International Monetary Fund
Published Date:
September 1999
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This reference list was prepared under the aegis of the Interdepartmental Working Group on Fund Policy Advice,1,2 and attempts to synthesize in 11 major economic areas research carried out by IMF staff from 1991 to 1998. Given the broad nature of many policy issues, there is necessarily some overlap across topics.

Research activity in the IMF emphasizes the links between the organization’s policy and operational concerns. The main objectives of research in the IMF are to further the staff’s understanding of policy and operational issues relevant to the institution, and to improve the analytical quality of the work prepared for management and the Executive Board and the advice provided to member countries.

The scope of research in the IMF is defined by the purposes and functions of the institution. Subjects such as the international monetary system clearly fall under the IMF’s mandate, and the institution is singularly well placed to examine these issues. Developments in the international economy and the changing circumstances of member countries are also important factors governing the IMF’s research activity. Furthermore, a substantial proportion of the research on macroeconomic issues in developing countries continues to be undertaken by the IMF.

To foster innovation and ensure quality control, the IMF makes much of its research available outside the institution (see box) and encourages staff to interact with academia and other research organizations through conferences, seminars, and occasional joint research projects. The visiting scholars program has also enhanced the quality of research done in the IMF. This program brings in leading members of the economics profession from around the world to assist in the preparation of papers for the Executive Board and to conduct research on IMF-related issues. The IMF complements its research activity by drawing on the work of other international organizations, such as the Organization for Economic Cooperation and Development and the World Bank, in their areas of expertise, and these organizations in turn draw on IMF research.

IMF Research Available to the Public

World Economic Outlook: This semiannual report publishes forecasts of the world economy and individual economies. The World Economic Outlook, which is written by a team of IMF staff, presents the staff’s views on the direction of the global economy. The World Economic Outlook is published as part of the World Economic and Financial Surveys. Other publications in this series include International Capital Markets, Staff Studies for the World Economic Outlook, and surveys of trade policy, debt rescheduling, and the like.

IMF Staff Papers: This quarterly journal presents theoretical and empirical analyses of international economic and monetary issues. These papers represent the more academic side of the IMF’s research.

Economic Reviews: These country reports are adapted from background papers prepared for the Executive Board. The research is highly macroeconomic, offering many current statistics on the economy being studied. To date, about thirty Economic Reviews have been published, most of them covering the countries of the former Soviet Union and Eastern Europe.

Occasional Papers: These periodic studies cover many topics in international economics. Occasional Papers offer nontechnical analyses of both theoretical and empirical issues.

Working Papers: The Working Paper series offers a range of economic research—from highly technical pieces, to country and regional studies, to policy analysis. About 200 Working Papers are published each year.

Policy Discussion Papers (formerly Papers on Policy Analysis and Assessment): These policy-oriented papers are shorter and less technical than the Working Papers. The papers are written with the policymaker and interested noneconomist in mind.

Statistical Publications: The IMF collects an extensive array of country statistics, which are published in several series. They include International Financial Statistics (which reports macroeconomic indicators for each member). Direction of Trade Statistics, Balance of Payments Statistics Yearbook, and Government Finance Statistics Yearbook.

Books and Seminar Volumes: The IMF publishes books and seminar volumes on a range of topics.

All IMF publications are listed under the IMF’s website ( Selected IMF publications are also available in full text. For more information on IMF publications, contact

International Monetary Fund • Publication Services

700 19th Street, N.W. • Washington, D.C. 20431, U.S.A.

Telephone: (202) 623-7430 • Telefax: (202) 623-7201



A summary outline of the 11 major areas of research and correlated Journal of Economic Literature (JEL) classification numbers for the 1991–98 research output are provided below. The research cited is on a selective rather than an exhaustive basis. For simplicity, entries are organized by classification field, alphabetically by the last name of the first author, and in ascending date order, rather than by all authors’ names. A long dash (———) at the beginning of an entry represents the preceding author or authors’ entry in full.

Selected JEL Classification Numbers
I.International Monetary System[E6l, F00, F01, F02, F3, F33, F34, O19]
(pages 9-18)
1.Design of the international monetary system[E61, F02, F15, F42, O11]
Stable exchange rate system—promotes price stability and competitiveness[D5]
Unstable exchange rate systems—arising primarily from inappropriate macroeconomic policies[D5]
2.Interaction between financial systems and macroeconomic policy[E44, E50, E52, E60, F02, F40, N1]
Asset price inflation[E31, G12]
3.Policy coordination[D7, E5, E52, E6, E61, E62, F42]
Policy rules—design[E58, E59, E61]
Especially fiscal consolidation[E62]
4.Economic and monetary integration[E42, E44, F02, F15, F36, F41, F47]
Issues in European exchange rate mechanism (ERM)[F31, F33, G21]
European Monetary Union—convergence and single-currency issues[E42, E50, E52, F02, F4, F41]
Effect of EMU on interest rates in Europe and elsewhere[F36, F42, G1, G15, G18]
5.Global surveillance (World Economic Outlook)[F01, F17]
Forecasts of world economy[C5, E37, F17]
Developments in international capital markets[F3]
6.Role of indicators in the surveillance process[G15, G24, G28, Q19]
Price and real exchange rate indicators (and relationship with other important macroeconomic variables)[E6, F31]
II.International Capital Markets and Official Financing
(pages 19-32)[D4, E3, E4, E5, F4, G1, G15, N2]
1.Integration of world capital markets[D4, E44, F15, F36]
Linkages between national capital markets—significant growth over past decade[F21, F31, F32, F43, N10]
2.Financial liberalization and innovation[G1, G15, G18, G24]
Financial market development[G00, G1, G2]
Derivatives[G12, G13, G24]
3.Market access and capital inflows[F21, F32]
Commercial bank restructurings, private market financing, and market re-entry for developing countries[D4, O16]
Effects of capital account liberalization[F32]
4.Exchange markets[F30]
ERM issues[E5, E6, F33, F36, F41, G15]
Effects of cross-border capital flows[F21, F31, F32]
5.Official capital flows[F33, F35]
6.External debt issues[F34]
Debt and debt strategy[F34, F42]
Official external debt[F33, F34, F35]
Regional debt issues, including the Initiative for Highly Indebted Poor Countries[F33, F35]
7.Banking sector issues[F34, G28]
Causes of banking difficulties in industrial and developing countries[G21, G24]
Prudential regulation and supervision[E58, G18]
8.Trading mechanisms in securities markets[D4, F13, F40, G1]
Trading systems in different countries[D40, F14]
Auction techniques[D44]
9.Clearing and settlement[F13, G33, G35]
III.Inflation and Inflation Stabilization
(pages 33–42)[D3, E31]
1.Origins of high inflation[E31, E42, E63, F32, F33, F34]
Primarily fiscal factors[E31, E61, E62]
2.Characteristics of high inflation[E30, E31]
Chronic inflation and hyperinflations[E5]
Dollarization and currency substitution[E41, E52, F36, F41, G11]
Income inequality[D63, E31]
3.Stabilization measures (nominal anchors)[E31]
Exchange rate-based stabilization (inflation targeting)[E3, E52, E58, E65]
Money-based stabilization[E4]
Price and wage controls[E3, E31, E32, E4, J3, J31, J38]
IV.Growth, Equity, and Structural Issues
(pages 42-59)[D3, D6, F42, O0, O1]
1.Policies for sustained growth[O0, O1, O16, O20, O23, O29, O40]
Macroeconomic policies[F40, F43, F49]
Government expenditures[E62]
Trade regimes[F1, F02]
Growth, productivity, and technical change[O1]
Saving and investment[E2, E21, E22]
2.Governance and corruption[E6, E62, H1, H3, H5, K4, N4, O17]
3.Labor markets and unemployment[J21, J23, J24, J64]
Cyclical behavior of unemployment[E24, E32]
Labor market institutions[J5]
Income inequality[D31, D63, E64, O15]
4.Trade policy and reforms[F1, F13]
Tariff reforms[F13]
Volatile export earnings[F13]
Regional trade arrangements[F13, F14]
5.Current account determination[F32, F41]
6.Development aid and technical assistance[F35, O19]
7.Empirical studies of growth[O4]
V.Development Economics
(pages 59-62)[O1, O2, O3, O4]
1.Developing country issues[O1, O2, O3, O4]
Political economy of development[D72, D74, H11, H56]
Trade, regionalism, and trade policy[F1]
Exchange rate and competitiveness issues[F13, F41]
Fiscal policy issues[O11, O12, O23]
Monetary policy and financial market issues[O11, O12, 016, O17, O23]
Agriculture and natural resources[Q00]
2.Reform and liberalization[O1, O2, O3]
Exchange and trade system reforms[F1, F3]
Monetary and fiscal reform[O11, O12]
Financial market reform[O16, O17]
Structural reform[O1, O3]
VI.Economies in Transition[F41, F43, O1, O2, O3, O4, O5, P2, P3]
(pages 62-78)
1.General strategy[L1, L16]
Overall approach and sequencing[P21]
Trade policy[F15, F17]
2.Price liberalization[E3, P22]
Measurement of price indices[O57, P27, P52]
Gradual or staged liberalization[F13]
3.Exchange market liberalization[O16]
Preconditions for current account convertibility[F13, F14, F15]
Alternative exchange rate regimes[F31, F33, F47]
Currency boards[E58, F30, F31, F33, G21]
4.Monetary policy[E5, O42]
Constraints on monetary policy in reforming economies[E42, E50]
Bad loan portfolios[G4]
5.Fiscal issues[E6, H1, H3, H87]
Fiscal policy[E61, E62, F32, H3, H62]
Reforms of fiscal institutions[H87]
6.Output declines[D2, D24]
Factors underlying output collapse[D57, R15]
Longer-term prospects[E2, E27, E66]
7.Privatization[L1, L2, L3, L32, L33, L4, P3, P31]
8.Reform of state enterprises[L16, L41, P27, P31, P33]
Role of government in hardening budget constraints[H11, H21, H5, H6, H63, L5, L51, L52]
Interenterprise arrears problem[H32, H4, H43, H61, L32, L33, P31, P33]
Pension reform[H55, O57]
9.Case studies[O57, P5, P51, P52]
Experience with reforms in various countries[O57, P27, P52]
VII.Fiscal Issues
(pages 78-95)[E6, H1, H3, H87]
1.Fiscal policy and institutions[E61, E62, F32, H3, H62]
Overall fiscal policy[C81, C82]
Fiscal sustainability[E62, H6, H30]
Tax policy[D63, H20, H21, H24, H25, H26]
Tax administration[H21, H23]
Public expenditure policy[E62]
Public expenditure management[E62, H5, H54, H61, H62, H63]
2.Special fiscal issues[H5]
Intergovernmental relations[H7, H73, H77]
Social safety nets and social security reform[G23, H4, H55, H60, I32, I38, J10, O57]
Generational accounting and demographic developments[H1, H22, H56, J2, J14, O4]
Environment[Q2, Q28, Q32, Q38]
Military expenditures[H56, H57, O47]
VIII.Monetary and Financial Sector Issues
(pages 95-104)[E5, E52, E6, E62, E63]
1.Money demand[E41, E47, E52, F36]
Industrial countries (new econometric techniques)[E4]
Currency substitution[E49, F33, F40]
2.Design and implementation of monetary policy[E5, E50, E52]
Rules versus discretion[E61]
Transmission mechanism[E52]
Instruments and indicators of monetary policy[E52]
Assessment of soundness of banking and financial systems[E42, E52, E58, E63]
3.Financial sector reform[D92, E2, E42, E52, E58, E61, G21]
Relationship between financial development and growth[E44, O1, O16]
Process of financial reform[O2]
4.Interest rates and yield curve[E43]
IX.Exchange Rate Behavior[E4, F2, F3, F31, F33, F4, F47]
(pages 104-114)
1.Empirical regularities[F3]
Short-term exchange rate movements[F31, F32]
Exchange rate regime and behavior of currencies (ERM)[F1, F31, F33, F4, L16, R12]
Long-run exchange rate movements[F21, F31]
2.Parity relationships, equilibrium exchange rates, and exchange rate modeling[F15, F31, F34, F41]
Purchasing power parity and uncovered interest parity[F41, F47]
Modeling of long-run behavior and short-run dynamics[C15, C32, C42]
3.Target zones[F14, F15]
Credibility and exchange rate policies of European countries[F14, F15]
Determinants of realignment expectations[F14, F15]
4.Developing country issues[F30, O1]
Equilibrium real exchange rates and shocks[E60]
Targeting real exchange rates[F31]
Nominal anchors[E31, F31, F33]
Dual exchange markets[E60, F31, O17]
X.IMF Financial Policies[E4, E6, F01, F02, F3, F33, F34, F42, F47]
(pages 114-115)
1.IMF policies on its assets and liabilities[E4, E6, F01, F02, F33, F34, F42, F47]
2.IMF lending policies[F33, F34, F42]
Assessment of IMF policy advice[E6, F01, F02, F3, F4]
3.Overdue financial obligations[F33, F34]
4.International liquidity and the SDR[E42, F33, F34, F42, F43]
General functioning of the SDR as a reserve asset[E42, F33]
Monetary and economic effects of SDR allocations[F33]
Prolonged use of the SDR[F33]
Post-allocation redistribution of SDRs[F33]
XI.Statistical Issues
(pages 115-117)[C80, C82]
1.Methodological issues[C80, C82]
Statistical manuals and guides[C80, C82]
National accounts, balance of payments, government finance statistics[C80, C82]
Statistical measurement of financial derivatives[B41, C82, E44, F00, G00]
2.Other research[C80, C82]
Statistical development in the countries of the former Soviet Union and other transition economies[C80, P24]
Report on measurement of international capital flows[F15, F21]

