : 1475545282
Total Pages : 43 pages
Book Rating : 4.4/5 (755 download)

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Book Synopsis Resolving China’s Corporate Debt Problem by : Wojciech Maliszewski

Download or read book Resolving China’s Corporate Debt Problem written by Wojciech Maliszewski and published by International Monetary Fund. This book was released on 2016-10-14 with total page 43 pages. Available in PDF, EPUB and Kindle. Book excerpt: Corporate credit growth in China has been excessive in recent years. This credit boom is related to the large increase in investment after the Global Financial Crisis. Investment efficiency has fallen and the financial performance of corporates has deteriorated steadily, affecting asset quality in financial institutions. The corporate debt problem should be addressed urgently with a comprehensive strategy. Key elements should include identifying companies in financial difficulties, proactively recognizing losses in the financial system, burden sharing, corporate restructuring and governance reform, hardening budget constraints, and facilitating market entry. A proactive strategy would trade off short-term economic pain for larger longer-term gain.

Resolving China's Zombies: Tackling Debt and Raising Productivity

Author : W. Raphael Lam
Publisher : International Monetary Fund
ISBN 13 : 1484331931
Total Pages : 26 pages
Book Rating : 4.4/5 (843 download)

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Book Synopsis Resolving China's Zombies: Tackling Debt and Raising Productivity by : W. Raphael Lam

Download or read book Resolving China's Zombies: Tackling Debt and Raising Productivity written by W. Raphael Lam and published by International Monetary Fund. This book was released on 2017-11-27 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: Nonviable “zombie” firms have become a key concern in China. Using novel firm-level industrial survey data, this paper illustrates the central role of zombies and their strong linkages with stateowned enterprises (SOEs) in contributing to debt vulnerabilities and low productivity. As a group, zombie firms and SOEs account for an outsized share of corporate debt, contribute to much of the rise in debt, and face weak fundamentals. Empirical results also show that resolving these weak firms can generate significant gains of 0.7–1.2 percentage points in long-term growth per year. These results also shed light on the ongoing government strategy to tackle these issues by evaluating the effects of different restructuring options. In particular, deleveraging, reducing government subsidies, as well as operational restructuring through divestment and reducing redundancy have significant benefits in restoring corporate performance for zombie firms.

Corporate Debt Crisis and Bankruptcy Law During the Transition

Author : David D. Li
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (364 download)

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Book Synopsis Corporate Debt Crisis and Bankruptcy Law During the Transition by : David D. Li

Download or read book Corporate Debt Crisis and Bankruptcy Law During the Transition written by David D. Li and published by . This book was released on 1995 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Global Waves of Debt

Author : M. Ayhan Kose
Publisher : World Bank Publications
ISBN 13 : 1464815453
Total Pages : 403 pages
Book Rating : 4.4/5 (648 download)

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Book Synopsis Global Waves of Debt by : M. Ayhan Kose

Download or read book Global Waves of Debt written by M. Ayhan Kose and published by World Bank Publications. This book was released on 2021-03-03 with total page 403 pages. Available in PDF, EPUB and Kindle. Book excerpt: The global economy has experienced four waves of rapid debt accumulation over the past 50 years. The first three debt waves ended with financial crises in many emerging market and developing economies. During the current wave, which started in 2010, the increase in debt in these economies has already been larger, faster, and broader-based than in the previous three waves. Current low interest rates mitigate some of the risks associated with high debt. However, emerging market and developing economies are also confronted by weak growth prospects, mounting vulnerabilities, and elevated global risks. A menu of policy options is available to reduce the likelihood that the current debt wave will end in crisis and, if crises do take place, will alleviate their impact.

Until Debt Do Us Part

Author : Otaviano Canuto
Publisher : World Bank Publications
ISBN 13 : 0821397672
Total Pages : 654 pages
Book Rating : 4.8/5 (213 download)

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Book Synopsis Until Debt Do Us Part by : Otaviano Canuto

