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 Index ABN Amro, 211, 216 Africa: banking systems, 235–36; international banks in, 235; regional banks, 235, 250. See also individual countries Albania, financial system, 83 Anderson, Jonathan, 141, 192–93, 199 Annuities, 273–77 Argentina: banking system, 197, 221, 226–27; bank privatizations, 45; debt restructuring, 116; effects of crises, 31, 33, 130–31; exchange rates, 192, 193, 223; exports, 25, 162, 164; external debt, 25, 186, 188; external financing needs, 182; financial crises (1990s), 15, 33; financial crisis (2001), 16, 20, 24–25, 27, 33, 93, 193; government debt, 33, 37, 39, 88, 96, 188, 193, 194; growth rates, 33, 224; IMF and World Bank loans, 26, 33; inflation, 199; international banks in, 235, 250; pension system, 33; public sector banks, 47; recovery, 24–25; vulnerability to rising interest rates, 177–80; vulnerability to slower growth in China and United States, 182, 186, 187, 188, 202, 203 Asia. See Central Asia; East Asia Asian Development Bank, 168 Asset management companies, 18–20, 47, 237–39 Australia: exchange rates, 145; pension system , 271 Azerbaijan, number of banks, 67. See also Transition economies Baily, Martin, 158 Balkan countries, financial systems, 83. See also Transition economies; and individual countries Banking crises: corruption and fraud involved, 220, 222; currency devaluations as triggers, 223; duty losses, 221, 222; factors in, 16; in Latin America, 15; looting involved, 239–40, 247; prevention efforts, 241; reducing risks, 52–56; responses, 17–20, 47, 53, 70–71; syndromes, 219–20; in transition economies, 67–73 Banking crises, resolution of: costs, 222; differences among countries, 233–39; good practices, 229–32; interventions, 231; macroeconomic performance following, 223–27; new capital and ownership, 225–26, 233–36; options for asset cleanup, 237–39; patterns, 220–23; policy issues, 228–39; political issues, 232; recapitalizations of state-owned banks, 236–37; roles of asset management companies, 18–20, 47, 237–39; strategies, 220 Banking supervision and regulation: Basel Capital Accord (Basel II), 44, 52–53, 55, 240–41, 243–44; capital adequacy ratios, 52; effectiveness, 241–42; importance of democratic institutions, 241; improving, 240–44; political dimensions, 54; private monitoring, 242; of public sector banks, 53, 54–55; of regional banks, 51; reserve and liquidity requirements, 246; in Russia, 82; strengthening, 52–55; in transition economies, 74, 82, 84 Banking systems: Asian, 34–35, 41, 46; in centrally planned economies, 64–65; conditions preceding crises, 246–47; credit allocation, 246, 247; deposit guarantees and insurance, 56, 251–52; deposits, 34–35, 37; developments following crises, 34–38; excessive reliance on, 251–52; fragility, 194, 197, 201–02; incentives, 239–40, 248; Latin American, 34, 35, 37–38, 45–47; private sector credit, 35, 37–38, 224; resilience, 126; restructuring, 239–53; weakness before crises, 219 Bank Mandiri, 47, 48 Bank of England, 164 Bank Rakyat Indonesia, 47 Banks: credit risk, 41–45; foreign borrowing, 35; foreign currency loans and deposits, 42–43; foreign investors, 51, 235; government debt held by, 35, 38–41, 52, 100; private ownership, 225–26; regional, 51, 235, 250; risk management, 42–43, 44, 84, 131, 242, 243; small-scale lending, 248, 252. See also Consumer credit; International banks Banks, state-owned: Asian, 45, 46, 47–48; Chinese, 220; deposit guarantees and insurance, 56; effects of financial crises, 46; increased lending, 47–48; involvement in crises, 221; Latin American, 45–47; as policy instruments, 48; privatizations, 45, 46, 47, 70, 74, 226, 249; recapitalizations, 236–37; regulation and supervision, 53, 54–55; risks associated with growth, 45–48; roles in crisis recovery, 45, 47; Russian, 82; small-scale lending, 50; temporary nationalizations, 225–26, 233, 234; in transition economies, 66, 70, 71, 74 Barth, James, 202, 241, 242, 243, 245 Basel Capital Accord (Basel II): adoption by developing countries, 52–53, 243–44; criticism of, 53; market discipline improvement , 55; pillars, 240–41; potential negative effects, 243; risk management, 44, 52–53 Bernanke, Ben, 149–50 Bond markets: development, 32–33, 40; emerging-market, 100, 113–14, 187; foreign participation, 27–28; government debt, 32, 43; Latin American, 37; private debt, 32–33, 37–38. See also Emerging Markets Bond Index Global spreads Borish, Michael, 70 Bosnia, financial system, 83. See also Transition economies Brazil: bank interventions, 46; devaluations, 93; domestic debt market, 27–28; effects of macroeconomic adjustment, 98–99; EMBI spreads, 102, 103; exchange rates, 192, 193; exports, 25, 162; external debt, 27–28, 186, 187, 188; financial crises, 15, 16; fiscal adjustment, 111; government debt, 88, 96, 98, 179, 181, 188...

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