This paper puts together a set of stylized facts of the corporate sector dynamics of systemic financial crises based on recent crisis episodes with a view to identifying the key issues and their policy implications. The evidence suggests that corporate crisis dynamics arc triggered by a cutoff...

This paper summarizes the objectives, tasks, and modalities of large-scale, post-crisis corporate restructuring based on nine recent episodes with a view to organizing the policy choices and drawing some general conclusions. These episodes suggest that government-led restructuring efforts should...

Different levels of corporate leverage are used in this paper to help explain the wide range of post-crisis output adjustment across East Asia. In the model developed here, highly leveraged firms facing a cutoff of capital inflows are threatened by bankruptcy. These firms respond by eliminating...