Volume: 57
Series: IMF Staff Papers
Author(s):
International Monetary Fund. Research Dept.
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
29
June
2010
DOI: http://dx.doi.org/10.5089/9781589069121.024
ISBN: 9781589069121
This paper introduces a new database of financial reforms covering 91 economies over 1973-2005. It describes the content of the database, the information sources utilized, and the coding rules used to create an ind...
Volume: 57
Series: IMF Staff Papers
Author(s):
International Monetary Fund. Research Dept.
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
26
March
2010
DOI: http://dx.doi.org/10.5089/9781589069114.024
ISBN: 9781589069114
Do highly indebted countries suffer from a debt overhang? Can debt relief foster their growth rates? To answer these important questions, this article looks at how the debt-growth relation varies with indebtedness...
Volume: 56
Series: IMF Staff Papers
Author(s):
International Monetary Fund. Research Dept.
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
04
November
2009
DOI: http://dx.doi.org/10.5089/9781589069107.024
ISBN: 9781589069107
This paper empirically evaluates four types of costs that may result from an international sovereign default: reputational costs, international trade exclusion costs, costs to the domestic economy through the finan...
Volume: 56
Series: IMF Staff Papers
Author(s):
International Monetary Fund. Research Dept.
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
31
July
2009
DOI: http://dx.doi.org/10.5089/9781589068209.024
ISBN: 9781589068209
Studies of the impact of trade openness on growth are based either on crosscountry analysis—which lacks transparency—or case studies—which lack statistical rigor. This paper applies a transpare...
Volume: 56
Series: IMF Staff Papers
Author(s):
International Monetary Fund. Research Dept.
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
03
June
2009
DOI: http://dx.doi.org/10.5089/9781589067950.024
ISBN: 9781589067950
China’s growth performance since the start of economic reforms in 1978 has been impressive, but the gains have not been distributed equally across provinces. We use a nonparametric approach to analyze the va...
Volume: 56
Series: IMF Staff Papers
Author(s):
International Monetary Fund. Research Dept.
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
01
June
2009
DOI: http://dx.doi.org/10.5089/9781589067943.024
ISBN: 9781589067943
This special issue brings together world-renowned experts to provide a systematic and critical analysis of the costs and benefits of financial globalization. Contributors include Kenneth Rogoff, Maurice Obstfeld, D...
Volume: 55
Series: IMF Staff Papers
Author(s):
International Monetary Fund. Research Dept.
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
05
August
2008
DOI: http://dx.doi.org/10.5089/9781589067240.024
ISBN: 9781589067240
This special issue on exchange rates is drawn from the Eighth Jacques Polak Annual Research Conference held at the International Monetary Fund in Washington in November 2007. The Mundell-Fleming Lecture by Stanley...
Volume: 55
Series: IMF Staff Papers
Author(s):
International Monetary Fund. Research Dept.
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
18
June
2008
DOI: http://dx.doi.org/10.5089/9781589067226.024
ISBN: 9781589067226
In this issue, a team of economists look at approaches to modeling the use of IMF resources in order to gauge whether the recent decline in credit outstanding is a temporary or permanent phenomenon. Era Dabla-Norri...
Volume: 55
Series: IMF Staff Papers
Author(s):
International Monetary Fund. Research Dept.
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
18
June
2008
DOI: http://dx.doi.org/10.5089/9781589067233.024
ISBN: 9781589067233
This special issue is devoted to the Global Economy Model (GEM), a dynamic stochastic general equilibrium models widely used by the IMF and central banks worldwide to study issues that cannot be adequately addresse...
Volume: 55
Series: IMF Staff Papers
Author(s):
International Monetary Fund. Research Dept.
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
18
April
2008
DOI: http://dx.doi.org/10.5089/9781589067257.024
ISBN: 9781589067257
In this issue, John T. Cuddington and Daniel Jerrett from the Colorado School of Mines examine whether metals prices are in a "super cycle" upswing driven by intensive economic growth in China, in particular. Using...
Volume: 54
Series: IMF Staff Papers
Author(s):
International Monetary Fund. Research Dept.
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
07
April
2008
DOI: http://dx.doi.org/10.5089/9781589066526.024
ISBN: 9781589066526
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 r...
Volume: 54
Series: IMF Staff Papers
Author(s):
International Monetary Fund. Research Dept.
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
26
September
2007
DOI: http://dx.doi.org/10.5089/9781589066502.024
ISBN: 9781589066502
Vol. 54, No. 2 includes three notable contributions from the Seventh Jacques Polak Annual Research Conference (ARC) hosted by the IMF in November 2006. Its lead paper, by Olivier Blanchard of Harvard University, is...