I. International Monetary System

    Aizenman, Joshua,1992, “Exchange Rate Flexibility, Volatility and the Patterns of Domestic and Foreign Direct Investment,”IMF Working Paper 92/20 (March).

    Aizenman, Joshua, and Robert P.Flood,1992, “A Theory of Optimum Currency Areas: Revisited,”IMF Working Paper 92/39 (June).

    Angeloni, Agnes, CarloCottarelli, and AviramLevy,1991, “Cross-Border Deposits and Monetary Aggregates in the Transition to EMU,”IMF Working Paper 91/114 (November).

    Argy, Victor,1991, “Nominal Income Targeting—A Critical Evaluation,”IMF Working Paper 91/92 (October).

    Artis, Michael J., and Mark P.Taylor,1993, “DEER Hunting: Misalignment, Debt Accumulation and Desired Equilibrium Exchange Rates,”IMF Working Paper 93/48 (June).

    Baliño, Tomás J.T., CharlesEnoch, and others,1997, Currency Board Arrangements: Issues and Experiences, IMF Occasional Paper 151.

    Barrionuevo, José,1992, “Inflation and Fiscal Deficits: The Irrelevance of Debt and Money Financing,”IMF Working Paper 92/102 (December).

    Barrionuevo, José,1993, “How Accurate Are the World Economic Outlook Projections?” Staff Studies for the World Economic Outlook, IMF World Economic and Financial Surveys (December).

    Bartolini, Leonardo, and GordonBodnar,1992, “An Analysis of the Process of Capital Liberalization in Italy,”IMF Working Paper 92/27 (April).

    Bartolini, Leonardo, and StevenSymansky,1995, “Macroeconomic Effects on Western Europe of the Opening Up of Eastern Europe,” in Western Europe in Transition: The Impact of the Opening Up of Eastern Europe and the Former Soviet Union, ed. byPatrick deFontenay, GeorgeGomel and EduardHochreiter (Washington: International Monetary Fund, August).

    Bartolini, Leonardo,1998, “European Monetary Union: Implications for—and Lessons from—the United States,”Conference Proceedings on The Potential Risks and Rewards of European Monetary Union (Brookville: Long Island University, March).

    Bayoumi, Tamim,1992, “The Effect of the ERM on Participating Economies,”IMF Staff Papers, Vol. 39 (June).

    Bayoumi, Tamim, Michael W.Klein, and Peter B.Kenen,1992, “Using an EC-Wide Monetary Aggregate in Stage Two of EMU,”IMF Working Paper 92/56 (July).

    Bayoumi, Tamim, and Barry J.Eichengreen,1993, “Monetary and Exchange Rate Arrangements for NAFTA,”IMF Working Paper 93/20 (March).

    Bayoumi, Tamim,1994, “A Formal Model of Optimum Currency Areas,”IMF Staff Papers, Vol. 41 (December).

    Bayoumi, Tamim, and Barry J.Eichengreen,1995, “The Stability of the Gold Standard and the Evolution of the International Monetary System,”IMF Working Paper 95/89 (September).

    Bayoumi, Tamim, and Paul R.Masson,1995, “Fiscal Flows in the United States and Canada: Lessons for Monetary Union in Europe,”European Economic Review, Vol. 39 (February).

    Bayoumi, Tamim, and Michael W.Klein,1997, “A Provincial View of Economic Integration,”IMF Staff Papers, Vol. 44 (December).

    Bayoumi, Tamim, and Paul R.Masson,1998, “Liability-Creating Versus Non-Liability-Creating Fiscal Stabilization Policies: Ricardian Equivalence, Fiscal Stabilization and EMU,”The Economic Journal, Vol. 108 (July).

    Begg, David,1997, “The Design of EMU,” Staff Studies for the World Economic Outlook, IMF World Economic and Financial Surveys (December).

    Berthold, Norbert,1994, “Fiscal Federalism in Europe—Is It a Necessary Precondition for a Successful European Economic and Monetary Integration?”IMF Working Paper 94/74 (June).

    Bhattacharya, Amar, Peter J.Montiel, and SunilSharma,1997, “How Can Sub-Saharan Africa Attract More Private Capital Inflows?”Finance & Development, Vol. 34, (June).

    Black, Richard, DouglasLaxton, DavidRose, and RobertTetlow,1995, “The Steady-State Model,”The Bank of Canada’s New Quarterly Projection Model, Technical Report No. 72, Bank of Canada (January).

    Blejer, Mario I., Mohsin S.Khan, and Paul R.Masson,1995, “Early Contributions of Staff Papers to International Economies,”IMF Staff Papers, Vol. 42 (December).

    Bordo, Michael D., DominiqueSimard, and Eugene N.White,1994, “France and the Breakdown of the Bretton Woods International Monetary System,”IMF Working Paper 94/128 (October).

