... of nearly $50 billion for Mexico in 19 94- 95; over $120 billion for Thailand,Indonesia, and SouthKorea in 1997-98; over $25 billion for Russia and Ukraine in 1998; andanother $42 billion for ... been shown to3. See Leiderman and Thorne (1996) and Calvo and Goldstein (1996) for an analysis of theMexican crisis. 4. These alternative explanations of the Asian crisis are discussed in BIS ... weak and when an extensive9. For example, the studies of banking crises in emerging markets by Caprio and Klingebiel(1996a, 1996b), Goldstein and Turner (1996), Honohan (1995), and Sundararajan...