A deal was finally reached in June 1998 on the restructuring of interbank debt, corporate debt and trade credits.

Poor s found that, a year later, these firms total debt amounted to 14.2 trillion, eclipsing the 13.1 trillion of outstanding debt in the United States and making China the world s largest issuer of corporate debt.

The Government followed up on the debt restructuring by directing the banks to arrange corporate restructuring of distressed indebted firms.

How is that possible? As corporate finance experts have been saying for 30 years, having too much debt and too little equity is costly, so reducing the face value of debt can sometimes benefit not only equity holders, but also debt holders.

Grundsatzkommission Corporate Governance (German Panel for Corporate Governance) (2000). Corporate Governance Rules for German Quoted Companies.

Argentina s interests and those of its creditors were thus aligned both wanted growth. It was the equivalent of a Chapter 11 restructuring of American corporate debt, in which debt is swapped for equity, with bondholders becoming new shareholders.

The role of the corporate sector, and corporate strategies

sponsors a monthly advocacy project of contacting governments and global institutions regarding timely UN issues, e.g. fair trade, human rights, environmental issues, debt relief, corporate responsibility, etc.

Statement on Global Corporate Governance Principles. International Corporate Governance Network.

IMF staff have produced a number of reports on corporate insolvency, bank insolvency and the restructuring of unsustainable sovereign debt, including Orderly and Effective Insolvency Procedures Key Issues (1999) (analysing major policy choices to be addressed in the design of an effective corporate insolvency system).

Corporate strategy

Corporate responsibility

Revised Statement on Global Corporate Governance Principles. International Corporate Governance Network.

Finance Committee on Corporate Governance (2000). Malaysian Code on Corporate Governance.

Both are cases of severe economic crisis, to be sure. But the eurozone s problems stem from high levels of government debt, while South Korea faced massive capital flight and a collapsing currency and almost all of the debt was in the corporate sector.

Corporate Governance Committee (2004). The Belgian Code on Corporate Governance ('Lippens Code')

Committee on Corporate Governance (1999). Code of Best Practice for Corporate Governance.

Corporate specific reasons.

Initiative Corporate strategy

Corporate fund raising.

Corporate criminal liability

Corporate criminal liability

Corporate leaders realized that economic incentives accrued from being a good corporate citizen.

At the corporate level, UNFPA has undertaken a major initiative on reproductive health commodity security, to be implemented initially in 15 countries.

Committee on Corporate Governance (1997). Corporate Governance in the Netherlands Forty Recommendations (Peters Code).

European Corporate Governance Institute. (In particular, see index of corporate governance codes by country.

Indeed, Argentina s sovereign default happened almost simultaneously with the demise of the currency board, but corporate renegotiations were a protracted affair. Eventually, most companies avoided bankruptcy, mainly owing to the fourth ingredient in Argentina s exit toolkit capital controls that provided the legal umbrella to stop external corporate debt servicing.

A lower rate would strengthen incentives for investment and job creation in the US, and weaken incentives for tax avoidance. It would also reduce numerous efficiency reducing distortions in the US tax code, including substantial tax advantages for debt financing over equity financing and for non corporate businesses over corporate businesses.

However, to trace these adequately requires more information, and on a more timely basis, on aggregated domestic stocks as well as flows (for example, levels of debt in corporate as well as banking sectors, private liquidity ratios and debt equity ratios, as well as borrowing flows).

The Secret Corporate Takeover

The Corporate Tax Conundrum

Whose Corporate Social Responsibility?

Operationalizing the corporate strategy

Corporate and income tax

corporate environmental policy statement

The most prominent example is money market mutual funds. These entities take money from investors and buy various kinds of assets, some of which may be risky like short maturity corporate debt.

Financial bubbles emerge wherever liquid asset markets exist. Indeed, the objects of such speculation astound the imagination tulip bulbs, gold and silver mines, real estate, the debt of new nations, corporate securities.

What the market is saying is not that the economy has too much debt, but that it has too much private debt, which is why prices of corporate bonds are low and firms find financing expensive. The market is also saying clearly and repeatedly that the economy has too little public US government debt, which is why everyone wants to hold it.

Government Commission on the German Corporate Governance Code (2005). The German Corporate Governance Code ('Cromme Code')

JPK Working Group I on Corporate Governance in Malaysia (2000). Report on Corporate Governance in Malaysia.

(a) Capping of corporate costs, while corporate functions address strategic matters of governance, oversight and inspection

The notable exceptions to this trend are countries that manage cross border capital flows, especially the corporate sector s exposure to foreign currency debt. Indeed, certain types of capital flow management including limiting domestic debt denominated in foreign currency for both firms and households have been shown to increase resilience.

Corporate strategy Vision 2006 2007

What Corporate Tax for Europe?

Expert Meeting on Positive Corporate