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Asia and Pacific > Thailand

You are looking at 1 - 10 of 19 items for :

  • Type: Journal Issue x
  • Corporate Finance and Governance: General x
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Cover IMF Working Papers
Leakages from Macroprudential Regulations: The Case of Household-Specific Tools and Corporate Credit
Lucyna Gornicka
and
Peichu Xie
Sector-specific macroprudential regulations increase the riskiness of credit to other sectors. Using firm-level data, this paper computed the measures of the riskiness of corporate credit allocation for 29 advanced and emerging economies. Consistently across these measures, the paper finds that during credit expansions, an unexpected tightening of household-specific macroprudential tools is followed by a rise in riskier corporate lending. Quantitatively, such unexpected tightening during a period of rapid credit growth increases the riskiness of corporate credit by around 10 percent of the historical standard deviation. This result supports early policy interventions when credit vulnerabilities are still low, since sectoral leakages will be less important at this stage. Further evidence from bank lending standards surveys suggests that the leakage effects are stronger for larger firms compared to SMEs, consistent with recent evidence on the use of personal real estate as loan collateral by small firms.
Keywords:
standards survey; credit vulnerability; leakage effect; credit riskiness; bond credit ratio ma; Credit; Macroprudential policy; Bank credit; Macroprudential policy instruments; Corporate sector; Global
Cover IMF Working Papers
External Financing Dependence and Corporate Saving in ASEAN5
Xin Li
Using firm-level data on ASEAN5, this paper studies the differential effects of macro-financial and structural factors on corporate saving behavior through the lens of external financing dependence. The finding suggests that non-financial corporations in ASEAN5 have been subject to binding financial constraints over the past two decades. Greater capital account openness or exchange rate depreciation reduces the average saving rate of industries with low dependence on external funds, while it increases the saving rate of industries with high dependence on external funds. The effects are greater for export-oriented industries. An improvement in banking sector competition, banks’ lending efficiency, or policy clarity is associated with lower saving rate of firms across the board.
Keywords:
ASEAN countries; corporate saving; external financing need; export-orientation; financial constraint; capital account openness; exchange rate depreciation.; WP; saving rate; high-tech company; Level analysis; tech firm; firm's use; precautionary saving theory; saving behavior; use of external finance; exchange rate depreciation; Financial sector development; Commercial banks; Capital flows; Currencies; Precautionary savings; Global
Cover IMF Staff Country Reports
Nigeria: Selected Issues
International Monetary Fund. African Dept.
This paper discusses a few selected issues of the Nigerian economy—options and strategies for a fiscal rule for oil wealth management, enhancing the effectiveness of monetary policy, and recent developments and prospects of capital flow. Despite its diversified economy, Nigeria’s fiscal policy is heavily dependent on the oil sector. This paper explores options for a formalized rule-based approach to setting a “depoliticized” budget oil price. Two boom-and-bust episodes since early 2000 have highlighted the challenges in the current monetary policy framework. Nigeria has also been characterized by sizable capital outflows, which have diminished recently.
Keywords:
ISCR; CR; price; firm; Nigeria; monetary policy; price rule; enterprise survey; large firm; firm Size; containment rule; Oil prices; Capital flows; Capital inflows; Fiscal governance; Corporate sector; Global
Cover IMF Working Papers
Stress Testing Corporate Balance Sheets in Emerging Economies
Mr. Julian T Chow
In recent years, firms in emerging market countries have increased borrowing, particularly in foreign currency, owing to easy access to global capital markets, prolonged low interest rates and good investment opportunities. This paper discusses the trends in emerging market corporate debt and leverage, and illustrates how those firms are vulnerable to interest rate, exchange rate and earnings shocks. The results of a stress test show that while corporate sector risk remains moderate in most emerging economies, a combination of macroeconomic and financial shocks could significantly erode firms’ ability to service debt and lead to higher debt at risk, especially in countries with high shares of foreign currency debt and low natural hedges.
Keywords:
WP; emerging market; corporate; balance sheet; emerging market corporate; interest expense; Emerging market corporate debt; leverage; debt at risk; balance sheet information; on-balance sheet derivatives obligation; debt issuance; liabilities structure; banking sector; expenses of the corporate; debt index; foreign currency issuance; Emerging and frontier financial markets; Financial statements; Stress testing; Currencies; Corporate sector; Global
Cover Indonesia
Indonesia
Sustaining Growth During Global Volatility

