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International Monetary Fund. Research Dept.
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Editor’s Note

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 Conference.

This issue marks the departure of Eswar Prasad from his service as editor, and of Helen Chin as assistant editor. With his impressive initiative and energy as the founding editor of the IMF Research Bulletin, Eswar greatly contributed to disseminating research conducted by the IMF staff. As the Bulletin’s new editorial team, Archana Kumar and I will seek to maintain continuity and build on our predecessors’ excellent work. Suggestions are, as always, welcome.

—Paolo Mauro

In This Issue

Shocks to Balance Sheets and Emerging Market Crises

Banking Systems in a Financially Integrated World

Visiting Scholars

Call for Papers

IMF Staff Papers Special Issue

Country Study: South Africa

Third Annual IMF Research Conference

External Publications by IMF Staff

IMF Working Papers

Global Linkages Conference

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