Volume: 54
Series: IMF Staff Papers
Author(s):
International Monetary Fund. Research Dept.
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
26
September
2007
DOI: http://dx.doi.org/10.5089/9781589066052.024
ISBN: 9781589066052
This is the first issue of IMF Staff Papers published under a special partnership between the IMF and Palgrave Macmillan. Very little will change with regard to the journal's visual appearance, though significant s...
Volume: 54
Series: IMF Staff Papers
Author(s):
International Monetary Fund. Research Dept.
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
30
May
2007
DOI: http://dx.doi.org/10.5089/9781589066519.024
ISBN: 9781589066519
This issue features a timely paper by Vladimir Klyuev and Paul Mills on the role of personal wealth and home equity withdrawal in the decline in the U.S. saving rate. Lusine Lusinyan and Leo Bonato explain how work...
Volume: 53
Series: IMF Staff Papers
Author(s):
International Monetary Fund. Research Dept.
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
15
December
2006
DOI: http://dx.doi.org/10.5089/9781589065819.024
ISBN: 9781589065819
This is the final issue for 2006 (Volume 53), and contains another paper in the occasional Special Data Section that seeks to measure financial development in the Middle East and North Africa by utilizing a new dat...
Volume: 53
Series: IMF Staff Papers
Author(s):
International Monetary Fund. Research Dept.
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
29
June
2006
DOI: http://dx.doi.org/10.5089/9781589065178.024
ISBN: 9781589065178
Noteworthy among the six papers appearing in this latest issue of the IMF's peer-reviewed journal is another installment in the Special Data Section. Anthony Pellechio and John Cady from the IMF's Statistics Depart...
Volume: 53
Series: IMF Staff Papers
Author(s):
International Monetary Fund. Research Dept.
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
03
April
2006
DOI: http://dx.doi.org/10.5089/9781589065093.024
ISBN: 9781589065093
This first issue for 2006 is anchored by two papers on Russia. The opening paper discusses Russia and the World Trade Organization, and the concluding paper, by John Odling-Smee (former Director of the IMF's Europe...
Volume: 52
Series: IMF Staff Papers
Author(s):
International Monetary Fund. Research Dept.
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
22
December
2005
DOI: http://dx.doi.org/10.5089/9781589064751.024
ISBN: 9781589064751
This last issue for 2005 comprises seven new papers, including a contribution to the journal's occasional Special Data Section about domestic debt markets in Sub-Saharan Africa, and also an in-depth look at the int...
Volume: 52
Series: IMF Staff Papers
Author(s):
International Monetary Fund. Research Dept.
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
30
August
2005
DOI: http://dx.doi.org/10.5089/9781589064478.024
ISBN: 9781589064478
...
Volume: 52
Series: IMF Staff Papers
Author(s):
International Monetary Fund. Research Dept.
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
29
August
2005
DOI: http://dx.doi.org/10.5089/9781589064485.024
ISBN: 9781589064485
This paper examines contractionary currency crashes in developing countries. It explores the causes of India's productivity surge around 1980, more than a decade before serious economic reforms were initiated. The...
Volume: 52
Series: IMF Staff Papers
Author(s):
International Monetary Fund. Research Dept.
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
18
April
2005
DOI: http://dx.doi.org/10.5089/9781589064195.024
ISBN: 9781589064195
This first issue of IMF Staff Papers for 2005 contains 7 papers that discuss: whether output recovered after the Asian crisis; the value of a country's trading partners to its own economic growth; whether interdepe...
Volume: 51
Series: IMF Staff Papers
Author(s):
International Monetary Fund. Research Dept.
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
23
November
2004
DOI: http://dx.doi.org/10.5089/9781589063518.024
ISBN: 9781589063518
This paper tests uncovered interest parity (UIP) using interest rates on longer maturity bonds for the Group of Seven countries. These long-horizon regressions yield much more support for UIP-all of the coefficient...
Volume: 51
Series: IMF Staff Papers
Author(s):
International Monetary Fund. Research Dept.
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
29
July
2004
DOI: http://dx.doi.org/10.5089/9781589063235.024
ISBN: 9781589063235
This second issue for 2004 contains 8 new papers, including notable contributions from: Nancy Brune, Geoffrey Garrett, and Bruce Kogut on the global spread of privatization; and Mark P. Taylor and Elena T. Branson...
