The overall impact of financial globalization on the domestic financial sector is profound. Liberalization of capital flows has effectively made domestic financial repression obsolete. The consequences have not been uniformly favorable. Following liberalization, domestic interest rates in...

Intro -- Contents -- Foreword -- The Report Team -- Acronyms and Abbreviations -- Overview and Summary -- Making Finance Effective -- Preventing and Minimizing Crises -- Government Failure in Finance -- Finance without Frontiers? -- References.

The paper elaborates on the employment intensity of growth. Previous evidence regarding this question is surveyed. Empirical results concerning Europe and selected other industrial countries reveal that the cyclical link between unemployment and growth is still stable in the nineties. However,...