- International Monetary Fund
- Published Date:
- July 1999
Bas B. Bakker
The growth of real wage costs is likely to depend on three factors:
Labor productivity growth. In the long run real wage costs are likely to grow in line with labor productivity growth, leaving the labor-income share unchanged.
The change in taxes and social security contributions levied on wages. An increase in taxes or contributions paid by employers directly affects wage costs, whereas an increase in taxes paid by employees may be shifted to higher wage demands.
Unemployment. With high or increasing unemployment, or both, wage demands are likely to be mitigated (Phillips curve effect).
We therefore use the following specification:
|Δrwt||=||change in real wage costs (in percent);|
|Δtaxt||=||change in taxes and social security contributions (expressed as percentage of wage costs);|
|Δprodt||=||growth of trend labor productivity (approximated by average change in the current and past two years);|
|Δurt||=||change in unemployment rate.|
Estimation for the 1974–97 period yields the following:
The estimation result would suggest a rather important impact of changes in taxes and social security contributions on wage costs, with every percentage point increase in taxes and contributions associated with a 0.7 percent increase in wage costs. During the 1984–97 period, cuts in taxes and contributions amounted to 0.9 percent of wage costs a year. This would have slowed real wage cost growth by 0.63 a year, or 9 percent over the entire period.
The change in the unemployment rate also has an important impact, with a 1 percentage point in increase in the unemployment rate associated with a 1 percent decrease in the growth rate of wage costs. The level of the unemployment rate does not seem to be empirically important, which could be the result of strong insider-outsider effects.
Bas B. Bakker
In the long run, employment is assumed to depend on real wage costs, real GDP, and a trend that serves as a proxy for technical progress:
where (all variables are in logs)
|lt||=||employment (measured in full-time equivalents);|
|rwt||=||real wage costs;|
|gdpt||=||read GDP; and|
|trendt||=||trend, representing labor-saving technical progress.|
In the short run, changes in employment depend on changes in real GDP and real wage costs, as well as the deviation of employment from its long-run equilibrium:
A test of λ = 0 is a test for cointegration. If the null-hypothesis of λ = 0 can be rejected then the variables are cointegrated. The t-statistic does not follow standard t-distribution but ADF-distribution.
Estimating equation (2) for the 1970–97 period, and leaving out variables that are insignificant yields the following specification:
Estimating results in:
The hypothesis that λ = 0 is rejected, implying that the variables are indeed cointegrated. From the estimation results we can obtain the long-run equilibrium relationship:
These estimation results would suggest that a 1 percent increase in real wage costs is associated with a 0.38 percent decrease in employment. The coefficient of real GDP is plausible; it suggests that with unchanged wages and no technological progress, employment grows in line with GDP.
The estimation results are broadly in line with those of the Central Planning Bureau. Whereas the Central Planning Bureau found that if real labor costs in 1990 had been 22 percent higher (implying that the labor income share in 1990 would have remained at its 1979 level), employment in full-time equivalents would have been 6.6 percent lower, these estimation results suggest that the long-run impact of such a difference in real wage costs is 8.4 percent.
Bas B. Bakker
This appendix tries to establish whether there has been a break in enterprise behavior in the early 1980s. It first looks at corporate investment and corporate saving separately, and then at the corporate saving balance.
Several variables can be expected to affect the ratio of corporate investment to GDP: demand growth, profitability, and real interest rates. However, while several indicators for profitability, real interest rates, and demand growth were examined, only demand growth variables were found to have a statistically significant impact. Table A1 shows the regression results for the final specification. In this specification, the investment rate depends upon the growth rate of real GDP: the faster the growth of real GDP, the higher the investment rate.
|Dependent Variable||Independent Variables|
The regression results in Table A1 do not indicate that there has been a break in investment behavior. Indeed, the coefficients in the equation estimated for the 1970–80 period are statistically indistinguishable from those for the 1980–97 period.
While theoretically the link between high growth and high investment could go in both directions, it is likely that the causality has mainly run from high growth to high investment. If the investment equation is reestimated using growth of relevant world markets rather than growth of GDP, the fit of the equation remains virtually unchanged. Indeed, as indicated in Table A1, a strong correlation between growth of world markets and GDP growth can be found.
