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Benefits and costs of coporate debt restructuring : an estimation for Korea /
The paper offers a method to quantify benefits and costs of corporate debt restructuring, with an application to Korea. We suggest a "persistent ICR<1" criterion to capture firms that had ICR<1 for multiple consecutive years and thus will likely require restructuring. We assess the b...
| Clasificación: | Libro Electrónico |
|---|---|
| Autores principales: | , |
| Formato: | Electrónico eBook |
| Idioma: | Inglés |
| Publicado: |
[Washington, D.C.] :
International Monetary Fund,
[2016]
|
| Colección: | IMF working paper ;
WP/16/204. |
| Temas: | |
| Acceso en línea: | Texto completo |
MARC
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| 050 | 4 | |a HG3881.5.I58 |b W67 No. 16/204eb | |
| 082 | 0 | 4 | |a 658.1526 |2 23 |
| 049 | |a UAMI | ||
| 100 | 1 | |a Chung, Jae-Yong, |e author, |e (IMF staff) | |
| 245 | 1 | 0 | |a Benefits and costs of coporate debt restructuring : |b an estimation for Korea / |c prepared by Jae Chung and Lev Ratnovski. |
| 264 | 1 | |a [Washington, D.C.] : |b International Monetary Fund, |c [2016] | |
| 264 | 4 | |c ©2016 | |
| 300 | |a 1 online resource (22 pages) : |b color illustrations | ||
| 336 | |a text |b txt |2 rdacontent | ||
| 337 | |a computer |b c |2 rdamedia | ||
| 338 | |a online resource |b cr |2 rdacarrier | ||
| 347 | |a data file | ||
| 490 | 1 | |a IMF working paper, |x 1018-5941 ; |v WP/16/204 | |
| 500 | |a "October 2016." | ||
| 500 | |a At head of title: International Monetary Fund, Asia and Pacific Department. | ||
| 504 | |a Includes bibliographical references (pages 20-21). | ||
| 520 | 3 | |a The paper offers a method to quantify benefits and costs of corporate debt restructuring, with an application to Korea. We suggest a "persistent ICR<1" criterion to capture firms that had ICR<1 for multiple consecutive years and thus will likely require restructuring. We assess the benefits of debt restructuring by estimating the effects of removing a firm's debt overhang on its investment and hiring decisions. We refine the assumptions on the cost of debt restructuring based on the literature, and focus not only on creditor losses, but also on the employment impact of corporate restructuring. Benchmark results for Korea suggest 5.5-7.5 percent of GDP creditor losses and a 0.4-0.9 percent of the labor force employment impact from the debt restructuring. These are compensated by a permanent 0.4-0.9 percentage points increase in future GDP growth thanks to higher corporate investment and 0.05-0.1 percent of labor force higher hiring in the subsequent years. The key qualitative result is that corporate debt restructurings "pay off" in the medium term: their economic cost is recouped over about 10 years | |
| 588 | 0 | |a Online resource; title from pdf title page (IMF.org Web site, viewed November 16, 2016). | |
| 590 | |a eBooks on EBSCOhost |b EBSCO eBook Subscription Academic Collection - Worldwide | ||
| 650 | 0 | |a Corporate debt |z Korea (South) |x Econometric models. | |
| 650 | 0 | |a Debt relief |z Korea (South) |x Econometric models. | |
| 650 | 6 | |a Sociétés |x Dettes |z Corée du Sud |x Modèles économétriques. | |
| 650 | 7 | |a Corporate debt |x Econometric models |2 fast | |
| 650 | 7 | |a Debt relief |x Econometric models |2 fast | |
| 651 | 7 | |a Korea (South) |2 fast | |
| 700 | 1 | |a Ratnovski, Lev, |e author, |e (IMF staff) | |
| 710 | 2 | |a International Monetary Fund, |e publisher. | |
| 710 | 2 | |a International Monetary Fund. |b Asia and Pacific Department, |e issuing body. | |
| 776 | 0 | 8 | |i Print version: |a Chung, Jae. |t Benefits and Costs of Corporate Debt Restructuring: An Estimation for Korea. |d Washington, D.C. : International Monetary Fund,2016 |z 9781475545418 |
| 830 | 0 | |a IMF working paper ; |v WP/16/204. | |
| 856 | 4 | 0 | |u https://ebsco.uam.elogim.com/login.aspx?direct=true&scope=site&db=nlebk&AN=1428967 |z Texto completo |
| 938 | |a EBSCOhost |b EBSC |n 1428967 | ||
| 938 | |a ProQuest MyiLibrary Digital eBook Collection |b IDEB |n cis36894576 | ||
| 994 | |a 92 |b IZTAP | ||