This paper explores the sequence, pace, and outcomes of bank restructuring in South Korea since the financial crisis of 1997, paying special attention to the state intervention in regard to resolving non-performing loans and privatizing temporarily nationalized banks by foreign selling. It...

This paper explores the idiosyncratic institutional features of public debt financing in Japan that have enabled the government to finance increasing public debt at low costs. It examines the three key aspects that contributed to the Japanese Government Bonds (JGB) market development: (1) the...

This paper investigates how three major political conditions—political constraint (imposed by veto players), government partisanship, and elections—have influenced the government responses to financial crises in 98 developing countries over the period 1976–2004. We find that governments...