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This paper summarizes some lessons from international experience for corporate debt restructuring in east Asia. Basic principles of debt restructuring are described, the experiences of Mexico, Chile, the United Kingdom, Hungary, and Poland are examined, and general lessons are drawn. The approaches currently being adopted in Indonesia, Korea, Malaysia and Thailand are then reviewed in the context of these lessons.

Banks and Banking --- Corporate Finance --- Financial Risk Management --- Debt --- Debt Management --- Sovereign Debt --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Financial Institutions and Services: General --- Financial Institutions and Services: Government Policy and Regulation --- International Financial Markets --- Finance --- Banking --- Ownership & organization of enterprises --- Economic & financial crises & disasters --- Debt restructuring --- Business enterprises --- Creditor bail-in --- Asset management --- Asset and liability management --- Economic sectors --- Financial crises --- Debt rescheduling --- Debts, External --- Banks and banking --- Crisis management --- Asset-liability management --- Mexico

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The financial crisis has prompted a reconsideration of the taxation of financial institutions, with practice outstripping principle: France, Germany, the United Kingdom and several other European countries have now introduced some form of bank tax, and the U.S. administration has revived its own proposal for such a charge. This paper considers the structure, appropriate rate, and revenue yield of corrective taxation of financial institutions addressed to two externalities, consequent on excessive risk-taking, prominent in the crisis: those that arise when such institutions are simply allowed to collapse, and those that arise when, to avoid the harm this would cause, their creditors are bailed out. It also asks whether corrective taxation or a regulatory capital requirement is the better way to address these concerns. The results suggest a potential role for taxing bank borrowing, perhaps as an adjunct to minimum capital requirements, at marginal rates that rise quite sharply at low capital ratios (but are likely lower when the government cannot commit to its bailout policy), reaching levels higher than those of the bank taxes so far adopted or proposed.

Taxation --- Bank failures --- Failure of banks --- Business failures --- Econometric models. --- Banks and Banking --- Industries: Financial Services --- Efficiency --- Optimal Taxation --- Taxation and Subsidies: Externalities --- Redistributive Effects --- Environmental Taxes and Subsidies --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Financial Institutions and Services: Government Policy and Regulation --- Financial Institutions and Services: General --- Business Taxes and Subsidies --- Financial services law & regulation --- Banking --- Public finance & taxation --- Economic & financial crises & disasters --- Capital adequacy requirements --- Financial sector --- Bank levy --- Environmental taxes --- Financial regulation and supervision --- Economic sectors --- Taxes --- Creditor bail-in --- Financial crises --- Asset requirements --- Banks and banking --- Financial services industry --- Environmental impact charges --- Crisis management --- United Kingdom

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Staff Discussion Notes showcase the latest policy-related analysis and research being developed by individual IMF staff and are published to elicit comment and to further debate. These papers are generally brief and written in nontechnical language, and so are aimed at a broad audience interested in economic policy issues. This Web-only series replaced Staff Position Notes in January 2011.

Banks and Banking --- Financial Risk Management --- Industries: Financial Services --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Financial Institutions and Services: Government Policy and Regulation --- Financing Policy --- Financial Risk and Risk Management --- Capital and Ownership Structure --- Value of Firms --- Goodwill --- Bankruptcy --- Liquidation --- Debt --- Debt Management --- Sovereign Debt --- Financial Institutions and Services: General --- Economic & financial crises & disasters --- Banking --- Finance --- Bank resolution framework --- Creditor bail-in --- Debt restructuring --- Distressed institutions --- Financial crises --- Asset and liability management --- Financial institutions --- Systemically important financial institutions --- Crisis management --- Banks and banking --- Debts, External --- Financial services industry --- United States

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This paper discusses Togo’s Second Review Under the Extended Credit Facility (ECF) and Request for Modification of Performance Criteria. Despite the ensuing revenue underperformance, the fiscal position improved significantly as expenditure was curtailed. All continuous and end-December 2017 quantitative performance criteria (QPCs) were met, as well as the structural benchmarks. The indicative target on fiscal revenue was missed by about 2 percent of GDP and the indicative target on social spending was missed by a small margin (0.2 percent of GDP). The IMF staff supports the completion of the second ECF review as well as the modification of end-June 2018 QPCs on the domestic primary balance and net domestic financing and the continuous QPC on nonconcessional external borrowing.

Monetary policy. --- Monetary management --- Economic policy --- Currency boards --- Money supply --- Banks and Banking --- Corporate Finance --- Exports and Imports --- Macroeconomics --- Public Finance --- Debt --- Debt Management --- Sovereign Debt --- International Lending and Debt Problems --- Financial Institutions and Services: Government Policy and Regulation --- Fiscal Policy --- Taxation, Subsidies, and Revenue: General --- National Government Expenditures and Related Policies: General --- Public finance & taxation --- International economics --- Economic & financial crises & disasters --- Public debt --- Creditor bail-in --- External debt --- Fiscal stance --- Revenue administration --- Financial crises --- Fiscal policy --- Expenditure --- Debts, Public --- Debts, External --- Crisis management --- Revenue --- Expenditures, Public --- Togo

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We collect new data to assess the importance of supply-side credit market frictions by studying the impact of financial sector recapitalization packages on the growth performance of firms in a large cross-section of 50 countries during the recent crisis. We develop an identification strategy that uses the financial crisis as a shock to credit supply and exploits exogenous variation in the degree to which firms depend on external financing for investment needs, and focus on policy interventions aimed at alleviating the bank capital crunch. We find that the growth of firms dependent on external financing is disproportionately positively affected by bank recapitalization policies, and that this effect is quantitatively important and robust to controlling for other financial sector support policies. We also find that fiscal policy disproportionately boosted growth of firms more dependent on external financing. These results provide new evidence of a quantitatively important role of credit market frictions in influencing real economic activity.

Financial crises. --- Liquidity (Economics) --- Corporations --- Monetary policy. --- Monetary management --- Economic policy --- Currency boards --- Money supply --- Business finance --- Capitalization (Finance) --- Corporate finance --- Corporate financial management --- Corporation finance --- Financial analysis of corporations --- Financial management, Corporate --- Financial management of corporations --- Financial planning of corporations --- Managerial finance --- Going public (Securities) --- Assets, Frozen --- Frozen assets --- Finance --- Crashes, Financial --- Crises, Financial --- Financial crashes --- Financial panics --- Panics (Finance) --- Stock exchange crashes --- Stock market panics --- Crises --- Finance. --- Banks and Banking --- Financial Risk Management --- Public Finance --- Financial Institutions and Services: Government Policy and Regulation --- Fiscal Policy --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Financial Crises --- Economic & financial crises & disasters --- Macroeconomics --- Banking --- Creditor bail-in --- Fiscal policy --- Financial crises --- Bank resolution --- Crisis management --- Banks and banking --- United States