The East Asian Dilemma: Restructuring Out Or Growing Out?

Asia Asian crisis countries Asian Development Bank asset-management companies assets August Bank of Thailand bankruptcy Barry Eichengreen billion bonds capital markets chaebol Claessens corporate governance corporate restructuring creditors crisis countries crony capitalism current-account Daewoo Danaharta debt restructuring debtors December Djankov East Asian countries East Asian crisis East Asian economies Eichengreen finance companies financial and corporate financial crisis financial institutions financial markets financial sector financial system firms Fitch IBCA foreign investors framework groups IBRA IMF programs improve increase industrial insolvent institutional reforms International Economics Section International Financial issued January July June Korea Korea's sovereign-credit ratings lending Letter of Intent liberalization liquidity loans macroeconomic Malaysia March market-led mergers November NPLs ongoing recovery operational restructuring percent of GDP precrisis problems recapitalization regulatory reprivatization ringgit rupiah September short-term stability Standard & Poor's strategy Thailand tions trillion U.S. dollar viable Washington Consensus weak World Bank