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Bank Restructuring in Post-Crisis Asia

  • Don Hanna

    (Salomon Smith Barney and Citibank, 20th floor, 3 Exchange Square 8 Connaught Road, Central, Hong Kong SAR, China)

  • Yiping Huang

    (Salomon Smith Barney and Citibank, 20th floor, 3 Exchange Square 8 Connaught Road, Central, Hong Kong, SAR, China)

We assess the quantitative effects of the 1997-98 banking crisis in Asia at both the macroeconomic and bank levels, comparing our findings to broader studies of banking crises. Asia's crisis was both more severe and more costly than others but showed little evidence of prolonged bank runs. We assess the nature of reforms using measures designed to address externalities or market structure, information asymmetries, and legal infrastructure. We compare these measures to results from Barth, Caprio, and Levine (2000) with respect to the effects of banking structure and regulation on financial development, finding that reforms to date have underemphasized private monitoring and have concentrated too many assets in state-owned institutions. Despite extensive efforts at broadening legal infrastructure, progress has been poor, especially in Indonesia and Thailand. Copyright (c) 2002 Center for International Development and the Massachusetts Institute of Technology.

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Article provided by MIT Press in its journal Asian Economic Papers.

Volume (Year): 1 (2002)
Issue (Month): 1 ()
Pages: 3-42

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Handle: RePEc:tpr:asiaec:v:1:y:2002:i:1:p:3-42
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