With little fluctuation in corporate dividends, corporate saving can be expected to mainly depend on corporate profits.1 The capital-income share, which is defined as that part of value added that does not go to labor, serves as a proxy, although not a perfect one, for corporate profits. Thus, we would expect to find a strong relation between the capital income share and corporate saving.
As indicated in Table A2, such a relationship can indeed be found. Fluctuations in the capital income share explain a very large part of the fluctuations in corporate saving. Further econometric tests did not reveal any break in corporate saving behavior in the 1980s.
|Dependent Variable||Independent Variables|
Corporate Saving Surplus
With both corporate saving and corporate investment displaying stable behavior in the past few decades, we would expect to find a stable relationship for the corporate saving balance as well. In such a relationship, we would expect the following variables to be statistically significant: the growth rate of real GDP and the share of capital income in value added. As indicated in Table A3, such a relationship can indeed be found.
|Dependent Variable||Independent Variables|
There is no indication that there has been a break in corporate behavior in the early 1980s. Indeed, for investment, saving, as well as the saving surplus a specification could be found that showed a stable behavior throughout the period.
1993, Saving in the Netherlands: Sources, Trends, and Mobility (Groningen:Wolters Noord-hoff).
1996, Annual Report (Basle).
1997, “Regulatory Reform in the Telecommunications Sector,”in Regulatory Reform in the Netherlands, ed. byR.G.C.Haffner, P.A.G.van Bergeijk, (The Hague:Ministry of Economic Affairs).
Bank for International Settlements1991, Annual Report (Basle).
1992, “The Effect of the ERM on Participating Economies,” Staff Papers, International Monetary Fund, Vol. 39(June), pp. 330–56.
1997, “Ever Closer to Heaven? An Optimum-Currency-Area Index for European Countries,” European Economic Review, Vol. 41(April), pp.761–70.
1992, “Shocking Aspects of European Monetary Unification,”in Adjustment and Growth in the European Monetary Union, ed. byF.Torres, Giavazzi, F. (Cambridge:Cambridge University Press).
1995, “Currency Unions, Economic Fluctuations, and Adjustment: Some Empirical Evidence,” Centre for Economic Policy Research, Discussion Paper No. 1172(February).
1989 “The Dynamic Effects of Aggregate Demand and Supply Disturbances,” American Economic Review, Vol. 79, pp. 655–73.
1994, “Is Europe an Optimum Currency Area?” Centre for Economic Policy Research, Discussion Paper No. 915 (February).
1997, “Corporate Governance in the Netherlands,”Nederlandsche Bank, Reprint Series, No. 538,pp. 89–110.
1997, “De Kosten van Vreemd Vermogen in Internationaal Perspectief,”a study commissioned by the Ministry of Foreign Affairs (Amsterdam:University of Amsterdam, May).
1995, “The Structure of Credit to the Non-government Sector and the Transmission Mechanism of Monetary Policy: A Cross-Country Comparison,” Bank for International Settlements, Working Paper No. 24 (Basle).
1993, “Uitdagingen voor het Budgettair Beleid,”in Inspelen op Europa: Uitdagingen voor het Financieel Economisch Beleid in Nederland, ed. byJ.J.M., Kremers, (Schoonhoven:Academic Service).
1998, “Asset Inflation in the Netherlands,”De Nederlandse Bank, MEB Serie No. 2(February).
Central Planning Bureau, 1991, De Werkgelegenheid in de jaren tachtig,Werkdocument No. 41 (The Hague).
Central Planning Bureau, 1992, FKSEC: A Macroeconometric Model for the Netherlands (Leiden/Antwerpen:Stenfert Kroese Uitgevers).
Central Planning Bureau, 1997, Macro Economische Verkenning 1998 (The Hague).
Central Planning Bureau, 1998, Macro Economische Verkenning 1999 (The Hague).
1998, “Financial Structure and Stylized Facts for Six EU Countries,” De Economist, Vol. 146, No. 2, pp. 271–301.
1997, The Economics of Monetary Integration (Oxford:Oxford University Press,3d ed.).
1990, “Exchange Rate Experiences of Small EMS Countries,in Choosing an Exchange Rate Regime: The Challenge for Smaller Industrial Countries, ed. byVictorArgy and Paul deGrauwe (Washington:International Monetary Fund).
1994, “Corporate Dividend Policy Under Asymmetric Information: An Empirical Study for the Netherlands,”De Nederlandsche Bank, MEB Series No. 3.