Download or read book Until Debt Do Us Part written by Otaviano Canuto and published by World Bank Publications. This book was released on 2013-02-13 with total page 654 pages. Available in PDF, EPUB and Kindle. Book excerpt: With decentralization and urbanization, the debts of state and local governments and of quasi-public agencies have grown in importance. Rapid urbanization in developing countries requires large-scale infrastructure financing to help absorb influxes of rural populations. Borrowing enables state and local governments to capture the benefits of major capital investments immediately and to finance infrastructure more equitably across multiple generations of service users. With debt comes the risk of insolvency. Subnational debt crises have reoccurred in both developed and developing countries. Restructuring debt and ensuring its sustainability confront moral hazard and fiscal incentives in a multilevel government system; individual subnational governments might free-ride common resources, and public officials at all levels might shift the cost of excessive borrowing to future generations. This book brings together the reform experiences of emerging economies and developed countries. Written by leading practitioners and experts in public finance in the context of multilevel government systems, the book examines the interaction of markets, regulators, subnational borrowers, creditors, national governments, taxpayers, ex-ante rules, and ex-post insolvency systems in the quest for subnational fiscal discipline. Such a quest is intertwined with a country s historical, political, and economic context. The formal legal framework interacts with political reality to influence the dynamics of and incentives for reform. Often, the resolution of a subnational debt crisis unfolds in the context of macroeconomic stabilization and structural reforms. The book includes reforms that have not been covered by previous literature, such as those of China, Colombia, France, Hungary, Mexico, and South Africa. The book also presents a comprehensive review of how the United States developed its debt market for state and local governments, through a series of reforms that are path dependent, including the reforms and lessons learned following state defaults in the 1840s and the debates that shaped the enactment of Chapter 9 of the Bankruptcy Code in 1937. Looking forward, pressures on subnational finance are likely to continue from the fragility of global recovery, the potentially higher cost of capital, refinancing risks, and sovereign risks. This book is essential reading for anyone wanting to know the challenges and reform options in debt restructuring, insolvency frameworks, and public debt market development.

China's Superbank

Author : Henry Sanderson
Publisher : John Wiley & Sons
ISBN 13 : 1118176367
Total Pages : 228 pages
Book Rating : 4.1/5 (181 download)

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Book Synopsis China's Superbank by : Henry Sanderson

Download or read book China's Superbank written by Henry Sanderson and published by John Wiley & Sons. This book was released on 2013-01-22 with total page 228 pages. Available in PDF, EPUB and Kindle. Book excerpt: Inside the engine-room of China's economic growth—the China Development Bank Anyone wanting a primer on the secret of China's economic success need look no further than China Development Bank (CDB)—which has displaced the World Bank as the world's biggest development bank, lending billions to countries around the globe to further Chinese policy goals. In China’s Superbank, Bloomberg authors Michael Forsythe and Henry Sanderson outline how the bank is at the center of China's domestic economic growth and how it is helping to expand China's influence in strategically important overseas markets. 100 percent owned by the Chinese government, the CDB holds the key to understanding the inner workings of China's state-led economic development model, and its most glaring flaws. The bank is at the center of the country's efforts to build a world-class network of highways, railroads, and power grids, pioneering a lending scheme to local governments that threatens to spawn trillions of yuan in bad loans. It is doling out credit lines by the billions to Chinese solar and wind power makers, threatening to bury global competitors with a flood of cheap products. Another $45 billion in credit has been given to the country's two biggest telecom equipment makers who are using the money to win contracts around the globe, helping fulfill the goal of China's leaders for its leading companies to "go global." Bringing the story of China Development Bank to life by crisscrossing China to investigate the quality of its loans, China’s Superbank travels the globe, from Africa, where its China-Africa fund is displacing Western lenders in a battle for influence, to the oil fields of Venezuela. Offers a fascinating insight into the China Development Bank (CDB), the driver of China's rapid economic development Travels the globe to show how the CDB is helping Chinese businesses "go global" Written by two respected reporters at Bloomberg News As China's influence continues to grow around the world, many people are asking how far it will extend. China’s Superbank addresses these vital questions, looking at the institution at the heart of this growth.

The Reformability of China's State Sector

Author : Guanzhong James Wen
Publisher : World Scientific
ISBN 13 : 9789810226558
Total Pages : 520 pages
Book Rating : 4.2/5 (265 download)

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Book Synopsis The Reformability of China's State Sector by : Guanzhong James Wen

Download or read book The Reformability of China's State Sector written by Guanzhong James Wen and published by World Scientific. This book was released on 1997 with total page 520 pages. Available in PDF, EPUB and Kindle. Book excerpt: China has achieved alarming success in accelerating the economic growth rate since it started economic reform about 16 years ago.However, its state sector is still running severe deficits. Even though its productivity might be improved since the reform started, its financial situation, nevertheless, has been worsening mainly as a result of increased competition from the rapidly expanding non-state sector. Therefore, the reform of this sector has become an urgent problem.All the papers collected in this book are closely related to the various issues that the reform of the state sector has to solve.Among the contributors are Professor Merton H Miller, a Nobel laureate and expert on firm finance and governauce, Mr Ji Lin, the vice president of the Chinese Academy of Social Sciences, Dr Justin Y Lin, the director of Center of China's Economic Research at Beijing University, Professor Gang Fan, the well-known Chinese Economist and vice director of the Institute of Economic Research at the Chinese Academy of Social Sciences, Professor Guoqiang Tian, an expert on mechanism design at Texas A & M University, and many other researchers and professors from China and the North America's research institutes and universities. Therefore, this book will be extremely useful and relevant to those economists as well as government decision-makers working in the field of the transitional economy.

