Editor's Note

• Author: Paolo Mauro
• Pages: 1

Page 1

Recent academic studies and a wave of emerging market crises have highlighted the importance of firms' and banks' balance sheets in transmitting shocks. The first article in this issue reviews IMF research on Shocks to Balance Sheets and Emerging Market Crises. Similarly, as many countries open up their capital accounts and liberalize their financial systems, issues related to the efficiency and prudential regulation of the banking systems have gained renewed prominence in the IMF's work. The second article focuses on Banking Systems in a Financially Integrated World. The Country Study analyzes IMF research on South Africa, an emerging market that raises interesting issues and faces important policy challenges. Also included are summaries of recent conferences and a call for papers for the Fourth Annual IMF Research...