1998, “Belastingen: stelsels, economische gevolgen en herziening,”in Belastingherziening in het fin de siàcle, Preadviezen van de Koninklijke Vereniging voor de Staatshuishoudkunde, ed. byH.P.Huizinga, (Utrecht:Uitgevery Lemma BV).
1985, Instruments of Money Market and Foreign Exchange Market Policy in the Netherlands,Monetary Monographs No. 3 (Dordrecht:De Nederlandsche Bank N.V./ Martinus Nijhoff Publishers).
De Nederlandsche Bank1998, Annual Report 1997 (Amsterdam).
1974, Investeringen, Lonen, Prijzen en Arbeidsplaatsen,Central Planning Bureau Occasional Paper No. 2 (The Hague).
1997, “NBC Nadert Voltooiing,”Bank en Effectenbedrijf(July/August), pp. 6–9.
1997, “Structural Changes in the Demand for Labor,” De Economist, Vol. 145, No. 4, pp. 521–46.
1998, The Nordic Banking Crisis: Pitfalls in Financial Liberalization?IMF Occasional Paper No. 161 (Washington:International Monetary Fund).
1990, “Is Europe an Optimum Currency Area?” Centre for Economic Policy Research, Discussion Paper No. 478(November).
1992, “Adjustment Under Fixed Exchange Rates: Application to the European Monetary Union,” OECD Economic Studies, Vol. 117, No. 20, pp. 1–85.
European Commission, 1990, One Market, One Money, European Economy No. 44, Annex B, “Germany and the Netherlands: The Case of a de Facto Monetary Union” (Luxembourg).
European Commission, 1997, The Single Market Review: The Impact on Services: Credit Insitutions and Banking (Luxembourg).
1992, “The Synchronization of Business Cycles Across the European Community,” Open Economies Review, Vol. 3, No. 3, pp. 233–53.
1995, “Are Your Wages Set in Beijing?” Journal of Economic Perspectives, Vol. 9, No. 3, pp. 15–32.
1997, “Een Hypotheek op de Toekomst,” Economisch Statistische Berichten, Vol. 82, No. 4121, pp. 724–26.
1998a, “De Fusiekoorts in het Bankwezen,” Economisch Statistische Berichten, Vol. 83, No. 4143, pp. 204–08.
1998b, “Fusies in de Bankensector,” Economisch Statistische Berichten, Vol. 83, No. 4150, pp. 361–62.,
Haffner, R.G.C., and P.A.G. vanBergeijk, eds., 1997, Regulatory Reform in the Netherlands (The Hague:Ministry of Economic Affairs).
Haffner, R.G.C., and P.A.G. vanBergeijk, andP.M.Waasdorp, 1998, “De Kapitaalmarkt als Concurrentie-indicator,” Economisch Statistische Berichten, Vol. 83No. 4151, pp. 377–79.
1998, “Financial Sector Reform and Monetary Policy Reform in the Netherlands,” IMF Working Paper 98/19 (Washington:International Monetary Fund).
1998, “The Financial Structure in the Netherlands and Germany: Different, Harmonious, and On the Move,”in The Dutch and German Economies: Who Follows Whom?ed. byLeiDelsen, and Eelke deJong, (New York:Physica-Verlag), pp. 127–36.
1998, “Zijn Nederlandse Banken Efficient?” Economisch Statistische Berichten, No. 4143, pp. 208–11.
1997, “Electriciteit wordt Duur Betaald,” Economisch Statistische Berichten, Vol. 82, pp. 84–8.
1996, “Market Opening, Regulation, and Growth in Europe,” Economic Policy, Vol. 23(October), pp. 445–67.
1998, “Oudedagsvoorzieningen Tussen Keuze en Collectief,” Economisch Statistische Berichten, No. 4152, pp. 392–97.
1991, Geography and Trade (Cambridge, Massachusetts:MIT Press).
1996, “The International Investment Position of the Netherlands,”CPB Report 1996/3(The Hague:Central Planning Bureau), pp. 21–27.
1997, “The Euro and European Financial Markets,”in EMU and the International Monetary System, ed. byP.R.Masson, T.H.Krueger, and B.G.Turtelboom, (Washington:International Monetary Fund).
1963, “Optimum Currency Areas,” American Economic Review, Vol. 53(September), pp. 717–25.