    Boughton, James M.,1997, “Modeling the World Economic Outlook at the IMF—A Historical Review,”IMF Working Paper 97/48 (April).

    Cangiano, Marco, and EricMottu,1998, “Will Fiscal Policy Be Effective Under EMU?”IMF Working Paper 98/176 (December).

    Caramazza, Francesco, and JahangirAziz,1998, “Fixed or Flexible? Getting the Exchange Rate Right in the 1990s,” IMF Economic Issues No. 13.

    Cardoso, Eliana,1998, “Virtual Deficits and the Patinkin Effect,”IMF Staff Papers, Vol. 45 (December).

    Cassard, Marcel, TimothyLane, and Paul R.Masson,1997, “ERM Money Supplies and the Transition to EMU,”The Manchester School, Vol. 65 (January).

    Coats, Warren L., Jr., Reinhard W.Furstenberg, and PeterIsard,1990, “The SDR System and the Issue of Resource Transfers,”Princeton Essays in International Finance, No. 180 (Princeton, New Jersey: Princeton University Press, December).

    Cottarelli, Carlo, and CurzioGiannini,1998, “Inflation, Credibility, and the Role of the International Monetary Fund,”IMF Paper on Policy Analysis and Assessment 98/12 (September).

    Deppler, Michael C.,1998, “The Implications of EMU for IMF Surveillance,”Finance & Development, Vol. 35 (December).

    Feldman, Robert, KarimNashashibi, RogerNord, PeterAllum, DominiqueDesruelle, KlausEnders, RobertKahn, and H.Temprano-Arroyo,1998, Impact of EMU on Selected Non-European Union Countries, IMF Occasional Paper 174.

    Folkerts-Landau, David, Carol-JohanLindgren, and others,1998, Toward a Framework for Financial Stability, IMF World Economic and Financial Surveys (January).

    Frenkel, Jacob A., MorrisGoldstein, and Paul R.Masson,1991, Characteristics of a Successful Exchange Rate System, IMF Occasional Paper 82.

    Frenkel, Jacob A., and MorrisGoldstein,eds., 1991, International Financial Policy: Essays in Honor of Jacques J. Polak (Washington: International Monetary Fund).

    Frenkel, Jacob A., MorrisGoldstein, and Paul R.Masson,1991, “International Coordination of Economic Policies: Issues and Answers,” in International Money and Debt Challenges for the World Economy, ed. byRudigerDornbusch and StevenMarcus (San Francisco: International Center for Economic Growth Publication).

    Frenkel, Jacob A., MorrisGoldstein, and Paul R.Masson,1991, “Key Issues in the International Coordination of Economic Policies,” in The Reality of International Economic Policy Coordination, ed. byHans J.Blommestein (Amsterdam: North-Holland).

    Frenkel, Jacob A., MorrisGoldstein,eds., 1996, Functioning of the International Monetary System, Vols. I and II (Washington: International Monetary Fund).

    Gagnon, Joseph E., Paul R.Masson, and Warwick J.McKibbin,1996, “German Unification—What Have We Learned from Multi-Country Models’?” in Economic Modelling, Vol. 13 (October).

    Galli, Giampaulo, PeterIsard, and Ralph W.Smith,1993, “International Capital Movements and Foreign Exchange Markets: A Report to the Ministers and Governors by the Group of Deputies,”Group of Ten (April).

    Galy, Michel A.,1992, “Implementation of Monetary Policy in EMS Countries Participating in the Exchange Rate Mechanism,”IMF Working Paper 92/87 (September).

    García-Herrero, Alicia, and JohnThornton,1996, “Additional Evidence on EMS Interest Rate Linkages,”IMF Working Paper 96/115 (October).

    Gardner, Edward H., and William R.M.Perraudin,1993, “Asymmetry in the ERM,”IMF Staff Papers, Vol. 40 (June).

    Ghosh, Atish, and Paul R.Masson,1991, “Model Uncertainty, Learning, and the Gains from Coordination,”The American Economic Review (June).

    Ghosh, Atish, Anne-MarieGulde, Jonathan D.Ostry, and HolgerWolf,1996, “Does the Exchange Rate Regime Matter for Inflation and Growth?”IMF Economic Issues Series, No. 2.

    Ghosh, Atish, Anne-MarieGulde, and Holger C.Wolf,1998, “Currency Boards: The Ultimate Fix?”IMF Working Paper 98/8 (January).

    Goldsbrough, David, and RanjitTeja,1991, “Globalization of Financial Markets and Implications for Pacific Basin Developing Countries,”IMF Working Paper 91/34 (March).

    Goldstein, Morris, and GeoffreyWoglom,1991, “Market-Based Fiscal Discipline in Monetary Unions: Evidence from the U.S. Municipal Bond Market,”IMF Working Paper 91/89 (September).

    Goldstein, Morris, and PeterIsard,1992, “Mechanisms for Promoting Global Monetary Stability,” Policy Issues in the Evolving International Monetary System, IMF Occasional Paper 96.

    Goldstein, Morris,1994, “Improving Policy Coordination: Evaluating Some New and Some Not-So-New Proposals,” in The International Monetary System: Proceedings of a Conference Organized by the Banca d’Italia—Essays Honoring the Memory of Rinaldo Ossola, ed. byPeter B.Kenen, FrancescoPapadia, and FabrizioSaccomanni (Cambridge, England and New York: Cambridge University Press).

    Graham, Edward M.,1995, “Conditionality: Past, Present, Future,”IMF Staff Papers, Vol. 42 (December).

    Graham, Edward M.,1997, “Foreign Direct Investment in the World Economy,” Staff Studies for the World Economic Outlook, IMF World Economic and Financial Surveys (December).

    Green, John, and Phillip L.Swagel,1998, “The Euro Area and the World Economy,”Finance & Development, Vol. 35 (December).

    Guitián, Manuel,1992, Rules and Discretion in International Economic Policy, IMF Occasional Paper 97.

    Gulde, Anne-Marie, and Holger C.Wolf,1992, “The Causes of Real Exchange Rate Variability,”IMF Staff Papers, Vol. 39 (September).

    Hadjimichael, Michael T., and Michel A.Galy,1997, “The CFA Franc Zone and EMU,”IMF Working Paper 97/156 (November).

    Hargraves, Monica, Garry J.Schinasi, and StevenWeisbrod,1993, “Asset Price Inflation in the 1980s: A Flow of Funds Perspective,”IMF Working Paper 93/77 (October).

    Hernández-Catá, Ernesto, Christian A.François, PaulMasson, PascalBouvier, PatrickPeroz, DominiqueDesruelle, and AthanasiosVamvakidis,1998, The West African Economic and Monetary Union: Recent Developments and Policy issues, IMF Occasional Paper 170.

    International Monetary Fund, 1991, “Medium-Term Prospects and Policy Issues in the Industrial Countries,” World Economic Outlook, Chapter II, IMF World Economic and Financial Surveys (October).

    International Monetary Fund, 1992, “Balance Sheet Constraints and the Sluggishness of the Current Recovery,” World Economic Outlook, Annex I, IMF World Economic and Financial Surveys (May).

    International Monetary Fund, 1992, “Medium-Term Projections,” World Economic Outlook, Annex III, IMF World Economic and Financial Surveys (May).

    International Monetary Fund, 1992, “Medium-Term Baseline Projections and Alternative Scenarios,” World Economic Outlook, Annex II, IMF World Economic and Financial Surveys (October).

    International Monetary Fund, 1992, “Asset Price Deflation, Balance Sheet Adjustment, and Financial Fragility,” World Economic Outlook, Annex I, IMF World Economic and Financial Surveys (October).

    International Monetary Fund, 1993, “Assessing the Stance of Monetary Policy,” World Economic Outlook, Interim Assessment, Annex, IMF World Economic and Financial Surveys (January).

    International Monetary Fund, 1993, “Macroeconomic Imbalances and Financial Strains,” World Economic Outlook, Interim Assessment, Chapter II, IMF World Economic and Financial Surveys (January).

    International Monetary Fund, 1993, “Medium-Term Baseline Projections and Alternative Scenarios,” World Economic Outlook, Annex II, IMF World Economic and Financial Surveys (May).

    International Monetary Fund, 1993, “Monetary Policy, Financial Liberalization, and Asset Price Inflation,” World Economic Outlook, Annex I, IMF World Economic and Financial Surveys (May).

    International Monetary Fund, 1993, Staff Studies for the World Economic Outlook, IMF World Economic and Financial Surveys (December).

    International Monetary Fund, 1994, World Economic Outlook: A Survey by the Staff of the International Monetary Fund, IMF World Economic and Financial Surveys (May and October).

    International Monetary Fund, 1995, World Economic Outlook: A Survey by the Staff of the International Monetary Fund, IMF World Economic and Financial Surveys (May and October).

    International Monetary Fund, 1995, Staff Studies for the World Economic Outlook, IMF World Economic and Financial Surveys (September).

    International Monetary Fund, 1995, Issues in International Exchange and Payments Systems, by a staff team from the Monetary and Exchange Affairs Department, IMF World Economic and Financial Surveys.

    International Monetary Fund, 1996, World Economic Outlook: A Survey by the Staff of the International Monetary Fund, IMF World Economic and Financial Surveys (May and October).

