Introduction. Sources of financial fragility. Financial factors in the economics of capitalism; H.P. Minsky. Is the banking and payments system fragile? G.J. Benston, G.G. Kaufman. Financial fragility: issues and policy implications; C.W. Calomiris. Off-exchange derivatives markets and financial fragility; F.R. Edwards. Comment; J.J. Sijben. Comment; S.I. Greenbaum. Private sector solutions. Market discipline of banks' riskiness: a study of selected issues; F. Bruni, F. Paterno. Private sector solutions to payments system fragility; R.A. Eisenbeis. Derivatives and stock market volatility: is additional government regulation necessary? S.M. Tinic. Global financial fragility and the private sector; C.R. Taylor. Regulatory solutions. Banking regulation as a solution to financial fragility; P.M. Horvitz. Regulatory solutions to payment system risks: lessons from derivatives markets; D.L. Mengle. International dimensions of the regulation of banking and the securities business: systemic stability and competitive neutrality issues; H.A. Benink, D.T. Llewellyn. Private and regulatory solutions: discussion. Banking; C. de Boissieu. The payment and settlement systems; C.E.V. Borio. International; C. Goodhart. Summary of conference; R. Aliber. Other papers. Supervision of derivative instruments; J.L. Jordan. Coping with financial fragility: a global perspective; A.J. Schwartz. Summary of academic conference; B. Riley. Financial fragility: Sources, prevention and treatment; A. Crockett. Fragility in the banking world; H.O. Ruding. Financial fragility and supervision: discussion; M. van Nieuwkerk. Discussion; P. Rutteman.