“…The literature on banking during the Latin American crisis of the 1980s has emphasized capital flows, export prices, mismatches in maturity, mismatches in currency, exposure to government debt, dependency on foreign funding, financial liberalization, international political support, and reputation as explanations for the crisis (Diaz-Alejandro, 1985;Frieden, 1987;Devlin, 1989;Bértola & Ocampo, 2012;Marichal, 2013;Ocampo J. A., 2014;Álvarez, 2015;Álvarez, 2017) (Álvarez, 2018;García Heras, 2018;Caselli, Faralli, Manasse, & Panizza, 2021;Álvarez, 2021). However, less attention has been paid to the role of tunneling in worsening the crisis.…”