Volume: 51
Series: IMF Staff Papers
Author(s):
Ashoka Mody
, and
Robert Flood
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
10
June
2004
DOI: http://dx.doi.org/10.5089/9781589063204.024
ISBN: 9781589063204
This is the 2004 (Volume 51) Special Issue of IMF Staff Papers, which includes 6 selected papers (from more than 20) that were presented at the IMF's Fourth Annual Research Conference, November 6-7, 2003....
Volume: 51
Series: IMF Staff Papers
Author(s):
International Monetary Fund. Research Dept.
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
20
April
2004
DOI: http://dx.doi.org/10.5089/9781589063228.024
ISBN: 9781589063228
This first issue of Volume 51 for 2004 includes a new paper by Peter B. Clark and Jacques J. Polak, along with a tribute from the Editor to Mr. Polak in honor of his 90th birthday. This issue also launches a new fe...
Volume: 50
Series: IMF Staff Papers
Author(s):
Robert Flood
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
25
November
2003
DOI: http://dx.doi.org/10.5089/9781589062030.024
ISBN: 9781589062030
This paper analyzes the issue of purchasing power parity using real effective exchange rate (REER) data for 20 industrial countries in the post-Bretton Woods period. The serial correlation-robust median-unbiased es...
Volume: 50
Series: IMF Staff Papers
Author(s):
Robert Flood
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
25
August
2003
DOI: http://dx.doi.org/10.5089/9781589062047.024
ISBN: 9781589062047
The paper discusses a model in which growth is a negative function of fiscal burden. Moreover, growth discontinuously switches from high to low as the fiscal burden reaches a critical level. The paper provides an o...
Volume: 50
Series: IMF Staff Papers
Author(s):
Robert Flood
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
11
July
2003
DOI: http://dx.doi.org/10.5089/9781589062023.024
ISBN: 9781589062023
This paper examines sources of economic growth in East Asia. The conventional growth-accounting approach to estimating the sources of economic growth requires unrealistically strong assumptions about either competi...
Volume: 50
Series: IMF Staff Papers
Author(s):
Robert Flood
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
17
April
2003
DOI: http://dx.doi.org/10.5089/9781589061248.024
ISBN: 9781589061248
Forty years ago, Marcus Fleming and Robert Mundell developed independent models of macroeconomic policy in open economies. Why do we link the two, and why do we call the result the Mundell-Fleming, rather than Fiem...
Volume: 49
Series: IMF Staff Papers
Author(s):
International Monetary Fund. Research Dept.
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
04
November
2002
DOI: http://dx.doi.org/10.5089/9781589061231.024
ISBN: 9781589061231
...
Volume: 49
Series: IMF Staff Papers
Author(s):
International Monetary Fund. Research Dept.
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
23
September
2002
DOI: http://dx.doi.org/10.5089/9781589061224.024
ISBN: 9781589061224
This paper empirically investigates the monetary impact of banking crises in Chile, Colombia, Denmark, Japan, Kenya, Malaysia, and Uruguay during 1975-98. Cointegration analysis and error correction modeling are us...
Volume: 49
Series: IMF Staff Papers
Author(s):
Robert Flood
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
11
July
2002
DOI: http://dx.doi.org/10.5089/9781589061194.024
ISBN: 9781589061194
This paper explores sources of the output collapse in Russia during transition. A modified growth-accounting framework is developed that takes into account changes in factor utilization that are typical of the tran...
Volume: 48
Series: IMF Staff Papers
Author(s):
Richard Haas
,
Oleh Havrylyshyn
, and
Ratna Sahay
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
25
April
2002
DOI: http://dx.doi.org/10.5089/9781589061262.024
ISBN: 9781589061262
...
Volume: 49
Series: IMF Staff Papers
Author(s):
Robert Flood
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
18
April
2002
DOI: http://dx.doi.org/10.5089/9781589060975.024
ISBN: 9781589060975
...
Volume: 48
Series: IMF Staff Papers
Author(s):
Robert Flood
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
18
January
2002
DOI: http://dx.doi.org/10.5089/9781451973792.024
ISBN: 9781451973792
This paper analyzes the financial implications of the 1956 crisis of nationalization of the Suez Canal by Egypt. It examines the regional distribution of public employment in Italy. The paper quantifies the impact...
Volume: 48
Series: IMF Staff Papers
Author(s):
International Monetary Fund. Research Dept.
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
12
December
2001
DOI: http://dx.doi.org/10.5089/9781451974256.024
ISBN: 9781451974256
This paper analyzes the link between product variety and economic growth. It finds support for the hypothesis that a greater degree of product variety relative to the United States helps to explain relative per cap...
