Hard on the heels of Mexico's crisis in 1994, a wave of financial crises swept across emerging economies - from East Asia and Russia to Brazil - bringing the fragility of banking and finance into unprecedented focus. What has gone wrong? - Caprio and Honohan examine why emerging markets, in...

November 1999 - Estimating the likely fiscal costs of future banking crises requires information about the size and composition of the banks' balance sheets and expert assessments about the accuracy of the accounting data and about certain short-term risks. There is constant demand for an...

In post-independence sub-Saharan Africa, institutional arrangements for monetary policy have taken a variety of forms, although the historical evolution of many African financial systems has been similar. This paper identifies five different regimes and examines how they evolved over time. It...