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Mr. G. G. Johnson

bank’s owners stand first in line to absorb losses. The holders of subordinated debt are second.) Countries could, but have not explicitly written down banks’ debts. Instead, some have frozen deposits temporarily, reduced the rates paid on deposits, relied on inflation to cut real values, converted private sector claims on banks into long-term bonds or equity, or imposed a special levy on social banks. 72 Imposing Special Levies Before it institutes a full guarantee, a deposit insurer may impose special charges on sound banks. These special charges exceed the

International Monetary Fund. External Relations Dept.
This paper examines the expanded role for the International Finance Corporation (IFC) with a major capital increase. The paper highlights that for the first time in its history, the IFC is undertaking a major increase of its share capital. In a decision made by its Board of Governors in November 1977, the IFC’s authorized capital stock has been increased by US$540 million, from US$110 million to US$650 million. Of the increase, US$480 million has been allocated for subscription by current member countries. More than US$165 million has already been subscribed and US$33 million paid.
Mr. Robert P Flood
This paper re-examines the issue of the existence of threshold effects in the relationship between inflation and growth, using new econometric techniques that provide appropriate procedures for estimation and inference. The threshold level of inflation above which inflation significantly slows growth is estimated at 1-3 percent for industrial countries and 11-12 percent for developing countries. The negative and significant relationship between inflation and growth, for inflation rates above the threshold level, is quite robust with respect to the estimation method, perturbations in the location of the threshold level, the exclusion of high-inflation observations, data frequency, and alternative specifications.
David M. Sassoon

project insurance approach under which cover would be obtained by the owner himself instead of being issued by the several individual project contractors, subcontractors, consultants, and suppliers. Clearly, the owner stands to gain, both financially and otherwise, in a situation where he has to deal with a single insurer over one policy. One may safely assume that this would involve simpler and less costly claim settlements. Is comprehensive project insurance feasible? Could it also encompass liability for faulty design and make the professional liability policy

Mr. Charles Enoch, Ms. G. G. Garcia, and Mr. V. Sundararajan

scope of this paper. It is becoming increasingly recognized that bank restructuring without corporate restructuring may be self-defeating, because if banks’ problems stem from problems with their customers, then addressing customers’ problems is critical to remedying the underlying situation facing the banks. 41 There are obvious moral hazard effects if the original owners stand to benefit from these guarantees. There is, therefore, a strong case for making the granting of guarantees conditional upon fulfilling conditions similar to those discussed above for

Mr. Charles Enoch

. 36 Corporate restructuring is beyond the scope of this paper It is becoming increasingly recognized that bank restructuring without corporate restructuring may be self-defeating, because if banks’ problems are derived from problems with their customers, addressing the problems of the customers will be critical to remedying the underlying situation facing the banks. 37 There are obvious moral hazard effects here if the original owners stand to benefit from these guarantees. Hence there is a strong case chat the granting of such guarantees should be