VAROUJ AIVAZIAN Professor, Department of Economics and Faculty of Management, University of Toronto, Canada MELVIN AYOGU Head, Department of Accounting and Management Sciences, University of Jos, Nigeria EROL M. BALKAN Associate Professor of Economics, Hamilton College, Clinton, New York GUILLERMO CALVO Distinguished University Professor and Director of the Centre for International Economics, University of Maryland, College Park, and Francisco Soldati Professor of Economics, Universidad Torcuato Di Tella, Buenos Aires, Argentina CARLOS CASACUBERTA Associate Researcher, Centro de Investigaciones Economicas (CINVE) CHIDOZIE EMENUGA Department of Economics, University of Ibadan FERNANDO LORENZO Senior Researcher, Centro de Investigaciones Economicas (CINVE) ANWAR NASUTION Professor of Economics, University of Indonesia, Jakarta NELSON NOYA Senior Researcher, Centro de Investigaciones Economicas (CINVE), Montevideo, Uruguay JAMES POWELL Deputy Chief of the Bank of Canada's International Department GUILLERMO ROZENWURCEL Professor in Advanced Macroeconomics and Monetary Economics, School of Economics, University of Buenos Aires RODNEY SCHMIDT Economist responsible for Central and Eastern Europe, Government of Canada's Department of Finance, Ottawa KUNAL SEN Associate Professor, Department of Applied and International Economics, Massey University, New Zealand LUCIO M. SIMPSON Professor of Money, Credit and Banking, School of Economics, University of Buenos Aires CHARLES SOLUDO Department of economics, University of Nigeria, Nsukka RAJENDRA R. VAIDYA Assistant Professor, Indira Gandhi Institute of Development Research, Mumbia, India A. ERINC YELDAN Associate Professor of Economics, Bilkent University, Ankara, Turkey.

• List of Tables List of Figures Foreword; L.Taylor Editor's Preface Acknowledgements List of Acronyms Notes on Contributors PART ONE: INTRODUCTION Financial Reform in Developing Countries: An Overview; J.M.Fanelli & R.Medhora PART TWO: COUNTRY CASE STUDIES Argentina; J.M.Fanelli, G.Rozenwurcel & L.M.Simpson India; K.Sen & R.R.Vaidya Nigeria; M.D.Ayogu, C.Emenuga & C.C.Soludo Turkey; E.M.Balkan & A.E.Yeldan Uruguay; N.Noya, C.Casacuberta & F.Lorenzo PART THREE: THEMATIC ISSUES Micro- and Macro-level Financial Reform in Canada; J.Powell The 'Unforgiving' Market and the Tequilazo ; G.A.Calvo 'Big Bang' Versus 'Go Slow': Indonesia and Malaysia ; A.Nasution Banking on the Transition; R.Schmidt Microeconomic Elements and Perspectives from Finance Theory; V.A.Aivazian Index

VAROUJ AIVAZIAN Professor, Department of Economics and Faculty of Management, University of Toronto, Canada MELVIN AYOGU Head, Department of Accounting and Management Sciences, University of Jos, Nigeria EROL M. BALKAN Associate Professor of Economics, Hamilton College, Clinton, New York GUILLERMO CALVO Distinguished University Professor and Director of the Centre for International Economics, University of Maryland, College Park, and Francisco Soldati Professor of Economics, Universidad Torcuato Di Tella, Buenos Aires, Argentina CARLOS CASACUBERTA Associate Researcher, Centro de Investigaciones Economicas (CINVE) CHIDOZIE EMENUGA Department of Economics, University of Ibadan FERNANDO LORENZO Senior Researcher, Centro de Investigaciones Economicas (CINVE) ANWAR NASUTION Professor of Economics, University of Indonesia, Jakarta NELSON NOYA Senior Researcher, Centro de Investigaciones Economicas (CINVE), Montevideo, Uruguay JAMES POWELL Deputy Chief of the Bank of Canada's International Department GUILLERMO ROZENWURCEL Professor in Advanced Macroeconomics and Monetary Economics, School of Economics, University of Buenos Aires RODNEY SCHMIDT Economist responsible for Central and Eastern Europe, Government of Canada's Department of Finance, Ottawa KUNAL SEN Associate Professor, Department of Applied and International Economics, Massey University, New Zealand LUCIO M. SIMPSON Professor of Money, Credit and Banking, School of Economics, University of Buenos Aires CHARLES SOLUDO Department of economics, University of Nigeria, Nsukka RAJENDRA R. VAIDYA Assistant Professor, Indira Gandhi Institute of Development Research, Mumbia, India A. ERINC YELDAN Associate Professor of Economics, Bilkent University, Ankara, Turkey.

