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Resolution of financial distress - an international perspective on the design of bankruptcy laws (Inglês)

The institutions of bankruptcy have been at the center of the great economic events of the last decade, ranging from the Asian economic crisis, to the transition from socialism to capitalism. Our understanding of the economic, and legal structure of these institutions, as well as of their impact on economic development, has advanced considerably during this period as well. This study provides valuable information on the advances for resolution of financial distress, through theoretical studies, historical data, and evidence from recent worldwide experiences. It illustrates the possibilities, and methods of beneficial legal reform of bankruptcy procedures, as well as the pitfalls of misguided political action. The study is a timely, and valuable resource for economists, lawyers, and all others interested in institutional reform in emerging financial markets.


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    Claesens, Stijn Djankov, Simeon Mody, Ashoka [editors] Stiglitz, Joseph E. White, Michelle J. Westbrook, Jay Lawrence LaPorta, Rafael Lopez de Silanes, Florencio Hausch, Donald B. Ramachandran, S. Fagan, Perry Foley, C. Fritz Gilson, Stuart Mulas, Alberto Mason, Joseph R. Alexander, Arthur J. Kingebiel, Daniela Haggard, Stephan Negishi, Shoko

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    Resolution of financial distress - an international perspective on the design of bankruptcy laws

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    financial distress;Merger and Acquisitions;Canadian Journal of Economics;bankruptcy;rapid asset disposition vehicle;access to external finance;automatic stay of asset;crisis in emerging market;strength of creditor right;political economy of development;Massachusetts Institute of Technology;political economy of reform;Legal and Judicial Reform;financial crisis;Bankruptcy Law;systemic financial distress;foreign direct investment;bankruptcy procedure;economic recovery;transfer of ownership;asset management companies;asset management company;higher interest rate;bankruptcy law reform;insolvency regime;bankruptcy code;guidelines for bankruptcy;analysis of privatization;financial sector crisis;reduction of barriers;access to capital;asset disposition agencies;right of creditor;mobilization of capital;private sector entities;stock market development;claim in bankruptcy;liquid secondary market;settlement of claim;bachelor of science;loss of value;systemic bank crisis;political economy factor;systemic corporate distress;national science foundation;transfer of asset;foreign investment regime;educational classroom use;global financial system;case of default;source capital;quality of information;systemic financial crisis;weak judicial system;policy stance;types of asset;formal bankruptcy procedure;pool of asset;enforcement of law;implications for policy;majority of creditor;systemic crisis;corporate restructuring;corporate sector;government support;bankruptcy rule;bankruptcy court;public policy;legal reform;bankruptcy process;financial restructuring;bankruptcy reform;bankruptcy regime;financial liability;restructuring process;Fiscal Stimulus;banking system;foreign investor;creditor protection;automatic trigger;corporate governance;international finance;distressed asset;bankruptcy case;Real estate;trigger mechanism;crisis country;international merger;corporate finance;financial economist;fire sale;insolvency reform;judicial process;special rule;industrial enterprise;research department;regulatory forbearance;equity value;alternative procedure;vicious cycle;market economy;financial loss;empirical evidence;financial market;financial claim;Commercial Law;preferred stock;political independence;adequate bankruptcy;foreclosure law;good information;Management Systems;asset transfer;political pressure;insured bank;government loan;labor mobility;Labor Market;capital mobility;formal procedures;political will;moral hazard;foreign lender;law student;previous work;macroeconomic disturbances;formal arbitration;organizational change;judicial procedure;corporate control;resource base;subordinated debt;government spending;bankruptcy framework;regular contract;institutional framework;coordination problem;bankruptcy legislation;normal bankruptcy;global economy;tradable sector;crisis economy;net transfer;retail trade;financial pressure;electronic product;equity capital;Cash flow;effective demand;fiscal constraint;consumer confidence;restrictive rule;unsecured creditor;moral suasion;nonperforming loan;fiscal resource;formal insolvency;government fiscal;common feature;legal activity;bankruptcy decision;insolvency mechanism;incumbent management;international forums;behavioral incentives;debtor default;legal right;debt market;controlling shareholder;senior creditor;junior creditor;residual value;insolvency procedure;Transition economies;bankruptcy proceeding;institutional building;trustee profession;reorganization proposal;private restructuring;private initiative;government involvement;political interest;long-term growth;existing law;effective bankruptcy;government intervention;empirical study;business transaction;middle class;international insolvency;Social Sciences;government action;equity issue;public debt;Industrial Policies;Industrial Policy;great depression;chemical engineering;business administration;developmental impact;masters degree;transition economy;financial economics;corporate bankruptcy;international affair;Fiscal Federalism;managerial economics



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