    International Monetary Fund, 1997, World Economic Outlook: A Survey by the Staff of the International Monetary Fund, IMF World Economic and Financial Surveys (January, May, and October).

    International Monetary Fund, 1997, Staff Studies for the World Economic Outlook, IMF World Economic and Financial Surveys (December).

    International Monetary Fund, 1998, World Economic Outlook, A Survey by the Staff of the International Monetary Fund, IMF World Economic and Financial Surveys (May and October).

    International Monetary Fund, 1998, World Economic Outlook and International Capital Markets: Interim Assessment, A Survey by the Staff of the International Monetary Fund, IMF World Economic and Financial Surveys (December).

    Isard, Peter, and HamidFaruqee,eds., 1998, Exchange Rate Assessment: Extensions of the Macroeconomic Balance Approach, IMF Occasional Paper 167.

    James, Harold,1995, “The Historical Development of the Principle of Surveillance,”IMF Staff Papers, Vol. 42 (December).

    James, Harold,1996, International Monetary Cooperation Since Bretton Woods (Washington: International Monetary Fund; New York: Oxford University Press).

    Johnson, Omotunde E.G.,1997, “Cooperation, Emergence of the Economic Agency Role of Governments, and Governance,”IMF Working Paper 97/150 (November).

    Johnson, Omotunde E.G.,1997, “Policy Reform as Collective Action,”IMF Working Paper 97/163 (December).

    Kawai, Masahiro,1992, “Optimal and Sustainable Exchange Rate Regimes: A Simple Game-Theoretic Approach,”IMF Working Paper 92/100 (November).

    Knot, Klaas, DonoghMcDonald, and KarenSwiderski,1998, “Policy Challenges for the Euro Area,”Finance & Development, Vol. 35 (December).

    Kocherlakota, Narayana, and ThomasKrueger,1998, “Why Do Different Countries Use Different Currencies?”IMF Working Paper 98/17 (February).

    Kremers, Jeroen J.M., and Timothy D.Lane,1992, “The Implications of Cross-Border Monetary Aggregation,”IMF Working Paper 92/71 (September).

    Krueger, Thomas, and Jonathan D.Ostry,1993, Exercises in Intertemporal Open Economy Macroeconomics (Cambridge, Massachusetts: MIT Press, 2nd ed.).

    Krueger, Thomas, Jonathan D.Ostry, and Chi-WaYuen,1996, Exercises in Intertemporal Open Economy Macroeconomics (Cambridge, Massachusetts: MIT Press, 2nd ed.).

    Kumar, Manmohan S., HosseinSamiei, and SheilaBassett,1993, “An Extended Scenario and Forecast Adjustment Model for Developing Countries,” Staff Studies for the World Economic Outlook, IMF World Economic and Financial Surveys (December).

    Kwon, Goohoon,1997, “Experiences with Monetary Integration and Lessons for Korean Unification,”IMF Working Paper 97/65 (May).

    Lane, Timothy D., and Stephen S.Poloz,1992, “Currency Substitution and Cross-Border Monetary Aggregation: Evidence from the G-7,”IMF Working Paper 92/81 (October).

    Lane, Timothy D.,1993, “Market Discipline,”IMF Staff Papers, Vol. 40 (March).

    Lane, Timothy D., and SkanderVan Den Heuvel,1998, “The United Kingdom’s Experience with Inflation Targeting,”IMF Working Paper 98/87 (June).

    Laxton, Douglas, HopePioro, and PeterMcAdam,1996, “Solving MULTIMOD with First-Order and Newton-Based Techniques,”University of Strathclyde Discussion Paper No. 37, International Centre for Macroeconomic Modelling (Glasgow, October).

    Laxton, Douglas, and EswarPrasad,1997, “Possible Effects of European Monetary Union on Switzerland: A Case Study of Policy Dilemmas Caused by Low Inflation and the Nominal Interest Rate Floor,”IMF Working Paper 97/23 (March).

    Laxton, Douglas, PeterIsard, HamidFaruqee, EswarPrasad, and BartTurtelboom,1998, MULTIMOD Mark III: The Core Dynamic and Steady-State Models, IMF Occasional Paper 164.

    Laxton, Douglas, MichelJuillard, HopePioro, and PeterMcAdam,1998, “An Algorithm Competition: First-Order Techniques Versus Newton-Based Techniques,”Journal of Economic Dynamics and Control, Vol. 22.

    Masson, Paul R., and JacquesMélitz,1991, “Fiscal Policy Independence in a European Monetary Union,”Open Economies Review, Vol. 2.

    Masson, Paul R., and Mark P.Taylor,1992, “Common Currency Areas and Currency Unions: An Analysis of the Issues,”Parts I and II, Journal of International and Comparative Economics, Issues 3 and 4.

    Masson, Paul R.,1992, “Portfolio Preference Uncertainty and Gains from Policy Coordination,”IMF Staff Papers, Vol. 39 (March).

    Masson, Paul R.,1992, “Effects of Long-Run Demographic Changes in a Multi-Country Model,” in Macroeconomic Modelling of the Long Run, ed. byColinHargreaves (United Kingdom: Edwin Elgar).

    Masson, Paul R., and StevenSymansky,1993, “Evaluating the EMS and EMU Using Stochastic Simulations: Some Issues,” in Macroeconomic Policy Coordination in Europe, The ERM and Monetary Union, ed. byRayBarrell and JohnWhitely (London: Sage Publications).

    Masson, Paul R., and StevenSymansky,1993, “Evaluating Policy Rules Under Imperfect Credibility,” in Evaluating Policy Regimes, ed. byRalphBryant, PeterHooper and CatherineMann (Washington: Brookings).

    Masson, Paul R., JeroenKremers, and JocelynHorne,1994, “Net Foreign Assets and International Adjustment: The United States, Japan, and Germany,” in Journal of International Money and Finance, Vol. 13 (February).

    Masson, Paul R.,1994, “The Credibility of the United Kingdom’s Commitment to the ERM: Intentions versus Actions,”IMF Working Paper 94/147 (December).

    Masson, Paul R.,1995, “Gaining and Losing ERM Credibility,”The Economic Journal, Vol. 105 (May).

    Masson, Paul R.,1995, “Modelling Credibility: An Application to the United Kingdom,” in European Currency Crises and After, ed. byChristianBordes, EricGiriardin, and JacquesMélitz (United Kingdom: Manchester University Press).

    Masson, Paul R., Thomas H.Krueger, and Bart G.Turtelboom,eds., 1997, EMU and the International Monetary System (Washington: International Monetary Fund).

    Masson, Paul R., and Bart G.Turtelboom,1997, “Characteristics of the Euro, the Demand for Reserves, and Policy Coordination Under EMU,” in EMU and the International Monetary System, ed. byPaul R.Masson, Thomas H.Krueger, and Bart G.Turtelboom (Washington: International Monetary Fund).

    McCallum, Bennett T.,1992, “Specification of Policy Rules and Performance Measures in Multicountry Simulation Studies,”IMF Working Paper 92/41 (June).

    Mendoza, Enrique,1992, “The Terms of Trade and Economic Fluctuations,”IMF Working Paper 92/98 (November).

    Mendoza, Enrique,1992, “Robustness of Macroeconomic Indicators of Capital Mobility,”IMF Working Paper 92/111 (December).

    Mendoza, Enrique,1993, “Revisiting Japan’s External Adjustment Since 1985,”IMF Working Paper 93/52 (June).

    Meredith, Guy,1992, “Discretionary Monetary Policy Versus Rules: The Japanese Experience During 1986-91,”IMF Working Paper 92/63 (August).

    Milesi-Ferretti, Gian Maria, and AssafRazin,1996, “Current Account Sustainability,”Princeton Studies in international Finance, No. 81 (October).

    Milesi-Ferretti, Gian Maria, and AssafRazin,1998, “Sharp Reductions in Current Account Deficits: An Empirical Analysis,”European Economic Review, Vol. 42 (April).

    Milesi-Ferretti, Gian Maria, and AssafRazin,1998, “Current Account Reversals and Currency Crisis—Empirical Regularities,”IMF Working Paper 98/89 (June).

    Miller, Marcus, and AlanSutherland,1992, “Contacts, Credibility and Common Knowledge: Their Influence on Inflation Convergence,”IMF Working Paper 92/26 (March).

    Mundell, Robert A.,1991, “Do Exchange Rates Work? Another View,”IMF Working Paper 91/37 (April).

    Mussa, Michael, and PeterIsard,1993, “A Note on Macroeconomic Causes of Recent Exchange Market Turbulence,” in Group of Ten Deputies, International Capital Movements and Foreign Exchange Markets (Rome: Group of Ten, April).

    Mussa, Michael, and PeterIsard,1993, “A Note on the Variability of Nominal and Real Exchange Rates,” in Group of Ten Deputies, International Capital Movements and Foreign Exchange Markets (Rome: Group of Ten, April).

    Mussa, Michael, MorrisGoldstein, Peter B.Clark, Donald J.Mathieson, and TamimBayoumi,1994, Improving the International Monetary System: Constraints and Possibilities, IMF Occasional Paper 116.

    Mussa, Michael, JamesBoughton, and PeterIsard,eds., 1996, The Future of the SDR in Light of Changes in the International Financial System (Washington: International Monetary Fund).

