Dealing With Private Debt Distress In The Wake Of The European Financial Crisis A Review Of The Economics And Legal Toolbox

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Dealing with Private Debt Distress in the Wake of the European Financial Crisis A Review of the Economics and Legal Toolbox

Ms.Yan Liu,Mr.Christoph B. Rosenberg
Dealing with Private Debt Distress in the Wake of the European Financial Crisis A Review of the Economics and Legal Toolbox Book PDF

Author : Ms.Yan Liu,Mr.Christoph B. Rosenberg
Publisher : International Monetary Fund
Page : 21 pages
File Size : 47,8 Mb
Release : 2013-02-20
Category : Business & Economics
ISBN : 9781475546231

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Dealing with Private Debt Distress in the Wake of the European Financial Crisis A Review of the Economics and Legal Toolbox by Ms.Yan Liu,Mr.Christoph B. Rosenberg Pdf

The private non-financial sector in Europe is facing increased challenges in meeting its debt servicing obligation. In response, governments are revisiting legal tools and—in some cases—institutional arrangements to deal with over-indebtedness. For households, where the problem in some countries is large but no established best practice exists, reforms have generally sought to allow debtors a fresh start while minimizing moral hazard and preserving bank solvency and credit discipline. For the corporate sector, efforts have focused on facilitating debt restruturing (including through out of court mechanisms). Direct government intervention has been rare.

Households and Financialization in Europe

Marek Mikuš,Petra Rodik
Households and Financialization in Europe Book PDF

Author : Marek Mikuš,Petra Rodik
Publisher : Routledge
Page : 186 pages
File Size : 55,9 Mb
Release : 2021-06-10
Category : Business & Economics
ISBN : 9781000393972

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Households and Financialization in Europe by Marek Mikuš,Petra Rodik Pdf

Households and Financialization in Europe develops a processual, relational and critical transdisciplinary approach to household financialization in Europe, utilizing a range of national and local case studies. It does so by drawing on debates in Marxist, feminist and radical IPE, anthropology and other fields. The book explores the household as simultaneously a micro-level social institution specializing in social reproduction, distribution and other activities; a building bloc of larger economic and social structures; and an object of multiple systems of power/knowledge. Putting this conceptualization to use in original research, the authors identify geographically and historically situated ways in which financialization transforms households and their relationships with the wider economy and society. The book traces these transformations in case studies of variegated financialization in Eastern and Southern European (semi-) peripheries where households have faced particularly severe financial issues since the global financial crisis, such as over-indebtedness and asset devaluation. Key themes recurring throughout the book include: the key role of housing in household financialization, the co-constitutive relationship between financialization and social and spatial inequalities, specific patterns in the relations of financial actors and households in semi-peripheries, and the implications of semi-peripheral forms of real and financial accumulation for household financialization. With its transdisciplinary approach, this book will be of great interest to students and scholars of finance, financialization, household economics, international and global political economy, uneven development, economic anthropology, and economic sociology. The Introduction of this book is freely available as a downloadable Open Access PDF at http://www.taylorfrancis.com under a Creative Commons Attribution CC-BY 4.0 license.

Personal Insolvency in the 21st Century

Iain Ramsay
Personal Insolvency in the 21st Century Book PDF

Author : Iain Ramsay
Publisher : Bloomsbury Publishing
Page : 258 pages
File Size : 45,9 Mb
Release : 2017-05-04
Category : Law
ISBN : 9781509900992

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Personal Insolvency in the 21st Century by Iain Ramsay Pdf

Since 1979 the world has witnessed a remarkable cycle of personal insolvency law reform. Changes in capitalist economies, financial crises and political interest groups all contributed to this cycle of reform. This book examines the role of interest groups and distinct narratives in shaping reform in different countries while drawing attention to the role of timing, path dependency and unintended consequences in the development of personal insolvency law. The book presents case studies of personal insolvency law in the US, France, Sweden, and England and Wales. It then analyses how, following the Great Recession of 2008, international financial institutions paid greater attention to the significance of household debt in contributing to financial instability and the role of individual insolvency law in providing a fresh start. Personal insolvency law reform became part of EU responses to the eurozone crisis and the EU has proposed harmonisation of individual insolvency law to promote entrepreneurialism. This book examines the extent to which these developments represent an emerging international commonsense about personal insolvency and its relationship to neo-liberalism. Finally, this book discusses whether the international emergence of individual personal insolvency law represents a progressive step or a band-aid for the costs of neo-liberal policies, where a significant number of people live close to the precipice of over-indebtedness.

