Contents include: - Reforming Bank Capital Requirements: Implications of Basel II for Emerging Countries Giovanni Majnoni (World Bank) and Andrew Powell (Universidad Torcuato di Tella) - Is All Well with the Spaghetti Bowl in the Americas? Rules of Origin in Preferential Trading Agreements Antoni Estevadeordal and Kati Suominen (IADB) - Electoral Consequences of the Washington Consensus Eduardo Lora and Mauricio Olivera (IADB)