    Nascimento, Jean-Claude,1994, “Monetary Policy in Unified Currency Areas—The Cases of the CAMA and ECCA During 1976-90,”IMF Working Paper 94/11 (January).

    Oppers, S. Erik,1995, “A Model of the Bimetallic System,”IMF Working Paper 95/144 (December).

    Ostry, Jonathan D.,1997, “Current Account Imbalances in ASEAN Countries—Are They a Problem?”IMF Working Paper 97/51 (April).

    Oyama, Tsuyoshi,1997, “Determinants of Stock Prices—The Case of Zimbabwe,”IMF Working Paper 97/117 (September).

    Pill, Huw, and MahmoodPradhan,1994, “Monetary Aggregation: A Reconciliation of Theory and Central Bank Practice,”IMF Working Paper 94/118 (October).

    Pitchford, John,1992, “Current Account Deficits, External Liabilities and Economic Policy,”IMF Working Paper 92/54 (July).

    Prati, Alessandro, and GarrySchinasi,1997, “What Impact Will EMU Have on European Securities Markets?”Finance & Development, Vol. 34 (September).

    Prati, Alessandro, and GarrySchinasi,1998, “Ensuring Financial Stability in the Euro Area,”Finance & Development, Vol. 35 (December).

    Prati, Alessandro, and GarrySchinasi,1998, “Will the European Central Bank Be the Lender of Last Resort in EMU?” in Conference Volume SUERF 1997 Colloquia.

    Ricci, Luca, and PeterIsard,1998, “EMU, Adjustment, and Exchange Rate Variability,”IMF Working Paper 98/50 (April).

    Samiei, Hossein, and Garry J.Schinasi,1994, “Real Estate Price Inflation, Monetary Policy, and Expectations in the United States and Japan,”IMF Working Paper 94/12 (January).

    Schinasi, Garry J., and MonicaHargraves,1993, “‘Boom and Bust’ in Asset Markets in the 1980s: Causes and Consequences,” Staff Studies for the World Economic Outlook, IMF World Economic and Financial Surveys (November).

    Tanzi, Vito, and Mark S.Lutz,1991, “Interest Rates and Government Debt: Are the Linkages Global Rather than National?”IMF Working Paper 91/6 (January).

    Tanzi, Vito,1996, “Money Laundering and the International Financial System,”IMF Working Paper 96/55 (May).

    Tanzi, Vito, and Howell H.Zee,1998, “Consequences of the Economic and Monetary Union for the Coordination of Tax Systems in the European Union—Lessons from the U.S. Experience,”IMF Working Paper 98/115 (August).

    Tavlas, George,1993, “The ‘New’ Theory of Optimum Currency Areas,”World Economy (November).

    Tavlas, George,1998, “The International Use of Currencies: The U.S. Dollar and the Euro,”Finance & Development, Vol. 35 (June).

    Temprano-Arroyo, Heliodoro, and Robert A.Feldman,1998, “Selected Transition and Mediterranean Countries—An Institutional Primer on EMU and EU Relations,”IMF Working Paper 98/82 (June).

    Thakur, Subhash,1994, “The ‘Hard’ SDR,”IMF Staff Papers, Vol. 41 (September).

    Thomas, Alun H.,1994, “The Response of Wages and Labor Supply Movements to Employment Shocks Across Europe and the United States,”IMF Working Paper 94/158 (December).

    Turner, Anthony G., and Stephen S.Golub,1997, “Multilateral Unit-Labor-Cost-Based Competitiveness Indicators for Advanced, Developing, and Transition Countries,” Staff Studies for the World Economic Outlook, IMF World Economic and Financial Surveys (December).

    Wolf, Thomas A.,1994, “Currency Arrangements in Countries of the Former Ruble Area and Conditions for Sound Monetary Policy,”IMF Paper on Policy Analysis and Assessment 94/15 (August).

    Zanello, Alessandro, and DominiqueDesruelle,1997, “A Primer on the IMF’s Information Notice System,”IMF Working Paper 97/71 (June).

II. International Capital Markets and Official Financing

    Adams, Charles, Donald J.Mathieson, GarrySchinasi, BankimChadha, and others,1998, International Capital Markets: Developments, Prospects, and Key Policy Issues, IMF World Economic and Financial Surveys (September).

    Agénor, Pierre-Richard, ClaudeBismut, PaulCashin, and C. JohnMcDermott,1995, “Consumption Smoothing and the Current Account—Evidence for France, 1970-94,”IMF Working Paper 95/119 (November).

    Agénor, Pierre-Richard, and Paul R.Masson,1996, “The Mexican Peso Crisis—Overview and Analysis of Credibility Factors,”IMF Working Paper 96/6 (January).

    Agénor, Pierre-Richard,1997, “Borrowing Risk and the Tequila Effect,”IMF Working Paper 97/86 (July).

    Agénor, Pierre-Richard, and JoshuaAizenman,1998, “Contagion and Volatility with Imperfect Credit Markets,”IMF Staff Papers, Vol. 45 (June).

    Aitken, Brian,1996, “Have Institutional Investors Destabilized Emerging Markets?”IMF Working Paper 96/34 (April).

    Alesina, Alberto, and RobertoPerotti,1996, “Budget Deficits and Budget Institutions,”IMF Working Paper 96/52 (May).

    Alexander, William E., Jeffrey M.Davis, LiamEbrill, and Carl-JohanLindgren,eds., 1997, Systemic Bank Restructuring and Macroeconomic Policy (Washington: International Monetary Fund).

    Anayiotos, George C.,1994, “Information Asymmetries in Developing Country Financing,”IMF Working Paper 94/79 (July).

    Andrews, David, and IshiiShogo,1995, “The Mexican Financial Crisis—A Test of the Resilience of the Markets for Developing Country Securities,”IMF Working Paper 95/132 (December).

    Aziz, Jahangir,1995, “Discretionary Trading and Asset Price Volatility,”IMF Working Paper 95/104 (October).

    Baig, Taimur, and IlanGoldfajn,1998, “Financial Market Contagion in the Asian Crisis,”IMF Working Paper 98/155 (November).

    Bartolini, Leonardo, and AvinashDixit,1991, “Market Valuation of Illiquid Debt and Implications for Conflicts Among Creditors,”IMF Staff Papers, Vol. 38 (December).

    Bartolini, Leonardo,1994, “International Capital Market Crises: Lessons from the 1980s (and Early 1990s),”Journal of International and Comparative Economics, Vol. 3 (March).

    Bartolini, Leonardo, TamimBayoumi, and Michael W.Klein,1996, “Foreign Direct Investment and the Exchange Rate,” in Exchange Rate Movements and Their Impacts on Trade and Investment in the APEC Region, ed. byTakatoshiIto, PeterIsard, StevenSymansky, and TamimBayoumi,IMF Occasional Paper 145.

    Bartolini, Leonardo, and AllanDrazen,1997, “Capital Account Liberalization as a Signal,”American Economic Review, Vol. 87 (March).

    Bartolini, Leonardo, and AllanDrazen,1997, “When Liberal Policies Reflect External Shocks, What Do We Learn?”Journal of International Economics, Vol. 47 (May).

    Bayoumi, Tamim, BarryEichengreen, and RonaldMacDonald,1995, “Consumption, Income, and International Capital Market Integration,”IMF Staff Papers, Vol. 42 (September).

    Bayoumi, Tamim, and GabrielleLipworth,1997, “Japanese Foreign Direct Investment and Regional Trade,”IMF Working Paper 97/103 (August).

    Begum, Jahanara,1998, “Correlations Between Real Interest Rates and Output in a Dynamic International Model—Evidence from G-7 Countries,”IMF Working Paper 98/179 (December).

    Bercuson, Kenneth, and LindaKoenig,1993, The Recent Surge in Capital Inflows to Three ASEAN Countries: Causes and Macroeconomic Impact, SEACEN Occasional Paper 15.

    Blejer, Mario I., ErnestoFeldman, and AndrewFeltenstein,1997, “Exogenous Shocks, Deposit Runs and Bank Soundness—A Macroeconomic Framework,”IMF Working Paper 97/91 (July).

    Boote, Anthony R., and others,1994, Official Financing for Developing Countries, IMF World Economic and Financial Surveys (April).

    Boote, Anthony R., and others,1995, Official Financing for Developing Countries, IMF World Economic and Financial Surveys (March).

    Boote, Anthony R., and KamauThugge,1997, “Debt Relief for Low-Income Countries and the HIPC Initiative,”IMF Working Paper 97/24 (March).

    Brooks, Ray, MarianoCortes, FrancescaFornasari, BenoitKetchekmen, YdahliaMetzgen, RobertPowell, SaqibRizavi, Doris C.Ross, and KevinRoss,1998, “External Debt Histories of Ten Low-Income Developing Countries—Lessons from Their Experience,”IMF Working Paper 98/72 (May).

    Buckberg, Elaine,1996, “Institutional Investors and Asset Pricing in Emerging Markets,”IMF Working Paper 96/2 (January).

    Buckberg, Elaine, and FredericoKaune,1996, “The Brady-Euro Yield Differential Debate: Why Arbitrage is Infeasible,”IMF Working Paper 96/127 (November).

