HOWARD STEIN is Professor of Economics at Roosevelt University in Chicago. His latest edited volume is Asian Industrialization and Africa: Studies in Policy Alternatives to Structural Development. - OOLU AJAKAIYE is a Professor of Economics and currently the Director-General of NISER, the foremost social science research institute in Nigeria. He is well published in the area of economic development policy issues and analysis. - PETER LEWIS is an Associate Professor at the School of International Service at American University in Washington. His latest publications include an edited volume Africa: Dilemmas of Development and Change and a co-authored book Politics and Society in Contemporary Africa.

'Stein, Ajakaiye, and Lewis...convincingly demonstrate the weakness of the McKinnon-Shaw financial repression hypothesis...[They] reveal that the insistence by the International Monetary Fund and World Bank on orthodox financial liberalization has contributed to reductions in real financial savings, real lending to the private sector, and investment in Nigeria and other African countries...The policy implications of this thorough study are an emphasis on building financial institutions and regulating and supervising banks, and a rejection of financial price deregulation and an America-style arms-length system of banking in developing countries.' - Professor E. Wayne Nafziger, Department of Economics, Kansas State University '...provides a welcome and timely addition to the literature on financial liberalization...The book concentrates on the dangers of deregulation in Nigeria with clear implications to the rest of Africa. In doing so it also draws on the experience of other countries such as Venezuela, Russia and Korea...[A]n extremely original work with important contributions to theoretical, institutional and policy issues related to the question of financial liberalization and its alternatives in developing countries.' - Philip Arestis, Professor of Economics, South Bank University, London

• List of Tables List of Figures Notes on the Contributors Acknowledgements List of Abbreviations Map of Nigeria Financial Deregulation and Banking Crises: An Introduction to Theoretical, Institutional and Policy Issues; H.Stein, A.Ajakaiye & P.Lewis PART I The Political Economy of Financial Liberalization in Nigeria; P.Lewis & H.Stein The Nigerian Banking System in an Historical Perspective; K.S.Adeyemi Process of Restructuring and Distress Resolution in the Nigerian Banking Industry; S.O.Alashi Banking Sector Reforms and Economic Performance in Nigeria; O.Ajakaiye Institutional Aspects of Regulatory Reforms in the Nigerian Banking Industry; A.Soyibo PART II African Experiences with Financial Sector Reforms: What has been Achieved So Far?; M.Nissanke A Chronicle of a Latin American Country Financial Crash: The Case of Venezuela; L.Vera Klepto-Banking: Systemic Sources of Russia's Failed Industrial Recovery; S.Rosefielde Interpreting the Korean Crisis: Financial Liberalization, Industrial Policy and Corporate Governance; H.J.Chang, H.J.Park & C.G.Yoo The Nigerian Banking Crisis and Japanese Financial Development: In Search of Lessons; H.Stein Bibliography Index