U.S. banks cut back on lending to emerging markets in Asia before the regional financial crisis exploded, according to the Bank for International Settlements.

According to the international banking agency, U.S. banks reduced their exposure to Asia by 14%, or to $29.4 billion, at yearend 1997 from $34.2 billion a year earlier.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.