McKinsey Global Institute1997, Boosting Dutch Economic Performance (Amsterdam:McKinsey and Company).
Ministry of Economic Affairs1997, 1997 Benchmarking the Netherlands (The Hague).
Ministry of Social AffairsSociale Nota (The Hague,various issues).
1993, “Migratie en Europese Integratie,”in Inspelen op Europa: Uitdagingen voor het Financieel Economisch Beleid in Nederland, ed. byJ.J.M.Kremers (Schoonhoven:Academic Service).
1993, “Loonmatiging en Overlegeconomie,” Economisch Statistische Berichten, Vol. 78, No. 3934, October27, p. 993.
OECDEmployment Outlook,various issues.
1993a, “Marktwerking in het Sociaal-Economisch Bestel,” Economisch Statistische Berichten, Vol. 78, No. 3931, October6, pp. 908–13.
1993b, “Naschrift,” Economisch Statistische Berichten, Vol. 78, No. 3934, October27, pp. 994–95.,
1997, “European Monetary Union and International Capital Markets: Structural Implications and Risks,”in EMU and the International Monetary System, ed. byP.R.Masson, T.H.Krueger, and B.G.Turtelboom, (Washington:International Monetary Fund).
1997, “The Real Effects of Monetary Policy in the European Union: What Are the Differences?” IMF Working Paper 97/160 (Washington:International Monetary Fund).
1998, “Incidence and Evolution of Low-Wage Employment in the Netherlands and the United States, 1979–1989,”in Low-Wage Employment in Europe, ed. byStephenBazen, MaryGregory, WiemerSalverda, (Northampton, Massachusetts:Edward Elgar).
1998, “Fusies Zonder Koorts,” Economisch Statistische Berichten, Vol. 83, No. 4150, pp. 360–61.
1997, “Wage Bargaining, Labour Markets, and Macroeconomic Performance in Germany and the Netherlands,”in The German and Dutch Economies: Who Follows Whom!ed. byLeiDelsen, and Eelke deJong, (New York:Physica-Verlag).
Studiegroep Begrotingsruimte1997, Tiende rapport Studiegroe Begrotingsruimte (The Hague).
1996, “How Stable Is the Multiproduct Translog Cost Function? Evidence from the Dutch Banking Industry,” Kredit und Kapital, Vol. 29, No. 1, pp. 153–71.
1995, “Oligopoly in Loan and Deposit Markets: An Econometric Application to the Netherlands,” De Economist, Vol. 143, No. 3, pp. 353–66.
1981, “Het Wisselkoersdebat,”in Zoeklicht op Beleid, ed. byEmile DenDunnen, M.M.G.Fuse, and G.A.Kessler, (Leiden:Stenfert Kroese).
U.S. Department of Commerce1995, Survey of Current Business,August, pp. 53–114.
1996, “Characteristics of Economic Growth in the Netherlands During the Post-War Period,”in Economic Growth in Europe Since 1945, ed. byN.Crafts, G.Toniolo, (Cambridge:Cambridge University Press), pp. 290–328.
1995, “Mobiliteit en Concurrentie op de Kapitaalmarkt,” Economisch Statistische Berichten, Vol. 80, No 4023, pp. 780–84.
1997, “Benchmarking the German and Dutch Welfare States,”in The German and Dutch Economies: Who Follows Whom?ed. byLeiDelsen and Eelke deJong, (New York:Physica-Verlag).
1996, Geld, Financiële Markten, and Financiële Instellingen (Groningen:Wolters Noordhoff).
1997, “Belgian Banks in the European Context,” Revue de la Banque, Vol. 61(December) pp. 691–702.
1978, “Real Exchange Rate Changes in the European Community,” Journal of International Economics, Vol. 9(May), pp. 319–39.
1998, “Een Nederlands Mirakel”(A Dutch Miracle) (The Hague:Amsterdam University Press).
1994, “Real Exchange Rates Within and Between Currency Areas: How Far Away Is EMU?” Review of Economics and Statistics, Vol. 76(May), pp. 236–4.
1994, “The Economic and Monetary Relation Between Germany and the Netherlands,”in Monetary Stability Through International Cooperation: Essays in Honour of Andre Szasz, ed. byA.Bakker, H.Boot, O.Sleijpen, and W.Vanthoor, (Dordrecht/Boston:Kluwer Academic Publishers).
