Revised paper was published in The Asian Financial Crisis: Origins, Implications and Solutions; W. C. Hunter, G. Kaufman, and T. Krueger, eds. Kluwer publishers (1999).

Greater transparency and disclosure of bank activities will not prevent future banking crises unless appropriate monetary, fiscal, and regulatory policies are also adopted. Nonetheless, greater disclosure of banking problems can reduce the costs of banking crises, even if transparency is not a panacea for preventing banking crises.