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Examine les étapes de la restructuration du secteur des entreprises. La restructuration industrielle de grande envergure rendue indispensable par une crise financière représente l’un des défis les plus redoutables qu’aient à affronter les responsables économiques. L’État est obligé d’assumer un rôle directeur, même si c’est de manière indirecte, car il faut hiérarchiser les objectifs des politiques, remédier aux déficiences du marché, réformer les régimes juridique et fiscal, et surmonter la résistance de puissants groupes d’intérêts.

Banks and Banking --- Corporate Finance --- Financial Risk Management --- Public Finance --- Financial Institutions and Services: General --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Debt --- Debt Management --- Sovereign Debt --- Governmental Property --- International Financial Markets --- Finance --- Ownership & organization of enterprises --- Banking --- Public finance & taxation --- Business enterprises --- Debt restructuring --- Government asset management --- Asset management --- Banks and banking --- Debts, External --- Finance, Public --- Asset-liability management --- United Kingdom

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Examines the steps involved in restructuring the corporate sector. Large-scale corporate restructuring made necessary by a financial crisis is one of the most daunting challenges faced by economic policymakers. The government is forced to take a leading role, even if indirectly, because of the need to prioritize policy goals, address market failures, reform the legal and tax systems, and deal with the resistance of powerful interest groups.

Asset management --- Asset-liability management --- Banking --- Banks and Banking --- Banks and banking --- Banks --- Business enterprises --- Corporate Finance --- Debt Management --- Debt restructuring --- Debt --- Debts, External --- Depository Institutions --- Finance --- Finance, Public --- Financial Institutions and Services: General --- Financial Risk Management --- Government asset management --- Governmental Property --- International Financial Markets --- Micro Finance Institutions --- Mortgages --- Ownership & organization of enterprises --- Public finance & taxation --- Public Finance --- Sovereign Debt --- United Kingdom

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Many studies examine why firms are financed by their suppliers, but few empirical studies look at the macroeconomic implications of such financial arrangements. Using disaggregated panel data, we examine how firms extend and use trade credit. We find that, controlling for the transactions or asset management motive, both accounts payable and receivable increase with tighter policy, implying that trade credit helps firms absorb the effect of a credit contraction. A comparison of S&P 500 firms with smaller firms, however, provides no evidence that when policy is tightened, large firms play the role of credit suppliers more actively than small firms.

Exports and Imports --- Financial Risk Management --- Labor --- Money and Monetary Policy --- Public Finance --- 'Panel Data Models --- Spatio-temporal Models' --- Financial Markets and the Macroeconomy --- Monetary Policy --- International Lending and Debt Problems --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- International Financial Markets --- Wages, Compensation, and Labor Costs: General --- Governmental Property --- International economics --- Monetary economics --- Finance --- Labour --- income economics --- Public finance & taxation --- Trade credits --- Monetary tightening --- Bank credit --- Asset management --- Wages --- External debt --- Monetary policy --- Money --- Government asset management --- Public financial management (PFM) --- Asset and liability management --- Debts, External --- Credit --- Asset-liability management --- Finance, Public --- United States --- Income economics --- Panel Data Models --- Spatio-temporal Models

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Recent financial sector crises and their resolution have raised new issues and provided additional experiences to draw on in the future. Banking sector problems in Russia, Turkey, and a few Latin American countries occurred within the context of highly dollarized economies, high levels of sovereign debt, severely limited fiscal resources, or combinations thereof. These factors have challenged the effectiveness of many of the typical tools for bank resolution. This publication focuses on the issues raised in systemic crises, not on the resolution of individual bank problems. Based on the lessons learned during the Asian crisis, it updates the IMF’s work on the general principles, strategies, and techniques for managing these crises.

Financial crises --- Banks and banking. --- Bank failures --- Failure of banks --- Business failures --- Agricultural banks --- Banking --- Banking industry --- Commercial banks --- Depository institutions --- Finance --- Financial institutions --- Money --- Crashes, Financial --- Crises, Financial --- Financial crashes --- Financial panics --- Panics (Finance) --- Stock exchange crashes --- Stock market panics --- Crises --- Banks and Banking --- Financial Risk Management --- Macroeconomics --- Public Finance --- Industries: Financial Services --- Finance: General --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Financial Institutions and Services: Government Policy and Regulation --- Financial Crises --- International Financial Markets --- Debt --- Debt Management --- Sovereign Debt --- Economic & financial crises & disasters --- Public finance & taxation --- Investment & securities --- Monetary economics --- Bank resolution --- Asset management companies --- Asset and liability management --- Banking crises --- Banks and banking --- Crisis management --- Asset-liability management --- Debts, External --- Thailand