World Development Report 2022

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References ABI (American Bankruptcy Institute). 2021. “President Biden Signs COVID-19 Bankruptcy Relief Extension Act into Law.” Press release, March 29, 2021. https://www.abi .org/newsroom/press-releases/president-biden-signs -covid-19-bankruptcy-relief-extension-act-into-law. Acharya, Viral V., Tim Eisert, Christian Eufinger, and Christian W. Hirsch. 2019. “Whatever It Takes: The Real Effects of Unconventional Monetary Policy.” Review of Financial Studies 32 (9): 3366–411. Acharya, Viral V., and Krishnamurthy V. Subramanian. 2009. “Bankruptcy Codes and Innovation.” Review of Financial Studies 22 (12): 4949–88. Adalet McGowan, Müge, and Dan Andrews. 2016. “Insolvency Regimes and Productivity Growth: A Framework for Analysis.” OECD Economics Department Working Paper 1309, ECO/WKP(2016)33, Organisation for Economic Co-operation and Development, Paris. AFSA (Australian Financial Security Authority). 2021. “Temporary Debt Relief Measures Ended on 1 January 2021.” News, January 4, 2021. https://www.afsa .gov.au/about-us/newsroom/temporary-debt-relief -measures-ended-1-january-2021. Agarwal, Sumit, Gene Amromin, Itzhak Ben-David, Souphala Chomsisengphet, Tomasz Piskorski, and Amit Seru. 2017. “Policy Intervention in Debt Renegotiation: Evidence from the Home Affordable Modification Program.” Journal of Political Economy 125 (3): 654–712. Air Mauritius. 2020. “Air Mauritius Ltd (Administrators Appointed).” News release, November 16, 2020. https:// www.stockexchangeofmauritius.com/media/5182 /17112020aml1.pdf. Allianz Research. 2020. “Calm before the Storm: Covid-19 and the Business Insolvency Time Bomb.” Allianz Research, Munich. https://www.eulerhermes.com/en_ global/news-insights/economic-insights/Calm-before -the-storm-Covid19-and-the-business-insolvency-time -bomb.html. Alston, Lee J. 1984. “Farm Foreclosure Moratorium Legislation: A Lesson from the Past.” American Economic Review 74 (3): 445–57. Andrews, Dan, Müge Adalet McGowan, and Valentine Millot. 2017. “Confronting the Zombies: Policies for Productivity Revival.” OECD Economic Policy Paper 21, Organisation for Economic Co-operation and Development, Paris. Apedo-Amah, Marie Christine, Besart Avdiu, Xavier Cirera, Marcio Cruz, Elwyn Davies, Arti Grover, Leonardo Iacovone, et al. 2020. “Unmasking the Impact of COVID-19 on Businesses: Firm Level Evidence from across the World.” Policy Research Working Paper 9434, World Bank, Washington, DC. Araujo, Aloisio P., Rafael V. X. Ferreira, and Bruno Funchal. 2013. “The Brazilian Bankruptcy Law Experience.” Journal of Corporate Finance 18 (4): 994–1004. Aristotle (c. 350 BCE). Rhetoric. Translated by W. Rhys Roberts. Internet Classics Archive. Cambridge, MA: Massachusetts Institute of Technology. http://classics .mit.edu/Aristotle/rhetoric.mb.txt.