The Mechanics of a Strong Euro Area

Ms.Petya Koeva Brooks,Mahmood Pradhan
The Mechanics of a Strong Euro Area Book PDF

Author : Ms.Petya Koeva Brooks,Mahmood Pradhan
Publisher : International Monetary Fund
Page : 286 pages
File Size : 49,6 Mb
Release : 2015-10-21
Category : Business & Economics
ISBN : 9781498305532

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The Mechanics of a Strong Euro Area by Ms.Petya Koeva Brooks,Mahmood Pradhan Pdf

Among member states, many structural weaknesses were exposed when economic performance declined significantly and financial markets became more discerning. This book focuses on the analytical underpinnings of real-time policy advice given to euro area policymakers during four cycles of the IMF’s annual Article IV consultations (2012–15) with euro area authorities.

Policy Options for Supporting and Restructuring Firms Hit by the COVID-19 Crisis

Ms. Juliana Dutra Araujo,José Garrido,Emanuel Kopp,Mr. Richard Varghese,Weijia Yao
Policy Options for Supporting and Restructuring Firms Hit by the COVID 19 Crisis Book PDF

Author : Ms. Juliana Dutra Araujo,José Garrido,Emanuel Kopp,Mr. Richard Varghese,Weijia Yao
Publisher : International Monetary Fund
Page : 79 pages
File Size : 41,9 Mb
Release : 2022-02-23
Category : Business & Economics
ISBN : 9781513593463

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Policy Options for Supporting and Restructuring Firms Hit by the COVID-19 Crisis by Ms. Juliana Dutra Araujo,José Garrido,Emanuel Kopp,Mr. Richard Varghese,Weijia Yao Pdf

This paper presents principles that could guide the design of more targeted policy support and facilitate the restructuring of firms adversely impacted by the COVID-19 pandemic. To this end, the paper takes stock of vulnerabilities and risks in the enterprise sector and assesses countries’ preparedness to handle a large-scale restructuring of businesses. Crisis preparedness of insolvency systems is measured according to a newly designed indicator that includes five dimensions of the insolvency and restructuring regime (out-of-court restructuring, hybrid restructuring, reorganization, liquidation, and the institutional framework). Vulnerabilities tend to be more pronounced in jurisdictions with shortcomings in crisis preparedness, and those countries need to step up efforts to improve their insolvency systems.

The World Bank Legal Review, Volume 5

Hassane Cisse,N. R. Madhava Menon,Marie-Claire Cordonier Segger,Vincent O. Nmehielle
The World Bank Legal Review Volume 5 Book PDF

Author : Hassane Cisse,N. R. Madhava Menon,Marie-Claire Cordonier Segger,Vincent O. Nmehielle
Publisher : World Bank Publications
Page : 688 pages
File Size : 54,6 Mb
Release : 2013-11-26
Category : Law
ISBN : 9781464800382

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The World Bank Legal Review, Volume 5 by Hassane Cisse,N. R. Madhava Menon,Marie-Claire Cordonier Segger,Vincent O. Nmehielle Pdf

This volume explores the potentially transformative role of effective laws and legal institutions in providing people with more opportunity that is both inclusive and equitable.

Global Insolvency and Bankruptcy Practice for Sustainable Economic Development

Dubai Economic Council,Adrian Cohen
Global Insolvency and Bankruptcy Practice for Sustainable Economic Development Book PDF

Author : Dubai Economic Council,Adrian Cohen
Publisher : Springer
Page : 274 pages
File Size : 45,6 Mb
Release : 2016-04-29
Category : Business & Economics
ISBN : 9781137515759

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Global Insolvency and Bankruptcy Practice for Sustainable Economic Development by Dubai Economic Council,Adrian Cohen Pdf

How an economy handles financial and business distress has a major impact on confidence in business, the availability of investment, the cost of credit, and economic growth. The financial crisis of 2007-2008 and its aftermath was a catalyst to legal reform in the field of bankruptcy and restructuring law and brought an added focus to the systemic threat of bank failure to the financial system. This book explores the general principles and practice of legal reform within bankruptcy. From a variety of specialists including practitioners, lawyers, bankers, accountants and judges from the United Arab Emirates, the UK and Singapore, it provides a variety of perspectives on the topic. Chapters include topics such as the 'Four Pillars of Regulatory Framework', the history and application of the UNCITRAL Model Law on Cross-Border Insolvency, the challenges for financial institutions and the treatment of the insolvency of natural persons. The book also offers a comparative study of Islamic Shari'ah principles with modern bankruptcy regimes, an analysis of bankruptcy in the UAE and an evaluation of the legal infrastructure of the DIFC Courts. The authors explore core questions surrounding bankruptcy law, including its ability to facilitate the turnaround of business, to enable efficient reallocation of capital, to provide coherent rules for entrepreneurs, investors, employees, and creditors, and to provide for both appropriate sanctions and for rehabilitation. ?

