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Mr. Rabah Arezki, Gregoire Rota-Graziosi, and Lemma W. Senbet

For the latest thinking about the international financial system, monetary policy, economic development, poverty reduction, and other critical issues, subscribe to Finance & Development (F&D). This lively quarterly magazine brings you in-depth analyses of these and other subjects by the IMF’s own staff as well as by prominent international experts. Articles are written for lay readers who want to enrich their understanding of the workings of the global economy and the policies and activities of the IMF.

Peter H. Gleick

For the latest thinking about the international financial system, monetary policy, economic development, poverty reduction, and other critical issues, subscribe to Finance & Development (F&D). This lively quarterly magazine brings you in-depth analyses of these and other subjects by the IMF’s own staff as well as by prominent international experts. Articles are written for lay readers who want to enrich their understanding of the workings of the global economy and the policies and activities of the IMF.

Richard J. Herring, Robert E. Litan, Warren L. Coats, William R. Cline, Martin Censola, Joel E. Cohen, Lant Pritchett, Richard N. Cooper, Michael Cohen, Martin Feldstein, James R. Hines, R. Glen Hubbard, and Emil M. Sunley

The design of payment systems has important implications for the conduct of monetary policy, the soundness of financial firms, and the functioning of the economy as a whole.

The December issue of the Research Bulletin looks at “Seven Questions about Climate Change” (Rabah Arezki and Akito Matsumoto). The Research Summaries review “Winning the Oil Lottery: The Impact of Natural Resource Extraction on Growth” (Tiago Cavalcanti, Daniel Da Mata, and Frederik Toscani) and “Malaysia: Achieving High-Income Status through Resilience and Inclusive Growth” (Alex Mourmouras and Naimh Sheridan). The issue also includes regular updates on new IMF Working Papers, Staff Discussion Notes, IMF books, and the IMF Economic Review.
International Monetary Fund. Western Hemisphere Dept.
This Selected Issues paper assesses empirically the motives and effectiveness of foreign exchange (FX) interventions in Peru. The results of the study indicate asymmetries both in the Central Reserve Bank of Peru’s reaction function and in the effectiveness of FX interventions. Probit estimates of the likelihood of FX purchases and sales, in the first stage of the regression, show that both forms of intervention are targeted at leaning against the wind; that is, resisting appreciation in the former case and resisting depreciation in the latter. But only FX sales, not FX purchases, react to volatility. Similarly, instrumental variable regression results show evidence of asymmetry in the effectiveness of FX interventions.
International Monetary Fund. Research Dept.
In this issue, authors from the IMF and from Argentine institutions team up to review how different banks behaved and were hurt during the country's crisis. Atsushi Iimi looks at how countries can escape from the resource curse in a comparative analysis that focuses on Botswana. John Cady and Jesus Gonzalez-Garcia examine the relationship between exchange rate volatility and the transparency of reserves. The issue also includes a comprehensive index of all Volume 54 papers by author, title, subject, and JEL classification.
DEAN A. DEROSA

Drawing on the neoclassical theory of international trade, this study investigates the limits of efficient diversification in low-income commodity exporting countries, and the fundamental importance of relative factor endowments for determining the commodity composition of international trade flows is demonstrated under both certain and uncertain economic conditions. In recognition of the importance of international financial markets for risk spreading and allocating resources efficiently under uncertainty, open economic policies toward international trade in financial assets as well as goods are emphasized. [JEL F11, F15, F36]

Mrs. Claire Liuksila, Alejandro Garcia, and Ms. Sheila Bassett

Authors of Working Papers are normally staff members of the Fund or consultants, although on occasion outside authors may collaborate with a staff member in writing a paper. The views expressed in the Working Papers or their summaries are, however, those of the authors and should not necessarily be interpreted as representing the views of the Fund. Copies of individual Working Papers and information on subscriptions to the annual series of Working Papers may be obtained from IMF Publication Services, International Monetary Fund, 700 19th Street, Washington, D.C. 20431. Telephone: (202) 623-7430 Telefax: (202) 623-7201 This compilation of summaries of Working Papers released during July-December 1994 is being issued as a part of the Working Paper series. It is designed to provide the reader with an overview of the research work performed by the staff during the period.