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Mr. Mark R. Stone

Abstract

Large-scale corporate restructuring made necessary by a financial crisis is one of the most daunting challenges faced by economic policymakers. The government is forced to take a leading role, even if indirectly, because of the need to prioritize policy goals, address market failures, reform the legal and tax systems, and deal with the resistance of powerful interest groups. The objectives of large-scale corporate restructuring are in essence to restructure viable corporations and liquidate nonviable ones, restore the health of the financial sector, and create the conditions for long-term economic growth.

Mr. Mark R. Stone

Abstract

Examines the steps involved in restructuring the corporate sector. Large-scale corporate restructuring made necessary by a financial crisis is one of the most daunting challenges faced by economic policymakers. The government is forced to take a leading role, even if indirectly, because of the need to prioritize policy goals, address market failures, reform the legal and tax systems, and deal with the resistance of powerful interest groups.

International Monetary Fund. External Relations Dept.

The IMF has released its first internal review of its policy approach to the crisis that erupted in Asia’s financial markets in 1997. Covering the period through October 1998, the review focuses primarily on events in Indonesia, Korea, and Thailand— the three countries most severely affected by the crisis. IMF-Supported Programs in Indonesia, Korea, and Thailand: A Preliminary Assessment, by the IMF’s Policy Development and Review Department, looks at the causes of the crisis, the IMF’s response in terms of policy advice and financial support for the three countries, and the reaction to the programs. The released report also includes the Chairman’s December 1998 summingup of the IMF Executive Board’s discussion of the review. It was the subject of press conferences on January 19, conducted by Jack Boorman, Director of the Policy Development and Review Department (see page 20).

David A. Wise, Graham Bird, Jeffrey D. Sachs, Dahlan Sutalaksana, Marie Lavigne, Bernhard Fischer,, Juan-Carlos Herken-Krauer,, Matthias Lucke,, Peter Nunnenkamp, and Pierre Grou

For the latest thinking about the international financial system, monetary policy, economic development, poverty reduction, and other critical issues, subscribe to Finance & Development (F&D). This lively quarterly magazine brings you in-depth analyses of these and other subjects by the IMF’s own staff as well as by prominent international experts. Articles are written for lay readers who want to enrich their understanding of the workings of the global economy and the policies and activities of the IMF.

International Monetary Fund. External Relations Dept.

On November 5, the IMF and Brazil provisionally agreed on a one-year extension of Brazil’s current loan. The proposed $14 billion accord, which still requires Executive Board approval, consists of $6 billion in fresh funds as well as the $8 billion available under the current arrangement, which would otherwise expire in December. In addition, the Brazilian authorities requested that repayments of about $5.5 billion arising in 2005 and 2006 be delayed by one year.

Mr. Jeremy Clift

Corporate restructuring on a large scale is potentially one of the most challenging tasks facing economic policymakers. The need arises in the aftermath of a financial crisis when corporate distress is pervasive. Mark R. Stone, a Senior Economist in the IMF’s Monetary and Exchange Affairs Department, argues in an Economic Issues pamphlet to be published shortly that successful restructuring requires a government to take the lead in establishing restructuring priorities, addressing market failures, reforming legal and tax systems, and, perhaps most important, dealing with obstructions posed by powerful interest groups.

Mr. Mark R. Stone

Abstract

Examines the steps involved in restructuring the corporate sector. Large-scale corporate restructuring made necessary by a financial crisis is one of the most daunting challenges faced by economic policymakers. The government is forced to take a leading role, even if indirectly, because of the need to prioritize policy goals, address market failures, reform the legal and tax systems, and deal with the resistance of powerful interest groups.

Mr. Mark R. Stone

Abstract

Examines the steps involved in restructuring the corporate sector. Large-scale corporate restructuring made necessary by a financial crisis is one of the most daunting challenges faced by economic policymakers. The government is forced to take a leading role, even if indirectly, because of the need to prioritize policy goals, address market failures, reform the legal and tax systems, and deal with the resistance of powerful interest groups.

Mr. Mark R. Stone

Abstract

Examines the steps involved in restructuring the corporate sector. Large-scale corporate restructuring made necessary by a financial crisis is one of the most daunting challenges faced by economic policymakers. The government is forced to take a leading role, even if indirectly, because of the need to prioritize policy goals, address market failures, reform the legal and tax systems, and deal with the resistance of powerful interest groups.

Mr. D. F. I. Folkerts-Landau, Mr. Donald J Mathieson, Mr. Morris Goldstein, Ms. Liliana Rojas-Suárez, Mr. José Saúl Lizondo, and Mr. Timothy D. Lane

Abstract

The growing integration of capital markets has strengthened incentives for greater international coordination of economic and financial policies. Structural changes in these financial market, however, may have undermined the effectiveness of monetary and fiscal policy and complicated market access by developing countries. These are among the findings of this study of capital flows in the 1970s and the 1980s.