    Calvo, Guillermo, LeonardoLeiderman, and CarmenReinhart,1993, “Capital Inflows to Latin America: The Role of External Factors,”IMF Staff Papers, Vol. 40 (March).

    Calvo, Guillermo, LeonardoLeiderman, and CarmenReinhart,1994, “Capital Inflows to Latin America: The 1970s and the 1990s,” in Development, Trade and the Environment, ed. byEdmar L.Bacha (New York: St. Martin’s Press; London: Macmillan Press in association with International Economic Association).

    Canonero, Gustavo,1997, “Bank Concentration and the Supply of Credit in Argentina,”IMF Working Paper 97/40 (April).

    Cardoso, Eliana, and IlanGoldfajn,1998, “Capital Flows to Brazil: The Endogeneity of Capital Controls,”IMF Staff Papers, Vol. 45 (March).

    Cashin, Paul, and C. JohnMcDermott,1995, “Informational Efficiency in Developing Equity Markets,”IMF Working Paper 95/58 (June).

    Cashin, Paul, and Manmohan S.Kumar,1995, “International Integration of Equity Markets and Contagion Effects,”IMF Working Paper 95/110 (November).

    Cashin, Paul, and C. JohnMcDermott,1996, “Are Australia’s Current Account Deficits Excessive?”IMF Working Paper 96/85 (August).

    Cashin, Paul, and C. JohnMcDermott,1998, “International Capital Flows and National Creditworthiness—Do the Fundamental Things Apply as Time Goes By?”IMF Working Paper 98/172 (December).

    Cashin, Paul, and C. JohnMcDermott,1998, “Terms of Trade Shocks and the Current Account,”IMF Working Paper 98/177 (December).

    Cassard, Marcel,1994, “The Role of Offshore Centers in International Financial Intermediation,”IMF Working Paper 94/107 (September).

    Cassard, Marcel, and DavidFolkerts-Landau,1997, “Risk Management of Sovereign Assets and Liabilities,”IMF Working Paper 97/166 (December).

    Catao, Luis,1997, “Bank Credit in Argentina in the Aftermath of the Mexican Crisis: Supply or Demand Constrained?”IMF Working Paper 97/32 (March).

    Chan-Lau, Jorge, and Peter B.Clark,1998, “Fixed Investment and Capital Flows: A Real Options Approach,”IMF Working Paper 98/125 (August).

    Chan-Lau, Jorge, and ZhaohuiChen,1998, “Financial Crisis and Credit Crunch as a Result of Inefficient Financial Intermediation—with Reference to the Asian Financial Crisis,”IMF Working Paper 98/127 (August).

    Chan, Kenneth S., and Kee-JinNgiam,1996, “Currency Speculation and the Optimum Control of Bank Lending in Singapore Dollars—Case for Partial Liberalization,”IMF Working Paper 96/95 (August).

    Chen, Zhaohui, and Mohsin S.Khan,1997, “Patterns of Capital Flows to Emerging Markets: A Theoretical Perspective,”IMF Working Paper 97/13 (January).

    Cheng, Hoon Lim, and CharlesWoodruff,1998, “Managing Corporate Distress in the Philippines—Some Policy Recommendations,”IMF Working Paper 98/138 (September).

    Chou, Ray Y., Victor K.Ng, and Lynn K.Pi,1994, “Cointegration of International Stock Market Indices,”IMF Working Paper 94/94 (August).

    Collyns, Charles, and others,1992, Private Market Financing for Developing Countries, IMF World Economic and Financial Surveys (December).

    Collyns, Charles, and Mohamed A.El-Erian,1993, “Restructuring of Commercial Bank Debt by Developing Countries,”IMF Paper on Policy Analysis and Assessment 93/7 (June).

    Cordella, Tito, and EduardoLevy Yeyati,1998, “Public Disclosure and Bank Failures,”IMF Staff Papers, Vol. 45 (March).

    Cordella, Tito,1998, “Can Short-Term Capital Controls Promote Capital Inflows?”IMF Working Paper 98/131 (September).

    Davis, E.P., and S.G.B.Henry,1994, “The Use of Financial Spreads as Indicator Variables: Evidence for the U.K. and Germany,”IMF Working Paper 94/31 (March).

    De Broeck, Mark, DominiqueGuillaume, and EmmanuelVan de Stichele,1998, “Structural Reforms in Government Bond Markets,”IMF Working Paper 98/108 (August).

    De Gregorio, José, and FedericoSturzenegger,1994, “Financial Markets and Inflation Under Imperfect Information,”IMF Working Paper 94/63 (June).

    de Fontenay, Patrick B., Gian MariaMilesi-Ferretti, and HuwPill,1997, “The Role of Foreign Currency Debt in Public Debt Management,” in Macroeconomic Dimensions of Public Finance, ed. byMario I.Blejer and Teresa M.Ter-Minassian (London: Routledge).

    Debelle, Guy, and HamidFaruqee,1996, “What Determines the Current Account? A Cross-Sectional and Panel Approach,”IMF Working Paper 96/58 (June).

    Dell Ariccia, Giovanni,1998, “Asymmetric Information and the Market Structure of the Banking Industry,”IMF Working Paper 98/92 (June).

    Demirgüç-Kunt, Asli, and EnricaDetragiache,1998, “The Determinants of Banking Crises in Developing and Developed Countries,”IMF Staff Papers, Vol. 45 (March).

    Demirgüç-Kunt, Asli, and EnricaDetragiache,1998, “Financial Liberalization and Financial Fragility,”IMF Working Paper 98/83 (June).

    Detragiache, Enrica,1996, “Rational Liquidity Crises in the Sovereign Debt Market: In Search of a Theory,”IMF Staff Papers, Vol. 43 (September).

    Domowitz, Ian,1992, “A Taxonomy of Automated Trade Execution Systems,”IMF Working Paper 92/76 (October).

    Domowitz, Ian,1992, “Automating the Price Discovery Process: Some International Comparisons and Regulatory Implications,”IMF Working Paper 92/80 (October).

    Dooley, Michael P., Donald J.Mathieson, and LilianaRojas-Suárez,1996, “Capital Mobility and Exchange Market Intervention in Developing Countries,”IMF Working Paper 96/131 (November).

    Dooley, Michael P.,1996, “A Survey of Literature on Controls Over International Capital Transactions,”IMF Staff Papers, Vol. 43 (December).

    Drees, Burkhard, and BernhardEckwert,1995, “The Composition of Stock Price Indices and the Excess Volatility Puzzle,”International Journal of Economics and Finance, Vol. 5, No. 1.

    Drees, Burkhard, and CeylaPazarbaşioğlu,1995, “The Nordic Banking Crises: Pitfalls in Financial Liberalization?”IMF Working Paper 95/61 (June).

    Drees, Burkhard, and BernhardEckwert,1995, “The Risk and Price Volatility of Stock Options in General Equilibrium,”Scandanavian Journal of Economics, Vol. 97, No. 3.

    Drees, Burkhard, and BernhardEckwert,1997, “Intrinsic Bubbles and Asset Price Volatility,”Economic Theory, Vol. 9, No. 3.

    Drummond, Paulo,1997, “Recent Export Credit Market Developments,”IMF Working Paper 97/27 (March).

    Dunaway, Steven, and others,1995, Private Market Financing for Developing Countries, IMF World Economic and Financial Surveys.

    Dziobek, Claudia, and CeylaPazarbaşioǧlu,1998, “Lessons from Systemic Bank Restructuring: A Survey of 24 Countries,” IMF Economic Issues No. 13.

    Dziobek, Claudia, and CeylaPazarbaşioǧlu,1998, “Lessons from Systemic Bank Restructuring,” IMF Economic Issues No. 14.

    Eichengreen, Barry, and MichaelMussa, with GiovanniDell’Ariccia, EnricaDetragiache, Gian MariaMilesi-Ferretti, and AndrewTweedie,1998, Capital Account Liberalization: Theoretical and Practical Aspects, IMF Occasional Paper 172.

    Eichengreen, Barry, and MichaelMussa,1998, “Capital Account Liberalization and the IMF,”Finance & Development, Vol. 35 (December).

    Eichengreen, Barry, and Donald J.Mathieson, with BankimChadha, AnneJansen, LauraKodres, and SunilSharma,1998, Hedge Funds and Financial Market Dynamics, IMF Occasional Paper 166.

    El-Erian, Mohamed A.,1992, “Restoration of Access to Voluntary Capital Market Financing,”IMF Staff Papers, Vol. 39 (March).

    El-Erian, Mohamed A.,1992, “Mexico’s External Debt Policies,” in Mexico: The Strategy to Achieve Economic Growth, ed. byClaudioLoser and EliotKalter,IMF Occasional Paper 99.

    El-Erian, Mohamed A., and Manmohan S.Kumar,1995, “Emerging Equity Markets in Middle Eastern Countries,”IMF Staff Papers, Vol. 42 (June).

    El-Naggar, Said,ed., 1994, Financial Policies and Capital Markets in Arab Countries (Washington: International Monetary Fund).

    Enoch, Charles, and John H.Green,eds., 1997, Banking Soundness and Monetary Policy: Issues and Experiences in the Global Economy (Washington: International Monetary Fund).

