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Financial fragility under implicit insurance scheme: Evidence from the collapse of Thai financial institutions

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  • Anuchitworawong, Chaiyasit
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    Abstract

    Using the Thai experience as a clinical study of a financial crisis, we investigate financial failures of Thai financial institutions. This study augments the CAMEL perspective by considering corporate governance and the moral hazard problems under the state of implicit government guarantee. The overall results suggest that high-replicated CAMEL ratings and downgrades of the ratings based on accounting-based information are likely to be important indicators of bank fragility. The ownership-based incentives of the largest shareholders and the level of risk associated with moral hazard problems are also factors that help discriminate sound and unsound financial institutions.

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    File URL: http://hermes-ir.lib.hit-u.ac.jp/rs/bitstream/10086/13935/1/wp2004-16a.pdf
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    Bibliographic Info

    Paper provided by Center for Economic Institutions, Institute of Economic Research, Hitotsubashi University in its series CEI Working Paper Series with number 2004-16.

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    Length: [37] p.
    Date of creation: Sep 2004
    Date of revision:
    Handle: RePEc:hit:hitcei:2004-16

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    Related research

    Keywords: CAMEL rating; incentives; deposit insurance; financial failure; Thai financial institutions;

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    Cited by:
    1. Chaiyasit Anuchitworawong, 2010. "The Value of Principles-Based Governance Practices and the Attenuation of Information Asymmetry," Asia-Pacific Financial Markets, Springer, vol. 17(2), pages 171-207, June.
    2. Joshua Charap & Jelena Pavlovic, 2009. "Development of the Commercial Banking System in Afghanistan," IMF Working Papers 09/150, International Monetary Fund.

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