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Open Access (free)
Crisis, reform and recovery
Shalendra D. Sharma

services.11 Richburg (1998, A40) lucidly describes the nature of “Suharto Incorporated.” The Suharto children are all reputed to have become multi-millionaires by trading on their direct line to the presidential palace, which involved everything from clove cigarettes to toll roads, from petrochemical plants to automobile manufacturing. So pervasive is the first family’s reach into the Indonesian economy that a long-running joke here is that the corruption begins as soon as you arrive at Jakarta’s international airport: You can buy a pack of cigarettes, hop in a taxi, take

in The Asian financial crisis
Open Access (free)
Oonagh McDonald

that derivatives destroyed value is flatly at odds with the fact that derivatives were the biggest contributor to boosting recoveries for Lehman's creditors’. 26 The adoption of the Joint Chapter Plan on 6 December 2011 did not entirely resolve the issue of derivative claims by the large banks, but the claims and counterclaims had more to do with the activities of the parties to the disputes than with the actual nature of the contracts. Summe's detailed analysis does not support the view that the process itself caused the

in Lehman Brothers
Open Access (free)
Crisis, reform and recovery
Shalendra D. Sharma

thought that the liquidity it was providing was enough. The IMF and the Chuan government: phase two Despite the comprehensive and ambitious nature of the restructuring plans, the economic decline continued unabated. It seemed that neither the IMF program nor the political gridlock and bickering amongst the six-party coalition partners that made up the Chavalit administration failed to inspire 105 The Asian financial crisis market confidence. As the power struggle between Chavalit’s New Aspiration Party and its main coalition partner, Chart Pattana, intensified, “economic

in The Asian financial crisis
Oonagh McDonald

profitably. (Repurchases collateralized by equity securities were nominally 8 per cent over-collateralized, and called 108 per cent inside Lehman). 14 Even if the valuations were true, this would not change the fundamental nature of the secured borrowing. That part of its inventory used as collateral was removed from the books and replaced by cash, but no debt was recorded. Using the borrowed funds to pay down other obligations, slimming down the balance sheet but improving the debt

in Lehman Brothers
Why China survived the financial crisis
Shalendra D. Sharma

planning targets, were responsible for their own profits and losses, and could buy inputs and sell products freely wherever there was a demand, including on export markets.11 The majority of TVEs are small and medium-sized firms, and their products are generally labor-intensive in nature. Currently, TVEs dominate the building materials and agricultural machinery industries, including textiles and garments, processed foods and beverages, and coal and cement. TVEs account for a growing share of the production of electronics and telecom equipment. The growth and performance

in The Asian financial crisis