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Asia and Pacific > Thailand

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  • Type: Journal Issue x
  • IMF Staff Position Notes x
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Cover IMF Staff Position Notes
Approaches to Corporate Debt Restructuring in the Wake of Financial Crises
Thomas Laryea
This paper starts from a discussion of the economic case for moderated government intervention in debt restructuring in the nonfinancial corporate sector. It then draws on lessons from past crises to explain three broad approaches that have been applied to corporate debt restructurings in the aftermath of a crisis. From there, it addresses challenges in designing and implementing a comprehensive debt restructuring strategy and draws together some key principles.
Keywords:
SPN; restructuring strategy; default case; debt problem; debt substitution; financial support; private sector; restructuring agreement; restructuring process; private sector debt problem; debt restructuring guideline; debt restructuring effort; household debt problem; debt restructuring strategy; pre-existing debt; debt-servicing obligation; restructuring phase; Debt restructuring; Debt strategy; Legal support in revenue administration; Solvency; Global; wake of financial crises; government intervention; Corporate sector
Cover IMF Staff Position Notes
Disclosing Fiscal Risks in the Post-Crisis World
International Monetary Fund
This paper discusses appropriate methods for disclosing fiscal risks from exogenous shocks and the realization of explicit or implicit contingent obligations of the government. Expanding on previous guidance prepared prior to the crisis, the note focuses on fiscal risks emerging from recent public interventions in the financial sector. Information on fiscal risks and its public reporting leads to a better understanding of the true state of the public finances. Thus, it helps policymakers design and gets public support for, appropriate responses to the realization of various contingencies. More specifically, in the context of the unfolding global financial crisis, a wide range of public sector interventions have been in support of the financial system. Although these interventions have been necessary, they have generated further fiscal risks. Comprehensive reporting would help governments to define a management strategy of the assets and liabilities that they have taken on their balance sheet and to prepare exit strategies for reducing their presence in the financial sector and eventually withdrawing support.
Keywords:
SPN; financial crisis; debt; risk; public finance; fiscal risk; debt stock; asset recovery; debt repayment; fair value; asset price volatility; commercial paper; purchased assets; recovery rate; risk ratings approach; forward-looking risk estimate; Fiscal risks; Contingent liabilities; Public sector; Financial statements; Global