Recent Occasional Papers of the International Monetary Fund
181. The Netherlands: Transforming a Market Economy, by C. Maxwell Watson, Bas B. Bakker, Jan Kees Martijn, and Ioannis Halikias. 1999.
180. Revenue Implications of Trade Liberalization, by Liam Ebrill, Janet Stotsky, and Reint Gropp. 1999
179. Dinsinflation in Transition: 1993–97, by Carlo Cottarelli and Peter Doyle. 1999.
178. IMF-Supported Programs in Indonesia, Korea, and Thailand: A Preliminary Assessment, by Timothy Lane, Atish Ghosh, Javier Hamann, Steven Phillips, Marianne Schulze-Ghattas, and Tsidi Tsikata. 1999.
177. Perspectives on Regional Unemployment in Europe, by Paolo Mauro, Esawar Prasad, and Antonio Spilimbergo. 1999.
176. Back to the Future: Postwar Reconstruction and Stabilization in Lebanon, edited by Sena Eken and Thomas Helbling. 1999.
175. Macroeconomic Developments in the Baltics, Russia, and Other Countries of the Former Soviet Union, 1992–97, by Luis M. Valdivieso. 1998.
174. Impact of EMU on Selected Non–European Union Countries, by R. Feldman, K. Nashashibi, R. Nord, P. Allum, D. Desruelle, K. Enders, R. Kahn, and H. Temprano-Arroyo. 1998.
173. The Baltic Countries: From Economic Stabilization to EU Accession, by Julian Berengaut, Augusto Lopez-Claros, Francoise Le Gall, Dennis Jones, Richard Stern, Ann-Margret Westin, Effie Psalida, Pietro Garibaldi. 1998.
172. Capital Account Liberalization: Theoretical and Practical Aspects, by a staff team led by Barry Eichen-green and Michael Mussa, with Giovanni Dell’ Ariccia, Enrica Detragiache, Gian Maria Milesi-Ferretti, and Andrew Tweedie. 1998.
171. Monetary Policy in Dollarized Economies, by Tomás Baliño, Adam Bennett, and Eduardo Borensztein. 1998.
170. The West African Economic and Monetary Union: Recent Developments and Policy Issues, by a staff team led by Ernesto Hernández-Catá and comprising Christian A. François, Paul Masson, Pascal Bouvier, Patrick Peroz, Dominique Desruelle, and Athanasios Vamvakidis. 1998.
169. Financial Sector Development in Sub-Saharan African Countries, by Hassanali Mehran, Piero Ugolini, Jean Phillipe Briffaux, George Iden, Tonny Lybek, Stephen Swaray, and Peter Hayward. 1998.
168. Exit Strategies: Policy Options for Countries Seeking Greater Exchange Rate Flexibility, by a staff team led by Barry Eichengreen and Paul Masson with Hugh Bredenkamp, Barry Johnston, Javier Hamann, Esteban Jadresic, and Inci Ötker. 1998.
167. Exchange Rate Assessment: Extensions of the Macroeconomic Balance Approach, edited by Peter Isard and Hamid Faruqee. 1998
166. Hedge Funds and Financial Market Dynamics, by a staff team led by Barry Eichengreen and Donald Mathieson with Bankim Chadha, Anne Jansen, Laura Kodres, and Sunil Sharma. 1998.
165. Algeria: Stabilization and Transition to the Market, by Karim Nashashibi, Patricia Alonso-Gamo, Stefania Bazzoni, Alain Féler, Nicole Laframboise, and Sebastian Paris Horvitz. 1998.
164. MULTIMOD Mark III: The Core Dynamic and Steady-State Model, by Douglas Laxton, Peter Isard, Hamid Faruqee, Eswar Prasad, and Bart Turtelboom. 1998.
163. Egypt: Beyond Stabilization, Toward a Dynamic Market Economy, by a staff team led by Howard Handy. 1998.
162. Fiscal Policy Rules, by George Kopits and Steven Symansky. 1998.
161. The Nordic Banking Crises: Pitfalls in Financial Liberalization? by Burkhard Dress and Ceyla Pazarbaşioğlu. 1998.
160. Fiscal Reform in Low-Income Countries: Experience Under IMF-Supported Programs, by a staff team led by George T. Abed and comprising Liam Ebrill, Sanjeev Gupta, Benedict Clements, Ronald McMorran, Anthony Pellechio, Jerald Schiff, and Marijn Verhoeven. 1998.