Volume: 47
Series: IMF Staff Papers
Author(s):
Robert Flood
, and
Eduardo Borensztein
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
28
November
2001
DOI: http://dx.doi.org/10.5089/9781451963090.024
ISBN: 9781451963090
This paper presents a broad overview of postwar analytical thinking on international macroeconomics, culminating in a more detailed discussion of recent progress. The paper reviews important empirical evidence that...
Volume: 48
Series: IMF Staff Papers
Author(s):
Robert Flood
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
08
November
2001
DOI: http://dx.doi.org/10.5089/9781451974614.024
ISBN: 9781451974614
This paper re-examines the issue of the existence of threshold effects in the relationship between inflation and growth, using new econometric techniques that provide appropriate procedures for estimation and infer...
Volume: 47
Series: IMF Staff Papers
Author(s):
International Monetary Fund. Research Dept.
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
10
October
2001
DOI: http://dx.doi.org/10.5089/9781451973747.024
ISBN: 9781451973747
This paper provides an overview of the recent theoretical and empirical research on herd behavior in financial markets. It looks at what precisely is meant by herding, the causes of herd behavior, the success of ex...
Volume: 47
Series: IMF Staff Papers
Author(s):
International Monetary Fund. Research Dept.
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
01
January
2000
DOI: http://dx.doi.org/10.5089/9781451974584.024
ISBN: 9781451974584
This paper discusses the origins of the pyramid schemes and the way the authorities handled them. The paper analyzes the economic effects of the pyramid schemes, concluding that despite the descent into anarchy tri...
Volume: 47
Series: IMF Staff Papers
Author(s):
International Monetary Fund. Research Dept.
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
01
January
2000
DOI: http://dx.doi.org/10.5089/9781451974232.024
ISBN: 9781451974232
This paper analyzes portfolio diversification, leverage, and financial contagion. It studies the extent to which basic principles of portfolio diversification explain 'contagious selling' of financial assets when t...
Volume: 46
Series: IMF Staff Papers
Author(s):
International Monetary Fund. Research Dept.
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
15
March
1999
DOI: http://dx.doi.org/10.5089/9781451974553.024
ISBN: 9781451974553
This economic journal contains theoretical and empirical analyses of varous macroeconomic issues. The studies are prepapred by IMF research staff or consultants. Subjects covered inclulde balance of payments and ex...
Volume: 46
Series: IMF Staff Papers
Author(s):
International Monetary Fund. Research Dept.
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
01
January
1999
DOI: http://dx.doi.org/10.5089/9781451974201.024
ISBN: 9781451974201
This paper analyzes the predictability of currency crises. The paper evaluates three models for predicting currency crises that were proposed before 1997. Two of the models failed to provide useful forecasts. One m...
Volume: 46
Series: IMF Staff Papers
Author(s):
International Monetary Fund. Research Dept.
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
01
January
1999
DOI: http://dx.doi.org/10.5089/9781451973686.024
ISBN: 9781451973686
This paper examines determinants and leading indicators of banking crises. The paper examines episodes of banking system distress and crisis in a large sample of countries to identify which macroeconomic and financ...
Volume: 45
Series: IMF Staff Papers
Author(s):
International Monetary Fund. Research Dept.
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
01
January
1998
DOI: http://dx.doi.org/10.5089/9781451974164.024
ISBN: 9781451974164
This paper analyzes contagion and volatility with imperfect credit markets. The paper interprets contagion effects as an increase in the volatility of shocks impinging on the economy. The implications of this appro...
Volume: 45
Series: IMF Staff Papers
Author(s):
International Monetary Fund. Research Dept.
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
01
January
1998
DOI: http://dx.doi.org/10.5089/9781451974515.024
ISBN: 9781451974515
This paper analyzes some leading indicators of currency crises, and proposes a specific early warning system. This system involves monitoring the evolution of several indicators that tend to exhibit an unusual beha...
Volume: 45
Series: IMF Staff Papers
Author(s):
International Monetary Fund. Research Dept.
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
01
January
1998
DOI: http://dx.doi.org/10.5089/9781451972771.024
ISBN: 9781451972771
This paper describes the issue of corruption around the world. The paper surveys and discusses issues related to the causes, consequences, and scope of corruption, and possible corrective actions. It emphasizes the...
Volume: 45
Series: IMF Staff Papers
Author(s):
International Monetary Fund. Research Dept.
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
01
January
1998
DOI: http://dx.doi.org/10.5089/9781451973600.024
ISBN: 9781451973600
This paper presents international evidence on the determinants of trade dynamics. It provides some new empirical perspectives on the relationship between international trade and macroeconomic fluctuations in indust...