Euro Area Policies

International Monetary Fund. European Dept.
Euro Area Policies Book PDF

Author : International Monetary Fund. European Dept.
Publisher : International Monetary Fund
Page : 72 pages
File Size : 45,8 Mb
Release : 2013-07-25
Category : Business & Economics
ISBN : 9781484347850

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Euro Area Policies by International Monetary Fund. European Dept. Pdf

This Selected Issues paper on Euro Area Policies 2013 Article IV Consultation highlights the monetary transmission mechanism and monetary policies. The European Central Bank has announced the Outright Monetary Transactions framework to address severe distortions in sovereign bond markets and safeguard monetary transmission. The cost of unsecured bond issuance remains elevated for both core and periphery banks, but there is a growing divergence between the two, driven mainly by rising periphery spreads. Weak growth and high levels of private balance sheet debt in the periphery are weighing on the health of bank balance sheets.

Crisis Program Review

International Monetary Fund
Crisis Program Review Book PDF

Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 74 pages
File Size : 45,7 Mb
Release : 2015-09-11
Category : Business & Economics
ISBN : 9781498344036

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Crisis Program Review by International Monetary Fund Pdf

This paper provides an updated review of Fund-supported programs undertaken during the global financial crisis. It follows a series of previous reviews during 2009–12 that assessed program design and outcomes during the surge in Fund supported programs since 2008. The review covers experience during 2008–15 for 32 arrangements financed from the Fund's general resources account (GRA). It covers 27 countries for which arrangements were approved during September 2008–June 2013, with two years or more of program performance.

Consumer Debt and Social Exclusion in Europe

Hans-W. Micklitz,Irina Domurath
Consumer Debt and Social Exclusion in Europe Book PDF

Author : Hans-W. Micklitz,Irina Domurath
Publisher : Routledge
Page : 258 pages
File Size : 52,5 Mb
Release : 2016-03-09
Category : Law
ISBN : 9781317161264

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Consumer Debt and Social Exclusion in Europe by Hans-W. Micklitz,Irina Domurath Pdf

This book analyses the dichotomy between the goal of social inclusion and the effect of social exclusion through over-indebtedness since 2008 in Europe. Filling a vital gap in the current literature on the effects of the financial and economic crisis, this volume puts into context academic discussion with the real-life dimension of over-indebtedness. Reports from six European countries provide socio-economic and legal information on over-indebtedness as well as the regulatory and judicial responses to the problems entailed by over-indebtedness. They form the empirical background for five analyses of different aspects of the inclusion-exclusion dichotomy. It becomes clear that in the context of credit expansion, individual over-indebtedness has turned into a social issue, which the current design of the consumer credit and mortgage system in Europe has helped to produce while disregarding the consequential danger of social exclusion.

Republic of Slovenia

International Monetary Fund. European Dept.
Republic of Slovenia Book PDF

Author : International Monetary Fund. European Dept.
Publisher : International Monetary Fund
Page : 50 pages
File Size : 48,7 Mb
Release : 2015-02-19
Category : Business & Economics
ISBN : 9781484310601

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Republic of Slovenia by International Monetary Fund. European Dept. Pdf

This Selected Issues paper examines social spending reform and fiscal savings in Slovenia. Rising expenditure has been at the root of Slovenia’s fiscal deterioration since the onset of the crisis. The paper explores reform options to reduce Slovenia’s social spending over the medium and long term. It discusses key features of the pension system, and analyzes the evolution of pension spending in the absence of reforms. The paper also examines the health and education spending and provides a framework to assess their efficiency relative to other countries.

