BIS paper compares current Asian vulnerabilities with 1997 crisis

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The Bank for International Settlements’ global banking statistics shed light on current vulnerabilities in Asia, and could have given some early warning signs ahead of the 1997 Asian crisis, according to a new working paper.

BIS economists Stefan Avdjiev, Bat-el Berger and Hyun Song Shin find that one of the most striking signals ahead of 1997 was the rapid build-up of cross-border bank claims on each of the five countries that ended up at the heart of the crisis.

Foreign banks tended to move

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