Corporate Bankruptcy Law in China

Author : Natalie Mrockova
Publisher : Bloomsbury Publishing
ISBN 13 : 1509932453
Total Pages : 384 pages
Book Rating : 4.5/5 (99 download)

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Book Synopsis Corporate Bankruptcy Law in China by : Natalie Mrockova

Download or read book Corporate Bankruptcy Law in China written by Natalie Mrockova and published by Bloomsbury Publishing. This book was released on 2021-01-28 with total page 384 pages. Available in PDF, EPUB and Kindle. Book excerpt: This fascinating study uses qualitative and quantitative data and insights from interviews with judges, lawyers, government officials, entrepreneurs, bankers, consultants, and academics in China and abroad, to provide a new perspective on the problems that have hindered the implementation of the Enterprise Bankruptcy Law in China, and recent attempts at reform. The analysis provides unique insights into China's business world and its interaction with the judicial and political system in China. In addition, the book also provides important information about how the Enterprise Bankruptcy Law affects foreign companies, agencies and governments that are active in China. The author draws on empirical data, decided cases and her experience of how the law and surrounding practices deal with foreign stakeholders whose interests are affected by corporate bankruptcy in China. The book will improve understanding of how China's corporate bankruptcy law has been used in practice, what has limited its practical effectiveness, whether it is desirable for the law to be used more readily in China, and the possible options for its reform.

A Strategy for Resolving Europe's Problem Loans

Author : Mr. Shekhar Aiyar
Publisher : International Monetary Fund
ISBN 13 : 1513511653
Total Pages : 79 pages
Book Rating : 4.5/5 (135 download)

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Book Synopsis A Strategy for Resolving Europe's Problem Loans by : Mr. Shekhar Aiyar

Download or read book A Strategy for Resolving Europe's Problem Loans written by Mr. Shekhar Aiyar and published by International Monetary Fund. This book was released on 2015-09-24 with total page 79 pages. Available in PDF, EPUB and Kindle. Book excerpt: Europe’s banking system is weighed down by high levels of non-performing loans (NPLs), which are holding down credit growth and economic activity. This discussion note uses a new survey of European country authorities and banks to examine the structural obstacles that discourage banks from addressing their problem loans. A three pillared strategy is advocated to remedy the situation, comprising: (i) tightened supervisory policies, (ii) insolvency reforms, and (iii) the development of distressed debt markets.

The Handbook of China's Financial System

Author : Marlene Amstad
Publisher : Princeton University Press
ISBN 13 : 0691205841
Total Pages : 504 pages
Book Rating : 4.6/5 (912 download)

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Book Synopsis The Handbook of China's Financial System by : Marlene Amstad

Download or read book The Handbook of China's Financial System written by Marlene Amstad and published by Princeton University Press. This book was released on 2020-11-17 with total page 504 pages. Available in PDF, EPUB and Kindle. Book excerpt: A comprehensive, in-depth, and authoritative guide to China's financial system The Chinese economy is one of the most important in the world, and its success is driven in large part by its financial system. Though closely scrutinized, this system is poorly understood and vastly different than those in the West. The Handbook of China’s Financial System will serve as a standard reference guide and invaluable resource to the workings of this critical institution. The handbook looks in depth at the central aspects of the system, including banking, bonds, the stock market, asset management, the pension system, and financial technology. Each chapter is written by leading experts in the field, and the contributors represent a unique mix of scholars and policymakers, many with firsthand knowledge of setting and carrying out Chinese financial policy. The first authoritative volume on China’s financial system, this handbook sheds new light on how it developed, how it works, and the prospects and direction of significant reforms to come. Contributors include Franklin Allen, Marlene Amstad, Kaiji Chen, Tuo Deng, Hanming Fang, Jin Feng, Tingting Ge, Kai Guo, Zhiguo He, Yiping Huang, Zhaojun Huang, Ningxin Jiang, Wenxi Jiang, Chang Liu, Jun Ma, Yanliang Mao, Fan Qi, Jun Qian, Chenyu Shan, Guofeng Sun, Xuan Tian, Chu Wang, Cong Wang, Tao Wang, Wei Xiong, Yi Xiong, Tao Zha, Bohui Zhang, Tianyu Zhang, Zhiwei Zhang, Ye Zhao, and Julie Lei Zhu.

