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  • Author or Editor: Ms. Françoise Le Gall x
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Mr. Dennis Jones and Ms. Françoise Le Gall

Abstract

The fiscal issues that are of particular interest to transition economies broadly center on the role that government should play in the transition from a planned to a market economy. A key question in this regard is, “Where do the Baltic countries appear to be heading?” Resolute rejection of Soviet practices and a commitment to join the European Union imply that the Baltics are moving toward western European models of economic and financial development and that they will tend to develop institutional arrangements and policies similar to those among their Scandinavian and continental European neighbors. This may especially be true in fiscal management, given the Baltic countries’ wish to comply fully with the Maastricht guidelines and, more generally, their desire to adapt their policies and institutions to the requirements of EU membership. Notwithstanding the progress that they have made in carrying out market-oriented reforms, they are not as far along the road as the more successful early transition economies (e.g., the Czech Republic, Poland, and Hungary).1 Their underlying institutional base is still much weaker than in the EU and considerable change is required to meet its standards.

Mr. Saleh M. Nsouli and Ms. Françoise Le Gall
Mr. Saleh M. Nsouli and Ms. Françoise Le Gall

The new international financial architecture can help African countries benefit from globalization, while minimizing the risks, and foster an environment conducive to increased domestic investment and higher sustained growth. This paper highlights the progress that African countries have made in several areas of the new architecture, but it also underscores the considerable way that these countries must go to meet the requirements of the new architecture.

Mr. Saleh M. Nsouli and Ms. Françoise Le Gall
The new international financial architecture can help African countries benefit from globalization, while minimizing the risks, and foster an environment conducive to increased domestic investment and higher sustained growth. This paper highlights the progress that African countries have made in several areas of the new architecture, but it also underscores the considerable way that these countries must go to meet the requirements of the new architecture.
Ms. Françoise Le Gall, Mr. Roland Daumont, and François Leroux
The purpose of this paper is to study the origins of banking crises in sub-Saharan Africa, drawing upon the experience of ten countries during the period 1985-95. It examines, in particular, which factors were the most important sources of these crises. The conclusions underscore that the banking crises examined did not represent an entirely special case-a number of factors identified in the general literature, including macroeconomic shocks, were highly relevant-but note that several of their features were nonetheless specific to this part of the world. These banking crises were the very prototype of endemic crises associated with heavy government intervention in the banking system. In this regard, the paper analyzes the complex role of the government in banking in sub-Saharan Africa, the many channels through which governments intervened, and the economic and institutional environment in which the banks operated.
Ms. Françoise Le Gall, Mr. Roland Daumont, and François Leroux
Ms. Françoise Le Gall, Mr. Roland Daumont, and François Leroux

The purpose of this paper is to study the origins of banking crises in sub-Saharan Africa, drawing upon the experience of ten countries during the period 1985-95. It examines, in particular, which factors were the most important sources of these crises. The conclusions underscore that the banking crises examined did not represent an entirely special case-a number of factors identified in the general literature, including macroeconomic shocks, were highly relevant-but note that several of their features were nonetheless specific to this part of the world. These banking crises were the very prototype of endemic crises associated with heavy government intervention in the banking system. In this regard, the paper analyzes the complex role of the government in banking in sub-Saharan Africa, the many channels through which governments intervened, and the economic and institutional environment in which the banks operated.

Ms. Françoise Le Gall, Ms. L. Effie Psalida, Mr. Pietro Garibaldi, Mr. Julian Berengaut, Mr. Jerald A Schiff, Ms. Kerstin Westin, Mr. Augusto López-Claros, Mr. Richard E Stern, and Mr. Dennis Jones

Abstract

Are the three Baltic countries, Latvia, Estonia, and Lithuania, ready for accession to the European Union? Have their economies overcome the problems of transition? The answers to these questions and their implications for policy are provided in this collection of analyses. Rather than a country-by-country description, the volume provides a cross-country perspective of developments from 1994 through mid-1997. The seven sections of this paper discuss recent macroeconomic and structural policies, exchange rate regimes, fiscal issues, financial systems, private sector development, and accession to the European Union.