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Author: Wojciech Maliszewski
Publisher: International Monetary Fund
ISBN: 1475545282
Category : Business & Economics
Languages : en
Pages : 43
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Book Description
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.
Author: Wojciech Maliszewski
Publisher: International Monetary Fund
ISBN: 1475545290
Category : Business & Economics
Languages : en
Pages : 43
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Book Description
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.
Author: M. Ayhan Kose
Publisher: World Bank Publications
ISBN: 1464815453
Category : Business & Economics
Languages : en
Pages : 420
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Book Description
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.
Author: W. Raphael Lam
Publisher: International Monetary Fund
ISBN: 1484331931
Category : Business & Economics
Languages : en
Pages : 26
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Book Description
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.
Author: Natalie Mrockova
Publisher: Bloomsbury Publishing
ISBN: 1509932453
Category : Law
Languages : en
Pages : 359
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Book Description
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.
Author: Guanzhong James Wen
Publisher: World Scientific
ISBN: 9789810226558
Category : Business & Economics
Languages : en
Pages : 520
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Book Description
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.
Author: Martin Guzman
Publisher: Columbia University Press
ISBN: 023154202X
Category : Business & Economics
Languages : en
Pages : 307
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Book Description
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.
Author: Luc Nijs
Publisher: Springer Nature
ISBN: 3030348172
Category : Business & Economics
Languages : en
Pages : 759
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Book Description
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.
Author: Marlene Amstad
Publisher: Princeton University Press
ISBN: 0691205841
Category : Business & Economics
Languages : en
Pages : 504
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Book Description
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.
Author: Tao Wang
Publisher: Taylor & Francis
ISBN: 1000861317
Category : Business & Economics
Languages : en
Pages : 338
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Book Description
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.
Author: International Monetary Fund. Asia and Pacific Dept
Publisher: International Monetary Fund
ISBN: 1484314743
Category : Business & Economics
Languages : en
Pages : 77
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Book Description
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.