Armour, John, and Simon F. Deakin. 2001. “Norms in Private Bankruptcy: The ‘London Approach’ to the Resolution of Financial Distress.” Journal of Corporate Law Studies 1 (1): 21–51. Armour, John, Antonia Menezes, Mahesh Uttamchandani, and Kristen van Zwieten. 2015. “How Do Creditor Rights Matter for Debt Finance? A Review of Critical Evidence.” In Research Handbook on Secured Financing in Commercial Transactions, edited by Frederique Dahan, 3–25. Research Handbooks in Financial Law Series. London: European Bank for Reconstruction and Development; Cheltenham, UK: Edward Elgar. Attorney-General’s Department. 2021. “The Bankruptcy System and the Impacts of Coronavirus.” AttorneyGeneral’s Department, Barton, Australia. https://www .ag.gov.au/sites/default/files/2021- 01/discussion -paper-bankruptcy-system-and-the-impact-of-corona virus.pdf. Ayotte, Kenneth M., and David Arthur Skeel, Jr. 2010. “Bankruptcy or Bailouts?” Journal of Corporation Law 35 (3): 469–98. Bakiewicz, Anna. 2005. “Small and Medium Enterprises in Thailand: Following the Leader.” Asia and Pacific Studies 2 (January): 131–51. Banerjee, Ryan Niladri, Giulio Cornelli, and Egon Zakrajšek. 2020. “The Outlook for Business Bankruptcies.” BIS Bulletin 30 (October 9), Bank for International Settlements, Basel, Switzerland. Banerjee, Ryan Niladri, and Boris Hofmann. 2018. “The Rise of Zombie Firms: Causes and Consequences.” BIS Quarterly Review (September 23): 67–78. BLRC (Bankruptcy Law Reforms Committee, Government of India). 2015. Rationale and Design. Vol. 1, The Report of the Bankruptcy Law Reforms Committee. New Delhi: BLRC, Government of India. https://ibbi.gov.in/BLRC ReportVol1_04112015.pdf. Bogdanowicz-Bindert, Christine A. 1997. “How Polish Banks Beat Bad Debt.” Wall Street Journal, April 15, 1997. https:// www.wsj.com/articles/SB861044025355211500. Bolton, Patrick, and Howard Rosenthal. 2002. “Political Intervention in Debt Contracts.” Journal of Political Economy 110 (5): 1103–34. Boon, Gert-Jan, Maciek Bednarski, Carlotte Dessauvagie, and Milan Pastoors. 2019. “The Mediator in Insolvency Law: Exploring New Terrain.” Leiden Law Blog, July 30, 2019. https://www.leidenlawblog.nl/articles /the-mediator-in-insolvency-law-exploring-new-terrain. Calomiris, Charles, Daniela Klingebiel, and Luc Laeven. 2004. “A Taxonomy of Financial Crisis Resolution Mechanisms: Cross-Country Experience.” Policy Research Working Paper 3379, World Bank, Washington, DC. Casey, Anthony J. 2021. “Bankruptcy and Bailouts, Subsidies and Stimulus: The Government Toolset for Responding to Market Distress.” ECGI Working Paper 578/2021, European Corporate Governance Institute, Brussels. Cirmizi, Elena, Leora Klapper, and Mahesh Uttamchandani. 2012. “The Challenges of Bankruptcy Reform.” World Bank Research Observer 27 (2): 185–203.

RESTRUC TURING FIRM AND HOUSEHOLD DEBT | 145


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References

1min
pages 279-281

Managing interrelated risks across the global economy

3min
page 277

Managing domestic risks to the recovery

5min
pages 275-276

Tackling the most urgent sources of risk

2min
page 274

Introduction

6min
pages 272-273

Spotlight 5.1: Greening capital markets: Sovereign sustainable bonds

22min
pages 263-271

References

13min
pages 259-262

Notes

7min
pages 257-258

Looking ahead: Reforms to mobilize revenue, improve transparency, and facilitate debt negotiations

18min
pages 249-255

Spotlight 4.1: Public credit guarantee schemes

9min
pages 221-225

Conclusion

3min
page 256

References

23min
pages 213-220

Managing sovereign debt and resolving sovereign debt distress

35min
pages 236-248

The human costs of debt crises

9min
pages 229-232

Notes

3min
page 212

Improving risk mitigation

58min
pages 183-205

Conclusion

2min
page 211

Policies to enable access to credit and address risks

14min
pages 206-210

Solving the COVID-19 risk puzzle: Risk visibility and recourse

12min
pages 179-182

Spotlight 3.1: Supporting microfinance to sustain small businesses

15min
pages 171-177

Introduction

3min
page 178

References

13min
pages 167-170

Notes

6min
pages 165-166

Conclusion

3min
page 164

Promoting debt forgiveness and discharge of natural person debtors

2min
page 163

Facilitating alternative dispute resolution systems such as conciliation and mediation

4min
pages 156-157

Strengthening formal insolvency mechanisms

19min
pages 149-155

References

16min
pages 135-139

Notes

16min
pages 131-134

Conclusion

2min
page 130

Spotlight 2.1: Strengthening the regulation and supervision of microfinance institutions

10min
pages 140-145

Dealing with problem banks

23min
pages 122-129

Building capacity to manage rising volumes of bad debts

16min
pages 115-121

Identifying NPLs: Asset quality, bank capital, and effective supervision

27min
pages 105-114

Spotlight 1.1: Financial inclusion and financial resilience

12min
pages 96-101

Conclusion

2min
page 93

Why do NPLs matter?

3min
page 104

References

10min
pages 68-71

Interconnected financial risks across the economy

8min
pages 73-75

Introduction

5min
pages 102-103

Notes

7min
pages 66-67

Resolving financial risks: A prerequisite for an equitable recovery

29min
pages 30-41

Conclusion

3min
page 42

The economic impacts of the pandemic

7min
pages 25-27

References

9min
pages 44-47

Impacts on the financial sector

2min
page 60

The economic policy response to the pandemic: Swift but with large variation across countries

5min
pages 28-29

Introduction

4min
pages 23-24

Notes

3min
page 43
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