    Enoch, Charles A., Paul L.Hilbers, and ArtoKovanen,1998, “Monetary Operations in the European Economic and Monetary Union,”Finance & Development, Vol. 35 (June).

    Errico, Luca, and MitraFarahbaksh,1998, “Islamic Banking—Issues in Prudential Regulations and Supervision,”IMF Working Paper 98/30 (March).

    Faruqee, Hamid,1995, “Capital Market Integration,” in The Emerging Growth Pole: The Asia-Pacific, ed. byDilip K.Das (Singapore: Simon and Schuster).

    Faruqee, Hamid,1995, “Dynamic Capital Mobility in Pacific Basin Developing Countries: Estimation and Policy Implications,”IMF Staff Papers, Vol. 39 (September).

    Feldman, Robert A., and RajnishMehra,1993, “Auctions: Theory and Possible Applications to Economies in Transition,”IMF Working Paper 93/12 (February).

    Feldman, Robert A., and Manmohan S.Kumar,1994, “Emerging Equity Markets—Growth, Benefits, and Policy Concerns,”IMF Paper on Policy Analysis and Assessment 94/7 (March).

    Feldman, Robert A., and VincentReinhart,1995, “Flexible Estimation of Demand Schedules and Revenue under Different Auction Formats,”IMF Working Paper 95/116 (November).

    Feldman, Robert A., and VincentReinhart,1996, “Auction Format Matters: Evidence on Bidding Behavior and Seller Revenue,”IMF Staff Papers, Vol. 43 (June).

    Fernandez-Ansola, Juan José, and ThomasLaursen,1995, “Historical Experience with Bond Financing to Developing Countries,”IMF Working Paper 95/27 (March).

    Folkerts-Landau, David, TakatoshiIto, and Peter M.Garber,1995, “Determining the Value of a Financial Unit of Account Based on Composite Currencies: The Case of the Private ECU,”IMF Staff Papers, Vol. 42 (March).

    Folkerts-Landau, David, TakatoshiIto, and others,1995, International Capital Markets: Developments, Prospects, and Policy Issues, IMF World Economic and Financial Surveys (September).

    Folkerts-Landau, David,1997, “Wholesale Payments and Financial Discipline, Efficiency, and Liquidity,”IMF Working Paper 97/154 (November).

    Frankel, Jeffrey,1994, “Sterilization of Money Inflows: Difficult (Calvo) or Easy (Reisen)?”IMF Working Paper 94/159 (December).

    Fries, Steven M., and William R.M.Perraudin,1991, “Banking Policy and the Pricing of Deposit Guarantees: A New Approach,”IMF Working Paper 91/131 (December).

    Galbis, Vicente,1996, “Currency Convertibility and the Fund—Review and Prognosis,”IMF Working Paper 96/39 (April).

    Garber, Peter M., and Michael G.Spencer,1995, “Foreign Exchange Hedging and the Interest Rate Defense,”IMF Staff Papers, Vol. 42 (September).

    García-Herrero, Alicia,1997, “Monetary Impact of a Banking Crisis and the Conduct of Monetary Policy,”IMF Working Paper 97/124 (September).

    García-Herrero, Alicia,1997, “Banking Crises in Latin America in the 1990s—Lessons from Argentina, Paraguay, and Venezuela,”IMF Working Paper 97/140 (October).

    García-Herrero, Alicia, and ManojVasant Pradhan,1998, “The Domestic and Foreign Price Gaps in the P-Star Model—Evidence from Spain,”IMF Working Paper 98/64 (May).

    Goldfajn, Ilan, and Rodrigo O.Valdés,1997, “Capital Flows and the Twin Crises: The Role of Liquidity,”IMF Working Paper 97/87 (July).

    Goldstein, Morris, Donald J.Mathieson, DavidFolkerts-Landau, TimothyLane, J. SaúlLizondo, and LilianaRojas-Suárez,1991, Determinants and Systematic Consequences of International Capital Flows, IMF Occasional Paper 77.

    Goldstein, Morris, and DavidFolkerts-Landau,1992, International Capital Markets: Developments. Prospects, and Policy Issues, IMF World Economic and Financial Surveys (September).

    Goldstein, Morris, and DavidFolkerts-Landau, and others,1993, International Capital Markets: Part I. Exchange Rate Management and International Capital Flows, IMF World Economic and Financial Surveys (April).

    Goldstein, Morris, and DavidFolkerts-Landau,1993, International Capital Markets: Part II. Systemic Issues in International Finance, IMF World Economic and Financial Surveys (August).

    Goldstein, Morris, and DavidFolkerts-Landau,1994, International Capital Markets: Developments, Prospects, and Policy Issues, IMF World Economic and Financial Surveys (September).

    Goldstein, Morris, and MichaelMussa,1994, “The Integration of World Capital Markets,” in Changing Capital Markets: Implications for Monetary Policy, Federal Reserve Bank of Kansas City.

    Gonzalez-Hermosillo, Brenda, CeylaPazarbaşioǧlu, and RobertBillings,1997, “Determinants of Banking Sector Fragility: A Case Study of Mexico,”IMF Staff Papers, Vol. 44 (September).

    Greene, Joshua E.,1992, “The Sub-Saharan Debt Problem: An Update,”IMF Working Paper 92/51 (July).

    Grilli, Vittorio, and Gian MariaMilesi-Ferretti,1995, “Economic Effects and Structural Determinants of Capital Controls,”IMF Staff Papers, Vol. 42 (September).

    Guidotti, Pablo E., and Manmohan S.Kumar,1992, “Managing Domestic Public Debt,”Finance & Development, Vol. 29 (September).

    Guitián, Manuel, and Saleh M.Nsouli,eds., 1996, Currency Convertibility in the Middle East and North Africa (Washington: International Monetary Fund).

    Guitián, Manuel,1998, “The Challenge of Managing Global Capital Flows,”Finance & Development, Vol. 35 (June).

    Haque, Nadeem Ul, Manmohan S.Kumar, NelsonMark, and Donald J.Mathieson,1996, “The Economic Content of Indicators of Developing Country Creditworthiness,”IMF Staff Papers, Vol. 43 (December).

    Haque, Nadeem Ul, MarkNelson, and Donald J.Mathieson,1998, “The Relative Importance of Political and Economic Variables in Creditworthiness Ratings,”IMF Working Paper 98/46 (April).

    Hardy, Daniel C., and CeylaPazarbaşioǧlu,1998, “Leading Indicators of Banking Crises—Was Asia Different?”IMF Working Paper 98/91 (June).

    Hardy, Daniel C.,1998, “Are Banking Crises Predictable?”Finance & Development, Vol. 35 (December).

    Hartmann, Philipp,1994, “Foreign Exchange Risk Regulation: Issues for Industrial and Developing Countries,”IMF Working Paper 94/141 (December).

    Helbling, Thomas, and RobertWescott,1995, “The Global Real Interest Rate,” Staff Studies for the World Economic Outlook, IMF World Economic and Financial Surveys (September).

    Hiemstra, Craig, and CharlesKramer,1997, “Nonlinearity and Endogeneity in Macro-Asset Pricing,”Studies in Nonlinear Dynamics and Econometrics (October).

    Hoffmaister, Alexander, and Garry J.Schinasi,1994, “Asset Prices, Financial Liberalization, and the Process of Inflation in Japan,”IMF Working Paper 94/153 (December).

    Hook, Andrew T.,1992, “Management Payment System Risk During the Transition from a Centrally Planned to a Market Economy,”IMF Working Paper 92/95 (November).

    Hooyman, Catharina J.,1993, “The Use of Foreign Exchange Swaps by Central Banks: A Survey,”IMF Working Paper 93/64 (August).

    Houben, Aerdt,1995, “Commercial Bank Debt Restructuring—The Experience of Bulgaria,”IMF Paper on Policy Analysis and Assessment 95/6 (May).

    Hu, Zuliu,1995, “Stock Market Volatility and Corporate Investment,”IMF Working Paper 95/102 (October).

    IbiAjayi, S.,1997, “An Analysis of External Debt and Capital Flight in the Severely Indebted Low Income Countries in Sub-Saharan Africa,”IMF Working Paper 97/68 (June).

    International Monetary Fund, Research Department, 1993, “A Note on Macro-economic Causes of Recent Exchange Market Turbulence,” in Group of Ten, International Capital Movements and Foreign Exchange Markets: A Report to the Ministers and Governors by the Group of Deputies (Washington, April).

    International Monetary Fund, Research Department, 1993, “A Note on Recent Trends and Developments in International Financial Markets and International Capital Flows,” in Group of Ten, International Capital Movements and Foreign Exchange Markets: A Report to the Ministers and Governors by the Group of Deputies (Washington, April).

    International Monetary Fund, Middle Eastern Department, 1996, Building on Progress: Reform and Growth in the Middle East and North Africa (Washington).

    International Monetary Fund, 1996, Coordinated Portfolio Investment Guide (Washington).

    International Monetary Fund, Policy Development and Review Department:Anthony R.Boote, Doris C.Ross, and others,1998, Official Financing for Developing Countries, IMF World Economic and Financial Surveys (February).

    International Monetary Fund, Area Department Directors, 1998, “How Has the Asian Crisis Affected Other Regions?”Finance & Development, Vol. 35 (September).