159. Hungary: Economic Policies for Sustainable Growth, Carlo Cottarelli, Thomas Krueger, Reza Moghadam, Perry Perone, Edgardo Ruggiero, and Rachel van Elkan. 1998.
158. Transparency in Government Operations, by George Kopits and Jon Craig. 1998.
157. Central Bank Reforms in the Baltics, Russia, and the Other Countries of the Former Soviet Union, by a staff team led by Malcolm Knight and comprising Susana Almuina, John Dalton, Inci Otker, Ceyla Pazarbaşioğlu, Arne B. Petersen, Peter Quirk, Nicholas M. Roberts, Gabriel Sensenbrenner, and Jan Willem van der Vossen. 1997.
156. The ESAF at Ten Years: Economic Adjustment and Reform in Low-Income Countries, by the staff of the International Monetary Fund. 1997.
155. Fiscal Policy Issues During the Transition in Russia, by Augusto Lopez-Claros and Sergei V. Alexashenko. 1998.
154. Credibility Without Rules? Monetary Frameworks in the Post-Bretton Woods Era, by Carlo Cottarelli and Curzio Giannini. 1997.
153. Pension Regimes and Saving, by G.A. Mackenzie, Philip Gerson, and Alfredo Cuevas. 1997.
152. Hong Kong, China: Growth, Structural Change, and Economic Stability During the Transition, by John Dodsworth and Dubravko Mihaljek. 1997.
151. Currency Board Arrangements: Issues and Experiences, by a staff team led by Tomás J.T. Baliño and Charles Enoch. 1997.
150. Kuwait: From Reconstruction to Accumulation for Future Generations, by Nigel Andrew Chalk, Mohamed A. El-Erian, Susan J. Fennell, Alexei P. Kireyev, and John F. Wilson. 1997.
149. The Composition of Fiscal Adjustment and Growth: Lessons from Fiscal Reforms in Eight Economies, by G.A. Mackenzie, David W.H. Orsmond, and Philip R. Gerson. 1997.
148. Nigeria: Experience with Structural Adjustment, by Gary Moser, Scott Rogers, and Reinold van Til, with Robin Kibuka and Inutu Lukonga. 1997.
147. Aging Populations and Public Pension Schemes, by Sheetal K. Chand and Albert Jaeger. 1996.
146. Thailand: The Road to Sustained Growth, by Kalpana Kochhar, Louis Dicks-Mireaux, Balazs Horvath, Mauro Mecagni, Erik Offerdal, and Jianping Zhou. 1996.
145. Exchange Rate Movements and Their Impact on Trade and Investment in the APEC Region, by Takatoshi Ito, Peter Isard, Steven Symansky, and Tamim Bayoumi. 1996.
144. National Bank of Poland: The Road to Indirect Instruments, by Piero Ugolini. 1996.
143. Adjustment for Growth: The African Experience, by Michael T. Hadjimichael, Michael Nowak, Robert Sharer, and Amor Tahari. 1996.
142. Quasi-Fiscal Operations of Public Financial Institutions, by G.A. Mackenzie and Peter Stella. 1996.
141. Monetary and Exchange System Reforms in China: An Experiment in Gradualism, by Hassanali Mehran, Marc Quintyn, Tom Nordman, and Bernard Laurens. 1996.
140. Government Reform in New Zealand, by Graham C. Scott. 1996.
139. Reinvigorating Growth in Developing Countries: Lessons from Adjustment Policies in Eight Economies, by David Goldsbrough, Sharmini Coorey, Louis Dicks-Mireaux, Balazs Horvath, Kalpana Kochhar, Mauro Mecagni, Erik Offerdal, and Jianping Zhou. 1996.
138. Aftermath of the CFA Franc Devaluation, by Jean A.P. Clément, with Johannes Mueller, Stéphane Cossé, and Jean Le Dem. 1996.
137. The Lao People’s Democratic Republic: Systemic Transformation and Adjustment, edited by Ichiro Otani and Chi Do Pham. 1996.
136. Jordan: Strategy for Adjustment and Growth, edited by Edouard Maciejewski and Ahsan Mansur. 1996.
Note: For information on the title and availability of Occasional Papers not listed, please consult the IMF Publications Catalog or contact IMF Publication Services.