... portfolios and putting a downward pressure on asset prices and hence on the value of collateral, especially real estate. The already weak large public banks faced a severe asset quality deterioration ... Korea, Latvia, Lithuania, Malaysia, Mexico, Nicaragua, Norway, Paraguay, Philippines, Russia, Sri Lanka, Sweden, Thailand, Turkey, Ukraine, United Kingdom, United States, Uruguay, Venezuela, and ... Cortavarria-Checkley, Giovanni dell’Ariccia, David Hoelscher, Simon Johnson, Ashok Mody, Jonathan Ostry, and Bob Traa for comments and discussions, and Ming Ai, Chuling Chen, and Mattia Landoni...