Patrick Honohan is a Senior Financial Policy Advisor at the World Bank. Previously he was Economic Advisor to the Taoiseach (Irish Prime Minister) and spent several years as Professor at the Economic and Social Researcg Institute, Dublin, and at the Central Bank of Ireland. Dr Honohan has published widely on macroeconomics and monetary and financial sector issues ranging from exchange rate regimes and purchasing-power parity, to migration, cost-benefit analysis and statistical methodology. Based in Dublin, he is a Member of the Royal Irish Academy and a Research Fellow of the Centre for Economic Policy Research, London. He coedited Financial Liberalization: How Far, How Fast? (Cambridge University Press, 2001) with Gerard Caprio and Nobel Laureate Joseph Stiglitz. Luc Laeven is a Senior Financial Economist at the World Bank. He has participated in several financial and private sector operations of the World Bank, focusing on the development of banking systems and corporate sectors. His research focuses on international banking and corporate finance issues and has been published in numerous books and academic journals, including the Journal of Finance, the Journal of Money, Credit, and Banking, the Journal of Financial Intermediation, and the Journal of Banking and Finance. He is an Extramural Fellow at Tilburg University and a Research Affiliate in the Financial Economics Programme of the Centre for Economic Policy Research in London.