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The Comprehensive Development Framework (CDF), launched by the President of the World Bank in January 1999, is a response to the alarming trends of increased world poverty and dimmed growth prospects, inequality and instability, stagnant aid flows, and public dissatisfaction with the efficacy of development assistance. The CDF focuses on a holistic, broad-based approach to development assistance; domestic ownership; partnerships among government, local communities, the private sector, civil society, and development agencies; and the results achieved from development. Being too early to evaluate this initiative, the 1999 Annual Review of Development Effectiveness instead examines the lessons of development experience through the lens of these CDF principles. As in past years, the Review tracks the Bank's operational performance based on the findings of recent OED evaluations. The Review draws on extensive evaluation evidence, literature reviews and research findings, country assistance evaluations, background papers, and workshops to identify the tensions and dilemmas likely to be involved in CDF implementation. It identifies promising approaches to meeting the challenges implicit in CDF implementation. Finally, it draws broad implications for the Bank's future development effectiveness.

Aid Effectiveness --- Banks and Banking Reform --- E-Business --- Economic Theory and Research --- Finance and Financial Sector Development --- Financial Literacy --- Macroeconomics and Economic Growth --- Private Sector Development

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We argue that firm interdependencies, as measured by correlations of stock returns, provide an indicator of systemic risk potential. We find a positive trend in stock return correlations net of diversification effects for a sample of U.S. Large and Complex Banking Organizations over 1988-99. This finding suggests that the systemic risk potential in the financial sector may have increased. In addition, we find a positive consolidation elasticity of correlations. However, such elasticity exhibits substantial time variation and likely declined in the latter part of the decade. Thus, factors other than consolidation have also been responsible for the upward trend in return correlations.

Banks and Banking --- Finance: General --- Investments: Stocks --- Industries: Financial Services --- General Financial Markets: Government Policy and Regulation --- Pension Funds --- Non-bank Financial Institutions --- Financial Instruments --- Institutional Investors --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Finance --- Investment & securities --- Banking --- Systemic risk --- Stocks --- Financial sector risk --- Loans --- Financial sector policy and analysis --- Financial institutions --- Commercial banks --- Financial risk management --- Banks and banking --- United States

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The paper seeks to establish a link between the liberalization of trade in financial services undertaken by countries under the WTO and the stability of their financial systems. The paper concludes that liberalization has generally been conducive to stability because of the mutually reinforcing nature of existing international rules and practices. Financial stability and efficiency, which should be ultimate goals of further liberalization, can be ensured by taking advantage of coherent policy advice and the application of existing multilateral mechanisms-in particular, the WTO negotiations and the IMF/World Bank financial sector assessment program.

Exports and Imports --- Finance: General --- Industries: Financial Services --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- International Business Cycles --- Financial Institutions and Services: Government Policy and Regulation --- Empirical Studies of Trade --- General Financial Markets: Government Policy and Regulation --- International Investment --- Long-term Capital Movements --- Financial Institutions and Services: General --- Finance --- International economics --- Financial services --- Trade in services --- Financial sector stability --- Capital flows --- Financial sector --- International trade --- Financial sector policy and analysis --- Balance of payments --- Economic sectors --- Financial services industry --- Balance of trade --- Capital movements --- United States

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Despite its importance, the issue of financial sector regulatory and supervisory independence (RSI) has received only marginal attention in literature and practice. However, experience has demonstrated that improper supervisory arrangements have contributed significantly to the deepening of several recent systemic banking crises. In this paper we argue that RSI is important for financial stability for the same reasons that central bank independence is important for monetary stability. The paper lays out four key dimensions of RSI-regulatory, supervisory, institutional and budgetary-and discusses ways to achieve them. We also discuss institutional arrangements needed to make independence work in practice. The key issue in this respect is that agency independence and accountability need to go hand in hand. The paper discusses a number of accountability arrangements.

Banks and Banking --- Finance: General --- Industries: Financial Services --- Business and Financial --- General Financial Markets: Government Policy and Regulation --- Financial Institutions and Services: Government Policy and Regulation --- Regulated Industries and Administrative Law --- Regulation and Industrial Policy: General --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Central Banks and Their Policies --- Financial Institutions and Services: General --- Banking --- Finance --- Financial services law & regulation --- Central bank autonomy --- Financial sector stability --- Financial regulation and supervision --- Financial sector --- Central banks --- Bank supervision --- Financial sector policy and analysis --- Economic sectors --- Banks and banking --- Financial services industry --- Law and legislation --- State supervision --- United States

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This paper presents Luxembourg’s Financial System Stability Assessment, including Reports on the Observance of Standards and Codes on Monetary and Financial Policy Transparency, Banking Supervision, Securities Regulation, Insurance Regulation, and Payment Systems. Luxembourg’s financial sector is robust, efficient, and well supervised. No major weaknesses that could cause systemic risks were identified by the mission. The strength and efficiency of the financial sector is fully supported by the strong conformance by Luxembourg with international supervisory and regulatory standards and by the stress tests prepared under extreme assumptions.

Banks and Banking --- Finance: General --- Insurance --- Industries: Financial Services --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Pension Funds --- Non-bank Financial Institutions --- Financial Instruments --- Institutional Investors --- Insurance Companies --- Actuarial Studies --- Financial Institutions and Services: General --- Financial Institutions and Services: Government Policy and Regulation --- Finance --- Banking --- Insurance & actuarial studies --- Insurance companies --- Financial sector --- Stress testing --- Financial institutions --- Economic sectors --- Financial sector policy and analysis --- Commercial banks --- Banks and banking --- Financial services industry --- Financial risk management --- Luxembourg