BEATRIZ ARMENDÁRIZ Harvard University, USA and University College London, UKSVETLANA ANDRIANOVA University of Leicester, UKERIK BERGLOF Director, Stockholm Institute of Transition Economics, SwedenPATRICK BOLTON Princeton University, USASTIJN CLAESSENS University of Amsterdam, The NetherlandsE. PHILIP DAVIS Brunel University, London, UKPANICOS DEMETRIADES University of Leicester, UKPATRICK HONOHAN Development Research Group, The World Bank, USALUC LAEVEN Economist, The World Bank, USAJONATHAN MORDUCH New York University, USA