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The World Bank, Washington, DC, USA
Origins of the Crisis
Dimensions of Vulnerability and their Causes
Dimensions of Vulnerability
Banking sector fragility
Corporate sector vulnerability
Causes of the Buildup in Vulnerability
Incentives for short-term external borrowing spurred by macroeconomic policy responses
Regulatory and supervisory weaknesses in East Asia’s financial sectors, leading to financing of risky investments and weakening balance sheets
Weaknesses in corporate governance and transparency, leading to overleveraging and inefficient risky investments
Microeconomic factors contributing to the buildup of vulnerability
Onset of the ...