Hosono, Kaoru; Iwaki, Hiroko; Tsuru, Kotaro - Research Institute of Economy, Trade and Industry (RIETI) - 2005
We investigate the effectiveness of market discipline by depositors during the period of 1992-2002 in the four crisis-hit Asian countries: Indonesia, Korea, Malaysia and Thailand. In Indonesia, the crises first weakened and then strengthened market, which is consistent with the wake-up-call...