Dr. Eugene N. White is Professor of Economics at Rutgers University and a Research Associate of the NBER. His most recent book is Conflicts of Interest in the Financial Services Industry: What Should We Do About Them? (ICMB/CEPR, 2003) with Andrew Crockett, Trevor Harris and Frederic Mishkin. He has written extensively on stock market booms and crashes, deposit insurance, banking regulation, and war finance. He is currently at work on studies of the evolution of the microstructure of the New York and Paris stock exchanges, war economies and stock market bubbles.