Volume: 44
Series: IMF Staff Papers
Author(s):
International Monetary Fund. Research Dept.
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
01
January
1997
DOI: http://dx.doi.org/10.5089/9781451973464.024
ISBN: 9781451973464
This paper studies the case of Mexico to examine determinants of banking system fragility. The paper tests empirically the proposition that bank fragility is determined by bank-specific factors, macroeconomic condi...
Volume: 44
Series: IMF Staff Papers
Author(s):
International Monetary Fund. Research Dept.
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
01
January
1997
DOI: http://dx.doi.org/10.5089/9781451930962.024
ISBN: 9781451930962
This paper deals with liberalization and the evolution of output during the transition from plan to market. It explains why strong liberalization leads to a comparatively steep fall in output early in the transitio...
Volume: 44
Series: IMF Staff Papers
Author(s):
International Monetary Fund. Research Dept.
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
01
January
1997
DOI: http://dx.doi.org/10.5089/9781451947243.024
ISBN: 9781451947243
The Chilean pension reform of 1981, a shift from cm unfunded to a funded scheme, is considered to have contributed to this country’s excellent economic performance. Positive growth effects allow, in principl...
Volume: 44
Series: IMF Staff Papers
Author(s):
International Monetary Fund. Research Dept.
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
01
January
1997
DOI: http://dx.doi.org/10.5089/9781451957112.024
ISBN: 9781451957112
This paper argues that an important group of labor market policies are complementary in the sense that the effect of each policy is greater when implemented in conjunction with the other policies than in isolation....
Volume: 43
Series: IMF Staff Papers
Author(s):
International Monetary Fund. Research Dept.
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
01
January
1996
DOI: http://dx.doi.org/10.5089/9781451930931.024
ISBN: 9781451930931
This paper reviews recent theoretical and empirical work on controls over International capital movements. Theoretical contributions reviewed focus on “second-best “ arguments for capital market restr...
Volume: 43
Series: IMF Staff Papers
Author(s):
International Monetary Fund. Research Dept.
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
01
January
1996
DOI: http://dx.doi.org/10.5089/9781451957099.024
ISBN: 9781451957099
This paper extends a standard growth model and obtains consistent panel data estimates of the growth retarding effects of military spending via its adverse impact on capital formation and resource allocation. Simul...
Volume: 43
Series: IMF Staff Papers
Author(s):
International Monetary Fund. Research Dept.
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
01
January
1996
DOI: http://dx.doi.org/10.5089/9781451947229.024
ISBN: 9781451947229
This paper examines the role of the labor market in the transmission process of adjustment policies in developing countries. It begins by reviewing the recent evidence regarding the functioning of these markets. It...
Volume: 45
Series: IMF Staff Papers
Author(s):
International Monetary Fund. Research Dept.
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
01
January
1996
DOI: http://dx.doi.org/10.5089/9781451973440.024
ISBN: 9781451973440
This paper examines the volatility and predictability of emerging stock markets. A range of measures suggests that, despite perceptions to the contrary, the volatility of emerging markets may have fallen rather tha...
Volume: 42
Series: IMF Staff Papers
Author(s):
International Monetary Fund. Research Dept.
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
01
January
1995
DOI: http://dx.doi.org/10.5089/9781451957068.024
ISBN: 9781451957068
This paper provides a critical survey of the literature on politico-institutional determinants of the government budget. We organize our discussion around two questions: Why did certain OECD countries, but not othe...
Volume: 42
Series: IMF Staff Papers
Author(s):
International Monetary Fund. Research Dept.
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
01
January
1995
DOI: http://dx.doi.org/10.5089/9781451973396.024
ISBN: 9781451973396
This paper analyzes long-term exchange rate modeling. The paper reviews the literature that tests for a unit root in real exchange rates and the closely related work on testing for a unit root in the residual from...
Volume: 44
Series: IMF Staff Papers
Author(s):
International Monetary Fund. Research Dept.
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
01
January
1995
DOI: http://dx.doi.org/10.5089/9781451930900.024
ISBN: 9781451930900
This paper describes early contributions of Staff Papers to international economics. The paper highlights that Staff Papers has, since its inception in 1950, been an important vehicle for the dissemination of resea...
Volume: 42
Series: IMF Staff Papers
Author(s):
International Monetary Fund. Research Dept.
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
01
January
1995
DOI: http://dx.doi.org/10.5089/9781451947205.024
ISBN: 9781451947205
This paper develops an endogenous growth model of the influence of public investment, public transfers, and distortionary taxation on the rate of economic growth. The growth–enhancing effects of investment i...
