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Abstract
Throughout the world there have been a large number of significant banking problems in recent years. In East Asia since 1980 there have been varying degrees of banking problems in ten countries: China, Hong Kong, India, Indonesia, Korea, Malaysia, the Philippines, Singapore, Taiwan, and Thailand. Our goal in this paper is to try to explain what caused the recent difficulties and to suggest ways to prevent future problems. In doing so, we specifically focus on the banking crises in the region and attempt to explain what they have in common with other banking crises around the globe, including those in countries like the United States, with the most well-developed financial systems in the world. An important element in understanding these issues is assessing the appropriate mix of government intervention and market forces in designing a national financial system in a global marketplace.
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