The papers in this volume were presented at three invited sessions
at the annual meetings of the Western Economic Association in San
Diego, California on July 8-10, 1999. The comments by delegates
were also presented at that time and are included in the volume.
The theme of the sessions was "Bank Problems: A Global
Perspective." As has been well documented in previous volumes in
this series, serious banking problems have plagued the large
majority of countries globally be they industrial, emerging or
transition economies. The problems arose because of both market
failures and regulatory or government policy failures. The costs of
these problems in terms of reduction in real output, misallocations
of both real and financial resources, and transfer payments and
cross-subsidies, particularly from taxpayers to protected
stakeholders in failed banks, have been large and burdensome. Thus,
a better understanding of the causes of the problems in both the
private and government sectors and their potential solutions is a
prerequisite for avoiding, or at least minimizing repetitions in
the future. The papers in this volume contribute to this effort and
add to our storehouse of knowledge. The emphasis on global in the
title is reinforced by including papers by authors from Italy,
Spain, and the United Kingdom, as well as the United States.
General
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