Resolution of financial distress : An international perspective on the design of bankruptcy laws

The institutions of bankruptcy have been at the center of the great economic events of the last decade, ranging from the Asian economic crisis to the transition from socialism to capitalism. Our understanding of the economic and legal structure of these institutions, as well as of their impact on economic development, has advanced considerably during this period as well. This valuable study from the World Bank Institute both describes and advances the state of the art in this area. It contains highly useful theoretical studies, historical data, as well as evidence from recent experiences around the world. It illustrates clearly the possibilities and methods of beneficial legal reform of bankruptcy procedures, as well as the pitfalls of misguided political action. The study is a timely and valuable resource for economists, lawyers, and all others interested in institutional reform in emerging financial markets.