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International Monetary Fund. External Relations Dept.

hampered innovation and discouraged change. Restoring external competitiveness entails restructuring, investment, and technical assistance. Determination of those products and processes that retain a comparative advantage, and the steps needed to improve the efficiency and cost of the production units, are critical for restructuring. Restructuring decisions should, in turn, guide investment decisions. (Investment requirements are likely to be substantial—estimated at US$400-900 million for each of the countries over five years, though actual outlays may be considerably

Mr. Tamon Asonuma, Mr. Marcos d Chamon, Aitor Erce, and Akira Sasahara

Restructuring Decisions B. Augmented Inverse Probability Weighted (AIPW) Estimation C. Role of Capital Inflow-Credit Channel D. Duration, Haircuts, and Missed Payments IV. Logit Approach V. Conclusion References Tables 1: Dataset, 3-year Horizon 2: Characteristics of the Treatment and Control Groups 3: Predicting the Start of Debt Restructurings, Probit 4: Predicting Duration and Haircuts, Poisson 5: Banking Crises and Severe Credit and Net Capital Inflow Declines after Debt Figures 1: Debt Restructurings, Severe Credit Declines and Protracted

Mr. Peter Nyberg

over how market confidence in the banks develop during the restructuring process, since this affects their liquidity and, indirectly, their solvency. Both authorities also wield some power of enforcement to support restructuring decisions, the supervisors on the basis of laws and the central bankers because of their status as lenders to the banks. They also share the concern that restructuring should proceed in a manner which does not disturb the financial markets or make them less transparent. However, the general responsibilities given these authorities do not

Ms. Marina Moretti, Mr. Marc C Dobler, and Mr. Alvaro Piris Chavarri

Financial Crises, 1980–2017 Figure 2. The Financial Safety Net Figure 3. Resolution Tools and Policy Trade-offs Figure 4. Systemic Bank Restructuring: Decision Tree Figure 5. Stylized Balance Sheet Impact of Different Resolution Powers Figure 6. NPL Resolution Options Figure 7. ELA and DIS in Low-Income Developing Countries Tables Table 1. Lessons on the Design of the Financial Safety Net Table 2. Lessons on Operational Preparedness Table 3. Lessons in Crisis Containment Table 4. Central Bank Liquidity Provision Post-GFC Table 5. Comparing

Mr. Peter Nyberg

and Parliament in the process; (b) which authorities should be responsible and involved, and in which way; © how should the necessary coordination between different authorities be arranged; and (d) how should workout operations be organized. Because these issues concern several often independent authorities, and because restructuring decisions have a substantial economic impact over a long time, there needs to be a large degree of consensus in both government and Parliament on the organizational setup of the restructuring effort. This paper is mainly based on

Mr. Peter Nyberg
Systemic bank restructuring must be the responsibility of one government authority only, with other authorities providing support and analytical help. The restructuring authority, whose tasks are enumerated and discussed, should preferably be a separate and temporary agency reporting to the finance ministry. Other solutions are possible but not recommended. Parliament should be involved in setting priorities and supervising the process, but political interference in restructuring operations should be avoided. Practical issues to consider include ensuring efficient cooperation between authorities; the arrangement of problem asset workout and recovery; and restructuring of politically sensitive enterprises.
Mr. Kenichi Ueda and Mr. Stijn Claessens

Marquez , 2007 , “ Stakeholder Capitalism, Corporate Governance and Firm Value ,” mimeo . Wharton School, University of Pennsylvania , Atanassov , Julian , and E. Han Kim , 2007 , “ Labor Laws and Corporate Governance: Evidence from Restructuring Decisions around the World ,” Ross School of Business Paper No. 1044 , University of Michigan . Forthcoming, Journal of Finance Autor , David H. , John J. Donohue , III and Stewart J. Schwab , 2006 , “ The Costs of Wrongful-Discharge Laws ,” Review of Economics and Statistics , Vol. 88 , No. 2