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Crisis, reform and recovery

The Asian financial crisis of 1997-98 shook the foundations of the global economy and what began as a localised currency crisis soon engulfed the entire Asian region. This book explores what went wrong and how did the Asian economies long considered 'miracles' respond, among other things. The combined effects of growing unemployment, rising inflation, and the absence of a meaningful social safety-net system, pushed large numbers of displaced workers and their families into poverty. Resolving Thailand's notorious non-performing loans problem will depend on the fortunes of the country's real economy, and on the success of Thai Asset Management Corporation (TAMC). Under International Monetary Fund's (IMF) oversight, the Indonesian government has also taken steps to deal with the massive debt problem. After Indonesian Debt Restructuring Agency's (INDRA) failure, the Indonesian government passed the Company Bankruptcy and Debt Restructuring and/or Rehabilitation Act to facilitate reorganization of illiquid, but financially viable companies. Economic reforms in Korea were started by Kim Dae-Jung. the partial convertibility of the Renminbi (RMB), not being heavy burdened with short-term debt liabilities, and rapid foreign trade explains China's remarkable immunity to the "Asian flu". The proposed sovereign debt restructuring mechanism (SDRM) (modeled on corporate bankruptcy law) would allow countries to seek legal protection from creditors that stand in the way of restructuring, and in exchange debtors would have to negotiate with their creditors in good faith.

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Routes away from crisis
Tom Gallagher

debt and bank assets would ‘make sovereign debt restructuring unmanageable without outside help’ according to these authors. But the European Stability Mechanism with its ‘firepower’ of €500 billion is an inadequate rescue service given that the total debt of the current crisis countries – Greece, Ireland, Portugal, Italy and Spain – amounts to some €3,750 billion. There remains debt restructuring, a transfer of funds from the creditor countries of the eurozone to the heavily indebted ones. The political obstacles to this measure have soared as electorates, facing

in Europe’s path to crisis
Tomoko Yamashita

Argentina , ICSID Case No ARB/09/1, Decision on Jurisdiction, 21 December 2012, paras 135–36. 105 Abaclat v Argentina , ICSID Case No ARB/07/5, Decision on Jurisdiction and Admissibility, 4 August 2011, paras 582–89. 106 Abaclat v Argentina , ibid, para 537. Admissibility of ‘mass claim’ is a separate but intrinsically related question. See K Nakajima, ‘Beyond Abaclat: Mass Claims before Investment Treaty Arbitration and Regulatory Governance for Sovereign Debt Restructuring’ (2018) Journal of World Investment & Trade 1–40. 107 Apotex AF (n 98) para 9

in International organisations, non-State actors, and the formation of customary international law
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The evolving international financial architecture
Shalendra D. Sharma

. Of course, flexibility does not necessarily mean free floating. As Fischer (1999) notes, bands of fluctuation allow much flexibility if they are wide enough to ensure that the equilibrium exchange rate is included in the band. For countries that decided to retain a fixed exchange-rate system, they should, as a precondition, be requested to make the regime sustainable. 331 The Asian financial crisis A new approach to sovereign debt restructuring Recently Anne Krueger (2002), the new first deputy managing-director of the IMF, made a bold proposal: that under certain

in The Asian financial crisis