Navigating Insolvency Risks in Emerging Markets
解释债权人如何应对新兴市场因法律和制度环境薄弱导致的破产风险，旨在通过提高债权人保护水平，帮助新兴市场企业获得更多融资，促进经济增长。
Most emerging markets have weak legal and institutional environments that generally lead to low levels of predictability and legal certainty. Moreover, the insolvency framework of most emerging markets is very inefficient, providing creditors with low recovery rates. Therefore, extending credit to companies in emerging economies may result in additional risks for lenders. This article explains how lenders can navigate some of these risks. By doing so, it is expected that, as a result of the higher level of creditor protection, companies in emerging markets will be able to have greater access to finance. Therefore, these strategies can ultimately benefit debtors and creditors and promote economic growth in emerging markets.