Credit risk and credit access in Asia

The sheer volume of debt hanging over Asian companies suggests that corporate insolvency should remain a top policy concern. This, despite signs of improvement resulting from dramatic regulatory overhauls that followed the 1997-1998 Asian financial crisis. Moreover, the absence of widespread real restructuring following corporate collapses in Asia may force governments to acknowledge higher real losses dissimulated in their financial systems. Effective risk management practices, sound legal systems for restructuring, liquidation and recovery, and the underlying institut