Financial systems in many developing and transitional economies are in a state of flux, in many instances emerging from periods of significant repression and more recent episodes of financial reforms, with little to show for the changes. Indeed, financial crises or more silent forms of financial distress appear to be widespread, fromArgentina,Mexico, andVenezuela, to many countries in Eastern Europe and the former Soviet Union, to those in Africa and parts ofAsia. For a variety of reasons, financial reforms are difficult to manage, as they involve changing incentive systems and institutions. Also, finance in particular, banking, the heart of developing and transitional economies’ financial systems – is different from other sectors or industries in that failures can spread in a contagious fashion from one institution to another, with deleterious effects on the rest of the economy. [download]
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