Volume: 41
Series: IMF Staff Papers
Author(s):
International Monetary Fund. Research Dept.
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
01
January
1994
DOI: http://dx.doi.org/10.5089/9781451947168.024
ISBN: 9781451947168
Primary commodities still account for the bulk of exports in many developing countries. However, real commodity prices have been declining almost continuously since the early 1980s. The appropriate policy response...
Volume: 41
Series: IMF Staff Papers
Author(s):
International Monetary Fund. Research Dept.
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
01
January
1994
DOI: http://dx.doi.org/10.5089/9781451957037.024
ISBN: 9781451957037
This paper examines effects of economic growth and speed of adjustment on openness, human development, and fiscal policies. The model developed in this paper postulates that learning through experience raises labor...
Volume: 41
Series: IMF Staff Papers
Author(s):
International Monetary Fund. Research Dept.
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
01
January
1994
DOI: http://dx.doi.org/10.5089/9781451973303.024
ISBN: 9781451973303
This paper focuses on the payments system reforms and monetary policy in emerging market economies in Central and Eastern Europe. The reforms in the payments system are viewed as closely interrelated with the devel...
Volume: 41
Series: IMF Staff Papers
Author(s):
International Monetary Fund. Research Dept.
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
01
January
1994
DOI: http://dx.doi.org/10.5089/9781451930887.024
ISBN: 9781451930887
The paper presents a model of optimum currency areas using a general equilibrium approach with regionally differentiated goods. The choice of a currency union depends upon the size of the underlying disturbances, t...
Volume: 40
Series: IMF Staff Papers
Author(s):
International Monetary Fund. Research Dept.
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
01
January
1993
DOI: http://dx.doi.org/10.5089/9781451973259.024
ISBN: 9781451973259
This paper assesses alternative auction techniques for pricing and allocating various financial instruments, such as government securities, central bank refinance credit, and foreign exchange. Before recommending a...
Volume: 40
Series: IMF Staff Papers
Author(s):
International Monetary Fund. Research Dept.
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
01
January
1993
DOI: http://dx.doi.org/10.5089/9781451947137.024
ISBN: 9781451947137
The relationship between the degree of wage indexation chosen by private agents and the degree of public debt indexation chosen by the government is examined. It is shown that the government is likely to increase p...
Volume: 40
Series: IMF Staff Papers
Author(s):
International Monetary Fund. Research Dept.
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
01
January
1993
DOI: http://dx.doi.org/10.5089/9781451956986.024
ISBN: 9781451956986
The declines in economic activity experienced by Bulgaria, the Czech and Slovak Federal Republic, and Romania in the period since market-oriented reforms were initiated are analyzed. After reviewing developments in...
Volume: 40
Series: IMF Staff Papers
Author(s):
International Monetary Fund. Research Dept.
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
01
January
1993
DOI: http://dx.doi.org/10.5089/9781451930856.024
ISBN: 9781451930856
This paper uses microeconomic panel data to examine differences in the cyclical variability of employment, hours, and real wages for skilled and unskilled workers. Contrary to conventional wisdom, it finds that, at...
Volume: 39
Series: IMF Staff Papers
Author(s):
International Monetary Fund. Research Dept.
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
01
January
1992
DOI: http://dx.doi.org/10.5089/9781451956948.024
ISBN: 9781451956948
This paper focuses on exchange rate economics. Two main views of exchange rate determination have evolved since the early 1970s: the monetary approach to the exchange rate (in flexible-price, sticky-price, and real...
Volume: 39
Series: IMF Staff Papers
Author(s):
International Monetary Fund. Research Dept.
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
01
January
1992
DOI: http://dx.doi.org/10.5089/9781451930825.024
ISBN: 9781451930825
Common issues emerging from the recent experience with IMF-supported programs in Hungary, Poland, Czechoslovakia, Bulgaria, and Romania are analyzed. These comprise the initial price overshooting and output collaps...
Volume: 39
Series: IMF Staff Papers
Author(s):
International Monetary Fund. Research Dept.
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
01
January
1992
DOI: http://dx.doi.org/10.5089/9781451947106.024
ISBN: 9781451947106
...
Volume: 39
Series: IMF Staff Papers
Author(s):
International Monetary Fund. Research Dept.
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
01
January
1992
DOI: http://dx.doi.org/10.5089/9781451973174.024
ISBN: 9781451973174
...
Volume: 38
Series: IMF Staff Papers
Author(s):
International Monetary Fund. Research Dept.
