15. In our analysis what we have made so far, we can say
that failure is not that thing which grows in a day . It is
a series of jolts that brings the point of disaster . For
example, Spain, Norway, Sweden and the U.S. had very
similar experiences when they liberalized their financial
systems. In addition, in countries where there were a
significant number of failures, real estate lending
played a major role. The failure of large individual
banks is likely to be much more distinguishing. The
Barings and BCCI failures both had significant fraud.
