A Brookings Institution Press and Nomura Institute of Capital Markets Research publication The financial crisis of 2007–08 and the Great Recession caused more widespread economic trauma than any event since the Great Depression. With a slow and uneven recovery, encouraging stability and growth is critical. Financial Restructuring to Sustain Recovery maintains that while each part of the financial services industry can play a useful role in revving up the U.S. economic engine to full capacity, the necessary reforms are sometimes subtle and often difficult to implement. Editors Martin Neil Baily, Richard Herring, and Yuta Seki and their coauthors break recovery down by three areas: Restructuring the housing finance market Reforming the bankruptcy process Reenergizing the market for initial public offerings Included are lessons drawn from Japan's experience in overcoming its long-lasting financial crisis after the collapse of its real estate market in the 1990s. Contributors: Franklin Allen (Wharton School, University of Pennsylvania), James R. Barth (Auburn University College of Business; Milken Institute), Thomas Jackson (Simon School of Business, University of Rochester), Jay R. Ritter (Warrington College of Business, University of Florida), David Skeel (University of Pennsylvania Law School), and Glenn Yago (Milken Institute).

The lingering effects of the economic crisis are still visible—this shows a clear need to improve our understanding of financial crises. This book surveys a wide range of crises, including banking, balance of payments, and sovereign debt crises. It begins with an overview of the various types of crises and introduces a comprehensive database of crises. Broad lessons on crisis prevention and management, as well as the short-term economic effects of crises, recessions, and recoveries, are discussed.

In this Research Handbook, today’s leading experts on the law and economics of corporate bankruptcy address fundamental issues such as the efficiency of bankruptcy, the role and treatment of creditors – particularly secured creditors – in the bankruptcy process, the allocation of going-concern surplus among claimants, the desirability of liquidation in the absence of such surplus, the role of contract in bankruptcy resolution, the role of derivatives in the bankruptcy process, the costs of the bankruptcy system, and the special case of financial institutions, among other topics.

If youre seeking a practical approach to building a safe and profitable business loan portfolio, you already know its easy to get overwhelmed. The environment doesnt make the task easier: Economies continue to undergo structural adjustments, and markets are getting increasingly competitive and volatile. Kenny Tay, a veteran merchant banker and licensed securities dealer, provides a framework that allows new entrants into the corporate lending world succeed. Drawing on his decades of experience, he delivers lessons so you or your lending team can: understand the financing structure of a typical business corporation; determine the rationale for borrowing and lending; assess a companys credit risk profile; and evaluate loans until they are fully repaid. Many unforeseen events can happen along the way that can turn a good loan into a bad one, which is why you need to fully understand the process. Make a complete commitment to building a business loan portfolio that will stand the test of time with Corporate and Business Lending.

The COVID-19 pandemic triggered the largest global economic crisis in more than a century. In 2020, economic activity contracted in 90 percent of countries, the world economy shrank by about 3 percent, and global poverty increased for the first time in a generation. Governments responded rapidly with fiscal, monetary, and financial policies that alleviated the worst immediate economic impacts of the crisis. Yet the world must still contend with the significant longer-term financial and economic risks caused by, or exacerbated by, the pandemic and the government responses needed to mitigate its effects. World Development Report 2022: Finance for an Equitable Recovery examines the central role of finance in the economic recovery from COVID-19. Based on an in-depth look at the consequences of the crisis most likely to affect low- and middle-income economies, it advocates a set of policies and measures to mitigate the interconnected economic risks stemming from the pandemic—risks that may become more acute as stimulus measures are withdrawn at both the domestic and global levels. Those policies include the efficient and transparent management of nonperforming loans to mitigate threats to financial stability, insolvency reforms to allow for the orderly reduction of unsustainable debts, innovations in risk management and lending models to ensure continued access to credit for households and businesses, and improvements in sovereign debt management to preserve the ability of governments to support an equitable recovery.

This 1999 Article IV Consultation highlights that Japanese growth has been lackluster throughout most of the 1990s. Since the asset price bubble burst in 1991, the economy has grown at an average of 1 percent per year, in striking contrast to the rapid growth achieved in previous decades. A series of fiscal stimulus packages raised the structural general government deficit by more than 5 percentage points of GDP between FY1991 and FY1998, while monetary policy has progressively eased.

This book considers the principal sources of agreement and disagreement among policymakers and analysts concerning the current economic problems of Sub-Saharan Africa. A distinguished collection of international and African authors, including economists from the IMF and the World Bank, as well as their critics, addresses the key policy issues in agriculture, trade, macroeconomic management, social issues, privatization, external capital flow, and political economy. An introductory interpretive essay searches for areas of consensus and identifies those of continuing controversy.