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
01
January
1991
DOI: http://dx.doi.org/10.5089/9781451930801.024
ISBN: 9781451930801
The welfare effects of mitigating the costs of inflation are examined. In a model where money reduces transactions costs, a fall in inflation costs is equivalent to financial innovation. This can be caused by payin...
Volume: 38
Series: IMF Staff Papers
Author(s):
International Monetary Fund. Research Dept.
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
01
January
1991
DOI: http://dx.doi.org/10.5089/9781451947076.024
ISBN: 9781451947076
The CMEA countries are starting to conduct their trade at world prices and in convertible currencies. These are crucial steps in economic reform but will worsen Eastern Europe’s terms of trade and drive it i...
Volume: 38
Series: IMF Staff Papers
Author(s):
International Monetary Fund. Research Dept.
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
01
January
1991
DOI: http://dx.doi.org/10.5089/9781451956917.024
ISBN: 9781451956917
The long-run properties of money demand functions in the large industrial countries are examined under the hypothesis that the long-run functions have been stable but that the dynamic adjustment processes are more...
Volume: 38
Series: IMF Staff Papers
Author(s):
International Monetary Fund. Research Dept.
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
01
January
1991
DOI: http://dx.doi.org/10.5089/9781451973136.024
ISBN: 9781451973136
Trade liberalization in developing countries is frequently opposed on the grounds that, because it is likely to cause a deterioration in the external balance, it may not be a viable policy option for countries faci...
Volume: 37
Series: IMF Staff Papers
Author(s):
International Monetary Fund. Research Dept.
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
01
January
1990
DOI: http://dx.doi.org/10.5089/9781451956863.024
ISBN: 9781451956863
This paper examines factors affecting saving, policy tools, and tax reform. The literature on factors affecting saving and capital formation in industrialized countries is reviewed, and measurement problems are exa...
Volume: 40
Series: IMF Staff Papers
Author(s):
International Monetary Fund. Research Dept.
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
01
January
1990
DOI: http://dx.doi.org/10.5089/9781451973068.024
ISBN: 9781451973068
This paper analyzes macroeconomic effects of projected population aging in industrial countries. The effects of population aging are examined with a theoretical model and simulations of the IMF's multiregion econom...
Volume: 37
Series: IMF Staff Papers
Author(s):
International Monetary Fund. Research Dept.
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
01
January
1990
DOI: http://dx.doi.org/10.5089/9781451947069.024
ISBN: 9781451947069
This paper examines the macroeconomic effects of IMF-supported adjustment programs. The evidence is reviewed for such effects, and new estimates are provided of these effects for 69 developing countries with progra...
Volume: 37
Series: IMF Staff Papers
Author(s):
International Monetary Fund. Research Dept.
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
01
January
1990
DOI: http://dx.doi.org/10.5089/9781451930788.024
ISBN: 9781451930788
The transition strategy from administratively set interest rates to market rates is discussed. Despite worldwide trends toward financial liberalization, few monetary authorities are prepared to accept as reasonable...
Volume: 36
Series: IMF Staff Papers
Author(s):
International Monetary Fund. Research Dept.
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
01
January
1989
DOI: http://dx.doi.org/10.5089/9781451930757.024
ISBN: 9781451930757
Two recent criticisms of summary fiscal indicators are appraised: first, that they and the conventionally measured public sector balances from which they are derived are not sufficiently broadly defined; second, th...
Volume: 36
Series: IMF Staff Papers
Author(s):
International Monetary Fund. Research Dept.
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
01
January
1989
DOI: http://dx.doi.org/10.5089/9781451947045.024
ISBN: 9781451947045
...
Volume: 36
Series: IMF Staff Papers
Author(s):
International Monetary Fund. Research Dept.
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
01
January
1989
DOI: http://dx.doi.org/10.5089/9781451956825.024
ISBN: 9781451956825
The determinants of current account imbalances under floating exchange rates are analyzed. The analysis provides a framework within which the sources of. and the remedies for, the current account imbalances between...
Volume: 36
Series: IMF Staff Papers
Author(s):
International Monetary Fund. Research Dept.
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
01
January
1989
DOI: http://dx.doi.org/10.5089/9781451973037.024
ISBN: 9781451973037
Although accommodative policies and widespread indexation may account for the persistence of high inflation, they cannot explain changes in the inflation rate. The causes of such changes for the high-inflation epis...
Volume: 35
Series: IMF Staff Papers
Author(s):
International Monetary Fund. Research Dept.
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
01
January
1988
DOI: http://dx.doi.org/10.5089/9781451930733.024
ISBN: 9781451930733
An intertemporal optimizing model of a small open economy is used to analyze how terms of trade changes affect real exchange rates and the trade balance. Temporary current, (expected) future, and permanent changes...
