Corporate debt restructurings in the emerging markets have always presented special challenges. Today, as the global economy emerges from the COVID-19 pandemic
Corporate debt in emerging markets (EMs) has reached historical levels in the post-Covid-19 world. This challenges international lenders (e.g., commercial banks
This paper takes stock of past episodes of debt restructuring and reviews the relevant literature. Based on cross-country experience from the late 1990s through
The study calls for a two-track strategy: first, deep multilateral liberalization involving phased but complete elimination of industrial-county protection and