Tackling Small and Medium Enterprise Problem Loans in Europe

Mr.Wolfgang Bergthaler,Mr.Kenneth Kang,Ms.Yan Liu,Mr.Dermot Monaghan
Tackling Small and Medium Enterprise Problem Loans in Europe Book PDF

Author : Mr.Wolfgang Bergthaler,Mr.Kenneth Kang,Ms.Yan Liu,Mr.Dermot Monaghan
Publisher : International Monetary Fund
Page : 36 pages
File Size : 41,6 Mb
Release : 2015-03-30
Category : Business & Economics
ISBN : 9781498384834

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Tackling Small and Medium Enterprise Problem Loans in Europe by Mr.Wolfgang Bergthaler,Mr.Kenneth Kang,Ms.Yan Liu,Mr.Dermot Monaghan Pdf

The global financial crisis has left a large private sector debt overhang and high levels of non- performing loans (NPLs) in several European countries. Small and medium-size enterprises (SMEs) represent a significant and weak segment of the nonfinancial corporate sector. SMEs face a number of legal, financial, and regulatory challenges to restructuring that differ from those of larger corporates, such as a rigid and costly insolvency regime, a higher fixed cost to loan restructuring, and the lack of alternative sources of financing. Given SMEs’ large presence and close links to the banking system, addressing the SME loan problem in Europe will be critical for strengthening bank and corporate balance sheets and supporting a more robust and sustained recovery.

A Strategy for Resolving Europe's Problem Loans

Mr.Shekhar Aiyar,Mr.Wolfgang Bergthaler,Jose M Garrido,Ms.Anna Ilyina,Andreas Jobst,Mr.Kenneth H Kang,Dmitriy Kovtun,Ms.Yan Liu,Mr.Dermot Monaghan,Ms.Marina Moretti
A Strategy for Resolving Europe s Problem Loans Book PDF

Author : Mr.Shekhar Aiyar,Mr.Wolfgang Bergthaler,Jose M Garrido,Ms.Anna Ilyina,Andreas Jobst,Mr.Kenneth H Kang,Dmitriy Kovtun,Ms.Yan Liu,Mr.Dermot Monaghan,Ms.Marina Moretti
Publisher : International Monetary Fund
Page : 79 pages
File Size : 50,7 Mb
Release : 2015-09-24
Category : Business & Economics
ISBN : 9781513591278

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A Strategy for Resolving Europe's Problem Loans by Mr.Shekhar Aiyar,Mr.Wolfgang Bergthaler,Jose M Garrido,Ms.Anna Ilyina,Andreas Jobst,Mr.Kenneth H Kang,Dmitriy Kovtun,Ms.Yan Liu,Mr.Dermot Monaghan,Ms.Marina Moretti Pdf

Europe’s banking system is weighed down by high levels of non-performing loans (NPLs), which are holding down credit growth and economic activity. This discussion note uses a new survey of European country authorities and banks to examine the structural obstacles that discourage banks from addressing their problem loans. A three pillared strategy is advocated to remedy the situation, comprising: (i) tightened supervisory policies, (ii) insolvency reforms, and (iii) the development of distressed debt markets.

Bankruptcy

Joseph Spooner
Bankruptcy Book PDF

Author : Joseph Spooner
Publisher : Cambridge University Press
Page : 309 pages
File Size : 49,5 Mb
Release : 2019-04-11
Category : Business & Economics
ISBN : 9781107166943

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Bankruptcy by Joseph Spooner Pdf

Excessive household debt has allowed for economic growth, but this model has become increasingly unstable. Spooner examines bankruptcy law as a potential solution.

Reinventing Insolvency Law in Emerging Economies

Aurelio Gurrea-Martínez
Reinventing Insolvency Law in Emerging Economies Book PDF

Author : Aurelio Gurrea-Martínez
Publisher : Cambridge University Press
Page : 341 pages
File Size : 48,8 Mb
Release : 2024-03-31
Category : Law
ISBN : 9781009431712

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Reinventing Insolvency Law in Emerging Economies by Aurelio Gurrea-Martínez Pdf

This book explains how and why insolvency law in emerging economies needs to be reinvented. It starts by examining the importance of insolvency law for the promotion of economic growth as well as the similarities and divergences in the design of insolvency law around the world. The central thesis of the book is that insolvency law in emerging economies fails to serve as a catalyst for growth. It is argued that this failure is mainly due to the design of an insolvency legislation that is not tailored to the market and institutional environment generally existing in emerging economies. The book also provides a critical analysis of the design of insolvency law in many advanced economies where the insolvency system has proven to be unattractive for debtors, creditors or both. Therefore, in addition to suggesting a new insolvency framework for emerging economies, this book ultimately invites readers to rethink insolvency law.