Abstract

Over the past decade, Indonesia has developed into an important regional and global economy, as well as an active participant in the G20. The chapters in this book document the substantial improvements in the quality of macroeconomic policy that Indonesia has achieved, while also clearly laying out an agenda of measures that should be taken to safeguard these gains and further lower vulnerabilities going forward. Rather than just demonstrating progress in key macroeconomic indicators, the contributors have delved into the ways that global volatility, especially since 2008, has affected Indonesia and how that country has adjusted its policies to meet the new challenges.

Keywords:
BOOK; Indonesia; firm; capital structure; inflation in Indonesia; inflation risk premium; inflation expectation; Indonesian firm; Inflation; Corporate sector; Corporate governance; Reserve positions; Global; Asia and Pacific; Energy subsidies
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 Working Papers
The END: A New Indicator of Financial and Nonfinancial Corporate Sector Vulnerability
Mr. Jorge A Chan-Lau
and
Mr. Toni Gravelle
This paper describes a corporate sector vulnerability indicator, the expected number of defaults (END), based on the joint occurrence of defaults among a number of firms and/or institutions. The END indicator is general enough to assess systemic risk in the corporate and financial sectors, as well as systemic sovereign risk; and is also forward looking as it is constructed using information implied by financial securities prices. Using equity prices and balance-sheet data, we calculate the END to assess systemic risk in the corporate sector in Korea, Malaysia, and Thailand. We also discuss how the END systemic risk indicator overcomes some of the shortcomings of other vulnerability indicators.
Keywords:
WP; firm; default; default probability; corporation; value
Cover IMF Staff Country Reports
Pakistan: Selected Issues and Statistical Appendix
International Monetary Fund
This Selected Issues paper on Pakistan reports that fiscal adjustment, supported by official and private inflows and debt relief, has led to a substantial improvement in public and external debt indicators. International reserves have recovered close to US$10 billion. Financial sector reforms have resulted in a healthy banking system. With these achievements, vulnerabilities have been greatly reduced, and Pakistan’s prospects look favorable. A continuation of prudent fiscal policies, as anchored by the financial responsibility law, is needed to ensure that debt ratios continue on their downward trajectory.
Keywords:
ISCR; CR; Pakistan; GDP; ratio; investment ratio; coverage ratio; debt situation; investment indicator; SBP data; Corporate sector; Commercial banks; Credit; Market capitalization; Asia and Pacific; Global; South Asia; Africa
Cover IMF Staff Country Reports
Indonesia: Selected Issues
International Monetary Fund
This Selected Issues paper takes stock of the progress made in meeting the objectives under Indonesia’s Extended Arrangements (1998–2003) program. The paper addresses progress in achieving the programs’ core macroeconomic objectives, with an emphasis on how Indonesia’s economic recovery compares with those of the other major Asian “crisis” countries. A major conclusion of the paper is that, while significant progress has been made against many of the key objectives of the arrangements, Indonesia’s overall economic performance has lagged behind others in the region.
Keywords:
ISCR; CR; Indonesia; export; bank; asset; IBRA; export growth; investment climate; export performance; equity ratio; ICRG risk rating; banking assets; Exports; Export performance; Commercial banks; Loans; Legal support in revenue administration; Global; Asia and Pacific; Europe
Cover IMF Working Papers
The Contingent Claims Approach to Corporate Vulnerability Analysis: Estimating Default Risk and Economy-Wide Risk Transfer
Ms. Yingbin Xiao
,
Mr. Dale F Gray
,
Cheng Hoon Lim
, and
Michael T. Gapen
In this paper, we examine the ability of the contingent claims approach (CCA) to identify corporate sector and economy-wide vulnerabilities. We apply the Moody's MfRisk model, which uses aggregated CCA principles, to assess vulnerabilities retroactively in two historical country cases. The results indicate that the method may prove helpful in identifying corporate sector vulnerabilities and estimating the associated value of risk transfer across interrelated balance sheets of the corporate, financial, and public sectors.
Keywords:
WP; asset value; credit risk; asset volatility; bank assets; put option; short-term debt