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Managing Currency Crises in Emerging Markets$
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Michael P. Dooley and Jeffrey A. Frankel

Print publication date: 2003

Print ISBN-13: 9780226155401

Published to Chicago Scholarship Online: February 2013

DOI: 10.7208/chicago/9780226155425.001.0001

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Financial Restructuring in Banking and Corporate-Sector Crises

Financial Restructuring in Banking and Corporate-Sector Crises

What Policies to Pursue?

(p.147) 6 Financial Restructuring in Banking and Corporate-Sector Crises
Managing Currency Crises in Emerging Markets
Stijn Claessens, Daniela Klingebiel, Luc Laeven
University of Chicago Press

This chapter reviews knowledge about the trade-offs involved in policies related to financial restructuring in banking and corporate sector crises. It examines a micro dataset for 700 companies in nine crisis countries to determine policies that are important in minimizing the cost of the crises. The analysis reveals that liquidity support early in the crisis and the use of a government-run asset management corporation can mitigate the severity of a financial crisis while government guarantees of the banking system's financial liabilities do not appear to be helpful.

Keywords:   financial restructuring, banking sector, corporate sector, liquidity support, asset management corporation, financial crisis, government guarantees

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