• List of Tables List of Figures Foreword; L.Taylor Editor's Preface Acknowledgements List of Acronyms Notes on Contributors PART ONE: INTRODUCTION Financial Reform in Developing Countries: An Overview; J.M.Fanelli & R.Medhora PART TWO: COUNTRY CASE STUDIES Argentina; J.M.Fanelli, G.Rozenwurcel & L.M.Simpson India; K.Sen & R.R.Vaidya Nigeria; M.D.Ayogu, C.Emenuga & C.C.Soludo Turkey; E.M.Balkan & A.E.Yeldan Uruguay; N.Noya, C.Casacuberta & F.Lorenzo PART THREE: THEMATIC ISSUES Micro- and Macro-level Financial Reform in Canada; J.Powell The 'Unforgiving' Market and the Tequilazo ; G.A.Calvo 'Big Bang' Versus 'Go Slow': Indonesia and Malaysia ; A.Nasution Banking on the Transition; R.Schmidt Microeconomic Elements and Perspectives from Finance Theory; V.A.Aivazian Index

VAROUJ AIVAZIAN Professor, Department of Economics and Faculty of Management, University of Toronto, Canada MELVIN AYOGU Head, Department of Accounting and Management Sciences, University of Jos, Nigeria EROL M. BALKAN Associate Professor of Economics, Hamilton College, Clinton, New York GUILLERMO CALVO Distinguished University Professor and Director of the Centre for International Economics, University of Maryland, College Park, and Francisco Soldati Professor of Economics, Universidad Torcuato Di Tella, Buenos Aires, Argentina CARLOS CASACUBERTA Associate Researcher, Centro de Investigaciones Economicas (CINVE) CHIDOZIE EMENUGA Department of Economics, University of Ibadan FERNANDO LORENZO Senior Researcher, Centro de Investigaciones Economicas (CINVE) ANWAR NASUTION Professor of Economics, University of Indonesia, Jakarta NELSON NOYA Senior Researcher, Centro de Investigaciones Economicas (CINVE), Montevideo, Uruguay JAMES POWELL Deputy Chief of the Bank of Canada's International Department GUILLERMO ROZENWURCEL Professor in Advanced Macroeconomics and Monetary Economics, School of Economics, University of Buenos Aires RODNEY SCHMIDT Economist responsible for Central and Eastern Europe, Government of Canada's Department of Finance, Ottawa KUNAL SEN Associate Professor, Department of Applied and International Economics, Massey University, New Zealand LUCIO M. SIMPSON Professor of Money, Credit and Banking, School of Economics, University of Buenos Aires CHARLES SOLUDO Department of economics, University of Nigeria, Nsukka RAJENDRA R. VAIDYA Assistant Professor, Indira Gandhi Institute of Development Research, Mumbia, India A. ERINC YELDAN Associate Professor of Economics, Bilkent University, Ankara, Turkey.

• List of Tables List of Figures Foreword; L.Taylor Editor's Preface Acknowledgements List of Acronyms Notes on Contributors PART ONE: INTRODUCTION Financial Reform in Developing Countries: An Overview; J.M.Fanelli & R.Medhora PART TWO: COUNTRY CASE STUDIES Argentina; J.M.Fanelli, G.Rozenwurcel & L.M.Simpson India; K.Sen & R.R.Vaidya Nigeria; M.D.Ayogu, C.Emenuga & C.C.Soludo Turkey; E.M.Balkan & A.E.Yeldan Uruguay; N.Noya, C.Casacuberta & F.Lorenzo PART THREE: THEMATIC ISSUES Micro- and Macro-level Financial Reform in Canada; J.Powell The 'Unforgiving' Market and the Tequilazo ; G.A.Calvo 'Big Bang' Versus 'Go Slow': Indonesia and Malaysia ; A.Nasution Banking on the Transition; R.Schmidt Microeconomic Elements and Perspectives from Finance Theory; V.A.Aivazian Index