Volume: 35
Series: IMF Staff Papers
Author(s):
International Monetary Fund. Research Dept.
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
01
January
1988
DOI: http://dx.doi.org/10.5089/9781451947021.024
ISBN: 9781451947021
It has been argued that “buy-backs” and “debt-equity swaps” allow developing countries to benefit from market discounts on their external debt. It is argued here, however, that if such p...
Volume: 35
Series: IMF Staff Papers
Author(s):
International Monetary Fund. Research Dept.
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
01
January
1988
DOI: http://dx.doi.org/10.5089/9781451956771.024
ISBN: 9781451956771
A central proposition regarding effects of different mechanisms of fi-nancing public expenditures is that, under specific circumstances, it makes no difference to the level of aggregate demand if the government fin...
Volume: 35
Series: IMF Staff Papers
Author(s):
International Monetary Fund. Research Dept.
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
01
January
1988
DOI: http://dx.doi.org/10.5089/9781451972986.024
ISBN: 9781451972986
The proposal to set up an international debt facility to buy the debt of developing countries at a discount and then mark down its contractual value is analyzed. The paper considers the central question of how the...
Volume: 34
Series: IMF Staff Papers
Author(s):
International Monetary Fund. Research Dept.
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
01
January
1987
DOI: http://dx.doi.org/10.5089/9781451946987.024
ISBN: 9781451946987
This paper studies the flow of primary commodity exports from non-oil exporting developing countries grouped by geographical region. The first part analyzes the changes in the structure of developing country commod...
Volume: 34
Series: IMF Staff Papers
Author(s):
International Monetary Fund. Research Dept.
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
01
January
1987
DOI: http://dx.doi.org/10.5089/9781451930719.024
ISBN: 9781451930719
The Mundell-Fleming model of international macroeconomic originated in the early 1960s and has been extended during the ensuing quarter century. This paper develops an exposition that integrates the various facets...
Volume: 34
Series: IMF Staff Papers
Author(s):
International Monetary Fund. Research Dept.
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
01
January
1987
DOI: http://dx.doi.org/10.5089/9781451956740.024
ISBN: 9781451956740
...
Volume: 34
Series: IMF Staff Papers
Author(s):
International Monetary Fund. Research Dept.
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
01
January
1987
DOI: http://dx.doi.org/10.5089/9781451972931.024
ISBN: 9781451972931
In the middle of 1985 Argentina and Israel launched frontal attacks on inflation which succeeded in reducing it drastically during the first year without very significant costs in employment and output. Despite bas...
Volume: 33
Series: IMF Staff Papers
Author(s):
International Monetary Fund. Research Dept.
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
01
January
1986
DOI: http://dx.doi.org/10.5089/9781451930696.024
ISBN: 9781451930696
...
Volume: 33
Series: IMF Staff Papers
Author(s):
International Monetary Fund. Research Dept.
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
01
January
1986
DOI: http://dx.doi.org/10.5089/9781451956726.024
ISBN: 9781451956726
...
Volume: 33
Series: IMF Staff Papers
Author(s):
International Monetary Fund. Research Dept.
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
01
January
1986
DOI: http://dx.doi.org/10.5089/9781451972887.024
ISBN: 9781451972887
...
Volume: 33
Series: IMF Staff Papers
Author(s):
International Monetary Fund. Research Dept.
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
01
January
1986
DOI: http://dx.doi.org/10.5089/9781451946956.024
ISBN: 9781451946956
WILLIAM. white, who joined the International Monetary Fund in 1948, spent his entire professional life in the Research Department. Present and past staff members, many of whom benefited from his advice, have asked...
Volume: 32
Series: IMF Staff Papers
Author(s):
International Monetary Fund. Research Dept.
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
01
January
1985
DOI: http://dx.doi.org/10.5089/9781451930672.024
ISBN: 9781451930672
...
Volume: 32
Series: IMF Staff Papers
Author(s):
International Monetary Fund. Research Dept.
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
01
January
1985
DOI: http://dx.doi.org/10.5089/9781451946932.024
ISBN: 9781451946932
...
Volume: 32
Series: IMF Staff Papers
Author(s):
International Monetary Fund. Research Dept.
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
01
January
1985
DOI: http://dx.doi.org/10.5089/9781451956696.024
ISBN: 9781451956696
...
Volume: 32
Series: IMF Staff Papers
Author(s):
International Monetary Fund. Research Dept.
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
01
January
1985
DOI: http://dx.doi.org/10.5089/9781451972863.024
ISBN: 9781451972863
...
