Author: James Smalhout “Countries can be divided into two groups,” says Manuel Conthe, the World Bank’s vice president for financial sector development, “those who have deposit insurance and know it, and those who also have deposit insurance but don’t know it until, of course, there is a banking crisis.”
Ignorance can be anything but bliss in these situations, as countries like Indonesia, Korea and Thailand found out in 1997. They had been cruising merrily along without any formal back up for their banks, before financial chaos began racing through Asia.
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