People's Republic of China

Author : International Monetary Fund. Asia and Pacific Dept
Publisher : International Monetary Fund
ISBN 13 : 1484314727
Total Pages : 77 pages
Book Rating : 4.4/5 (843 download)

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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 2017-08-15 with total page 77 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Selected Issues paper examines the drivers and prospects for high levels of savings in China. China has one of the highest levels of national savings in the world, which is at the heart of its external and internal imbalances. High and rising household savings have mainly resulted from demographic changes as a result of the one-child policy and the breakdown of the social safety net during the transition from a planned to a market economy. Demographic changes will put downward pressure on national savings. Policy efforts to strengthen the social safety net and reduce income inequality are also needed to reduce savings further and faster and to boost consumption.

The Handbook of Global Shadow Banking, Volume II

Author : Luc Nijs
Publisher : Springer Nature
ISBN 13 : 3030348172
Total Pages : 759 pages
Book Rating : 4.0/5 (33 download)

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Book Synopsis The Handbook of Global Shadow Banking, Volume II by : Luc Nijs

Download or read book The Handbook of Global Shadow Banking, Volume II written by Luc Nijs and published by Springer Nature. This book was released on 2020-06-30 with total page 759 pages. Available in PDF, EPUB and Kindle. Book excerpt: This global handbook provides an up-to-date and comprehensive overview of shadow banking, or market-based finance as it has been recently coined. Engaging in financial intermediary services outside of normal regulatory parameters, the shadow banking sector was arguably a critical factor in causing the 2007-2009 financial crisis. This second volume explores three particular domains of shadow banking. The first domain deals with the macro-economic fundamentals of the respective shadow banking segments: Why do they exist, what problems do they solve and why are some of their embedded risks so persistent? The second domain captures the global dimensions of shadow banking markets, reviewing the particularities and specifics of various shadow banking systems around the world. Volume II concludes with an extensive overview of how the sector has changed since the financial crisis, focusing on regulatory arbitrage, contract imperfection and governance. Closing on unresolved issues and open-ended questions that will no doubt remain prominent in the shadow banking sector for years to come, this handbook is a must-read for professionals and policy-makers within the banking sector, as well as those researching economics and finance.

Stabilizing China’s Housing Market

Author : Richard Koss
Publisher : International Monetary Fund
ISBN 13 : 1484348559
Total Pages : 33 pages
Book Rating : 4.4/5 (843 download)

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Book Synopsis Stabilizing China’s Housing Market by : Richard Koss

Download or read book Stabilizing China’s Housing Market written by Richard Koss and published by International Monetary Fund. This book was released on 2018-04-13 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt: The sharp rise of house prices in China’s Tier-1 cities has fostered a great deal of commentary about the possibility of bubbles forming there. However, China’s unique housing market characteristics make it difficult to assess the macroeconomic severity of bursting bubbles, even if they exist. These include the setting of land supply and prices by the government, among many others. The presence of overbuilt “ghost cities” greatly complicates the ability of traditional macroeconomic policies to address these concerns. This paper looks at proposals to shore up the mortgage underwriting and legal infrastructure to help China withstand the impact of falling prices, should this occur.

Too Little, Too Late

Author : Martin Guzman
Publisher : Columbia University Press
ISBN 13 : 023154202X
Total Pages : 307 pages
Book Rating : 4.2/5 (315 download)

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Book Synopsis Too Little, Too Late by : Martin Guzman

Download or read book Too Little, Too Late written by Martin Guzman and published by Columbia University Press. This book was released on 2016-05-10 with total page 307 pages. Available in PDF, EPUB and Kindle. Book excerpt: The current approach to resolving sovereign debt crises does not work: sovereign debt restructurings come too late and address too little. Though unresolved debt crises impose enormous costs on societies, many recent restructurings have not been deep enough to provide the conditions for economic recovery (as illustrated by the Greek debt restructuring of 2012). And if the debtor decides not to accept the terms demanded by the creditors, finalizing a restructuring can be slowed by legal challenges (as illustrated by the recent case of Argentina, deemed as "the trial of the century"). A fresh start for distressed debtors is a basic principle of a well-functioning market economy, yet there is no international bankruptcy framework for sovereign debts. While this problem is not new, the United Nations and the global community are now willing to do something about it. Providing guidance for those who intend to take up reform, this book assesses the relative merits of various debt-restructuring proposals, especially in relation to the main deficiencies of the current nonsystem. With contributions by leading academics and practitioners, Too Little, Too Late reflects the overwhelming consensus among specialists on the need to find workable solutions.

