Table 1: Cost of Recapitalisation Country  Period  Cost as per cent of GDP  Spain United States (Savings & Loans)  1977-1985 1984-1991  16.8 3.2  Scandinavia Finland Norway Sweden  1991-1993 1987-1989 1991  8.0 4.0 6.4  Latin America Chile Mexico  1981-1983 1995  41.2 13.5  Asia Indonesia Korea Malaysia Philippines Thailand  1997-1998 1997-1998 1997-1998 1981-1987 1997-1998  34.5 24.5 19.5 3.0 34.5  Sources:  Caprio and Klingebiel, World Bank, July 1996.
World Bank, Asian Growth and Recovery Initiative, 1999. Another direct and measurable cost of financial crises is the cost to taxpayers of fixing them. When there is widespread failure of banks and other deposit-taking institutions, the Government invariably pays out depositors in full or in part, whether or not there is a formal system of deposit insurance.