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The resolution of the East Asian crisis: financial and corporate sector restructuring

机译：东亚危机的解决方案：金融和公司部门重组

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The uneven progress of financial and corporate restructuring in East Asian crisis-affected countries and the detailed explanations above underscore the main issues. First, corporate restructuring requires creditors and debtors to have the right incentives to preserve their assets and to manage their businesses efficiently. With such incentives, creditors could then judge whether, when and how to restructure their debt claims so that borrowers would operate corporations efficiently and repay. Agreements have to be voluntary.Second, banks must have adequate capital to set the stage for more aggressive restructuring of NPLs on their balance sheets. Government recapitalization programs, conditional on some costs to bank owners but without jeopardizing their willingness to recognize losses, are essential.Third, borrowers must face a credible threat of bankruptcy for a voluntary process of corporate restructuring to work. The alternatives to an agreement must be made clear and credible. In particular, creditors must be able to enforce their legal claims, and this requires courts to function well. Borrowers will have more incentive to agree to a restructuring if working capital financing is available subsequently.Fourth, governments should acknowledge the scale of NPLs and take steps to restructure and recapitalize banks more rapidly to avoid delays that will ultimately increase the fiscal and economic costs of the financial crisis. An early infusion of such funds may raise the measured budget deficit, but this must be weighed against the likelihood that taxpayer costs could increase if banks operate with inadequate capital and incentives. Recapitalization must be accompanied by measures to strengthen bank risk management and supervisory oversight. Coherent strategies for the management of NPLs should be developed, including reliance on AMCs. The legal and judicial framework supporting creditor rights must be strengthened, and policies to improve corporate governance should be made part of the policy package.
机译：受东亚危机影响的国家，金融和公司重组的进展不平衡，上面的详细解释突出了主要问题。首先，公司重组要求债权人和债务人有正确的动机来保护其资产并有效地管理其业务。有了这样的激励措施，债权人便可以判断是否，何时以及如何重组其债权，以便借款人能够有效地经营公司并偿还债务。协议必须是自愿的。其次，银行必须有足够的资本来为资产负债表上不良贷款的更积极重组奠定基础。政府的资本重组计划是必要的，但要以银行所有者的一些费用为条件，但又不损害其确认损失的意愿。第三，借款人必须面对可信的破产威胁，才能自愿进行公司改组。协议的替代方案必须明确和可信。特别是，债权人必须能够执行其法律要求，这要求法院运作良好。如果随后可以使用营运资金融资，借款人将更有动力同意重组。第四，各国政府应承认不良贷款的规模，并采取措施更迅速地重组和注资银行，以避免出现拖延，这最终会增加银行的财政和经济成本。金融危机。尽早注入此类资金可能会增加预算赤字，但这必须与如果银行在资本和激励措施不足的情况下纳税人成本可能增加的可能性进行权衡。资本重组必须伴随有加强银行风险管理和监督的措施。应制定有关不良贷款管理的连贯战略，包括依靠资产管理公司。必须加强支持债权人权利的法律和司法框架，并应将改善公司治理的政策纳入该政策方案。

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