Nonperforming Loans in Asia and Europe—Causes, Impacts, and Resolution Strategies

Author : Asian Development Bank
Publisher : Asian Development Bank
ISBN 13 : 9292691163
Total Pages : 262 pages
Book Rating : 4.2/5 (926 download)

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Book Synopsis Nonperforming Loans in Asia and Europe—Causes, Impacts, and Resolution Strategies by : Asian Development Bank

Download or read book Nonperforming Loans in Asia and Europe—Causes, Impacts, and Resolution Strategies written by Asian Development Bank and published by Asian Development Bank. This book was released on 2021-12-01 with total page 262 pages. Available in PDF, EPUB and Kindle. Book excerpt: High and persistent levels of nonperforming loans (NPLs) have featured prominently in recent financial crises. This book traces NPL trends during and after crises, examines the economic impact of high NPLs, and compares the effectiveness of NPL resolution strategies across economies in Asia and Europe. The book distills important lessons from the experiences of economies using case studies and empirical investigation of ways to resolve NPLs. These findings can be invaluable in charting a course through the financial and economic fallout of the coronavirus disease (COVID-19) pandemic to recovery and sustained financial stability in Asia, Europe, and beyond.

Sovereign Debt Restructurings 1950-2010

Author : Mr.Udaibir S. Das
Publisher : International Monetary Fund
ISBN 13 : 1475505531
Total Pages : 128 pages
Book Rating : 4.4/5 (755 download)

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Book Synopsis Sovereign Debt Restructurings 1950-2010 by : Mr.Udaibir S. Das

Download or read book Sovereign Debt Restructurings 1950-2010 written by Mr.Udaibir S. Das and published by International Monetary Fund. This book was released on 2012-08-01 with total page 128 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper provides a comprehensive survey of pertinent issues on sovereign debt restructurings, based on a newly constructed database. This is the first complete dataset of sovereign restructuring cases, covering the six decades from 1950–2010; it includes 186 debt exchanges with foreign banks and bondholders, and 447 bilateral debt agreements with the Paris Club. We present new stylized facts on the outcome and process of debt restructurings, including on the size of haircuts, creditor participation, and legal aspects. In addition, the paper summarizes the relevant empirical literature, analyzes recent restructuring episodes, and discusses ongoing debates on crisis resolution mechanisms, credit default swaps, and the role of collective action clauses.

Making Sense of China's Economy

Author : Tao Wang
Publisher : Taylor & Francis
ISBN 13 : 1000861317
Total Pages : 338 pages
Book Rating : 4.0/5 (8 download)

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Book Synopsis Making Sense of China's Economy by : Tao Wang

Download or read book Making Sense of China's Economy written by Tao Wang and published by Taylor & Francis. This book was released on 2023-03-28 with total page 338 pages. Available in PDF, EPUB and Kindle. Book excerpt: For years, China’s transformation from one of the world’s poorest nations was lauded as a triumph that lifted hundreds of millions of people out of poverty. There were always questions about data reliability and growth sustainability, but the general views on China have recently taken a decidedly sour turn. Concerns abound about state interference in the economy, an ageing population, and high debt level. Making Sense of China's Economy untangles China’s complex economic structure, evolving issues and curious contradictions, and explains some key features of this most puzzling of global economic powerhouses. This book reveals how factors such as demographics, the initial stage of development in 1978, the transition away from full state ownership and central planning, the dual urban-rural society, and a decentralised governance structure have combined to shape the economy, its development and its reforms. It shows how the pragmatic and adaptive nature of China’s policymaking upends familiar perspectives and hinders simple cross-country comparisons. The book also explores crucial topics including the property market, debt accumulation and environmental challenges. In this book, Tao Wang innovatively weaves the multiple strands of China’s economy into a holistic and organic tapestry that gives us unique insights from both a Chinese and an international perspective. This book is critical reading for business leaders, investors, policymakers, students, and anyone else hoping to understand China’s economy and its future evolution and impact, written by a specialist who has studied the country from both inside and out.