* In the crisis years of 1997-98, the hardest-hit Asian countries experienced net capital outflows of more than $80 billion.
* Almost all of the outflows originated as banking flows. The majority went first to offshore center banks and then to banks in Europe.
* Much of the capital eventually reached the United states, but in the form of foreign direct investment or portfolio investment rather than banking flows.
* An equilibrium analysis of supply- and demand-side ...