What causes financial crisis in Asian countries

In this paper, we investigate the indicators of financial crisis in Asian countries, focusing more on the impact of corporate governance. Unlike the previous studies such as Johnson et al. (2000) and Acemoglu et al. (2003) that use some fixed measures of corporate governance based on the law in force in a specific year-such as the anti-director right index (ADRI) or the anti-self dealing index (ASDI)—we employ the annual Worldwide Governance Index (WGIs) and the Quality of Governance Index.