    Iqbal, Zubair, and RaviKanbur,1997, External Finance for Low-Income Countries (Washington: International Monetary Fund, IMF Institute).

    Isard, Peter, Donald J.Mathieson, and LilianaRojas-Suárez,1996, “A Framework for the Analysis of Financial Reforms and the Cost of Official Safety Nets,”Journal of Development Economics (June).

    Ito, Takatoshi, DavidFolkerts-Landau, and others,1996, International Capital Markets: Developments, Prospects, and Policy Issues, IMF World Economic and Financial Surveys (September).

    Ito, Takatoshi, and Wen-LingLin,1996, “Race to the Center: Competition for the Nikkei 225 Futures Trade,”IMF Working Paper 96/117 (October).

    Izvorski, Ivailo,1997, “Recovery Ratios and Survival Times for Corporate Bonds,”IMF Working Paper 97/84 (July).

    Izvorski, Ivailo,1998, “Brady Bonds and Default Probabilities,”IMF Working Paper 98/16 (February).

    Jansen, W. Jos,1996, “The Feldstein-Horioka Test of International Capital Mobility: Is It Feasible?”IMF Working Paper 96/100 (September).

    Jochum, Christian, and LauraKodres,1998, “Does the Introduction of Futures on Emerging Market Currencies Destabilize the Underlying Currencies?”IMF Staff Papers, Vol. 45 (September).

    Johnston, R. Barry, and ChrisRyan,1994, “The Impact of Controls on Capital Movements on the Private Capital Accounts of Countries’ Balance of Payments: Empirical Estimates and Policy Implications,”IMF Working Paper 94/78 (July).

    Johnston, R. Barry, Salim M.Darbar, and ClaudiaEcheverria,1997, “Sequencing Capital Account Liberalization: Lessons from the Experiences of Chile, Indonesia, Korea, and Thailand,”IMF Working Paper 97/157 (November).

    Johnston, R. Barry,1998, “Sequencing Capital Account Liberalizations and Financial Sector Reform,”IMF Paper on Policy Analysis and Assessment 98/8 (July).

    Johnston, R. Barry,1998, “Sequencing Capital Account Liberalization,”Finance & Development, Vol. 45 (December).

    Johnston, R. Barry, and NataliaTamirisa,1998, “Why Do Countries Use Capital Controls?”IMF Working Paper 98/181 (December).

    Kapur, Ishan, and Emmanuelvan der Mensbrugghe,1997, “External Borrowing by the Baltics, Russia and Other Countries of the Former Soviet Union: Developments and Policy Issues,”IMF Working Paper 97/72 (June).

    Khan, Mohsin S., and Carmen M.Reinhart,1995, Capital Flows in the APEC Region, IMF Occasional Paper 122.

    Knight, Malcolm, and FabioScacciavillani,1998, “Current Accounts—What is Their Relevance for Economic Policymaking?”IMF Working Paper 98/71 (May).

    Knight, Malcolm,1998, “Developing Countries and the Globalization of Financial Markets,”IMF Working Paper 98/105 (July).

    Kochhar, Kalpana, PrakashLoungani, and MarkStone,1998, “The East Asian Crisis—Macroeconomic Developments and Policy Lessons,”IMF Working Paper 98/128 (August).

    Koenig, Linda M.,1996, “Capital Inflows and Policy Responses in the ASEAN Region,”IMF Working Paper 96/25 (April).

    Kovanen, Arto,1994, “Foreign Exchange Auctions and Fixing: A Review of Performance,”IMF Working Paper 94/119 (September).

    Kovanen, Arto,1995, “Capital Account Liberalization in Finland—Analysis of Structural Changes,”IMF Working Paper 95/131 (December).

    Kramer, Charles, and R. ToddSmith,1994, “Noise Trading, Transaction Costs, and the Relationship of Stock Returns and Trading Volume,”IMF Working Paper 94/126 (October).

    Kramer, Charles,1996, “Stock-Market Equilibrium and the Dividend Yield,”IMF Working Paper 96/90 (August).

    Kramer, Charles,1996, “Macroeconomic Fluctuations and Equilibrium Discount Factors,”IMF Working Paper 96/118 (October).

    Kramer, Charles, and R. ToddSmith,1998, “Recent Turmoil in Emerging Markets and the Behavior of Country-Fund Discounts: Renewing the Puzzle of the Pricing of Closed-End Mutual Funds,”International Journal of Theoretical and Applied Finance, Vol. 1, No. 1.

    Kumar, Manmohan S.,1992, “Forecasting Accuracy of Crude Oil Futures Prices,”IMF Staff Papers, Vol. 39 (June).

    Kumar, Manmohan S., UmaMoorthy, and William R.M.Perraudin,1998, “Determinants of Emerging Market Currency Crises and Contagion Effects,”presented at a joint CEPR/World Bank Conference, London (May).

    Kuhn, Michael, BalazsHorvath, and Christopher J.Jarvis,1995, Officially Supported Export Credits: Recent Developments and Prospects, IMF World Economic and Financial Surveys.

    Kyei, Alexander, and TakashiYoshimura,1996, “Internal Currency Convertibility—Survey of Issues and Practice,”IMF Working Paper 96/10 (February).

    Lall, Subir,1997, “Speculative Attacks, Forward Market Intervention and the Classic Bear Squeeze,”IMF Working Paper 97/164 (December).

    Lane, Timothy,1996, “The First-Round Monetary and Fiscal Impact of Bank Recapitalization in Transition Economies,”IMF Paper on Policy Analysis and Assessment 96/8 (August).

    Laurens, Bernard, and JaimeCardoso,1998, “Managing Capital Flows—Lessons from the Experience of Chile,”IMF Working Paper 98/168 (December).

    Lee, Jang-Yung,1996, “Implications of a Surge in Capital Inflows—Available Tools and Consequences for the Conduct of Monetary Policy,”IMF Working Paper 96/53 (May).

    Leigh, Lamin,1997, “Stock Market Equilibrium and Macroeconomic Fundamentals,”IMF Working Paper 97/15 (February).

    Li, Li, and ZuliuHu,1998, “Responses of the Stock Market to Macroeconomic Announcements Across Economic States,”IMF Working Paper 98/79 (May).

    Lindgren, Carl-Johan, GillianGarcia, and Matthew I.Saal,eds., 1996, Bank Soundness and Macroeconomic Policy (Washington: International Monetary Fund).

    Manzocchi, Stefano,1997, “External Finance and Foreign Debt in Central and Eastern European Countries,”IMF Working Paper 97/134 (October).

    Masson, Paul R.,1998, “Contagion—Monsoonal Effects, Spillovers, and Jumps Between Multiple Equilibria,”IMF Working Paper 98/142 (September).

    Mathieson, Donald J., and LilianaRojas-Suárez,1993, Liberalization on the Capital Account: Experiences and Issues, IMF Occasional Paper 103.

    Mathieson, Donald J., AnthonyRichards, and SunilSharma,1998, “Financial Crises in Emerging Markets,”Finance & Development, Vol. 35 (December).

    Milesi-Ferretti, Gian Maria,1998, “Why Capital Controls? Theory and Evidence,” in Positive Political Economy: Theory and Evidence, ed. bySylvester C.W.Eijffinger and HarryHuizinga (Cambridge: Cambridge University Press).

    Nsouli, Saleh M., and MounirRached,1998, “Capital Account Liberalization in the Southern Mediterranean,”Finance & Development, Vol. 35 (December).

    Ortiz Martinez, Guillermo,1998, “What Lessons Does the Mexican Crisis Hold for Recovery in Asia?”Finance & Development, Vol. 35 (June).

    Ostry, Jonathan D., and Andrew K.Rose,1992, “An Empirical Evaluation of the Macroeconomic Effects of Tariffs,”Journal of International Money and Finance (February).

    Ostry, Jonathan D., and PeterMontiel,1993, “External Shocks and Inflation Under a Real Exchange Rate Rule,”The Exchange Rate and the Economy (Ottawa: Bank of Canada).

    Ostry, Jonathan D.,1993, “Government Purchases and Relative Prices in a Two-Country World,”Economic Record (June).

    Papaioannou, Michael G., and Lawrence K.Duke,1993, “The Internationalization of Equity Markets,”Finance & Development, Vol. 30 (September).

    Papaioannou, Michael G., and E.K.Gatzonas,1997, “Financial Innovations Involving the Greek Drachma,”IMF Working Paper 97/14 (January).

    Phylaktis, Kate,1995, “Capital Market Integration in the Pacific Basin Region: An Analysis of Real Interest Rate Linkages,”IMF Working Paper 95/133 (December).

    Pinon-Farah, Marco A.,1996, “Private Bond Restructurings—Lessons for the Case of Sovereign Debtors,”IMF Working Paper 96/11 (February).

    Prati, Alessandro, and Garry J.Schinasi,1997, “EMU and International Capital Markets: Structural Implications and Risks,” in EMU and the International Monetary System, ed. byPaulMasson, ThomasKrueger, and BartTurtelboom (Washington: International Monetary Fund).

    Quirk, Peter,1994, “Capital Account Convertibility: A New Model for Developing Countries,”IMF Working Paper 94/81 (July).

    Quirk, Peter,1994, “Adopting Currency Convertibility—Experiences and Monetary Policy Considerations for Advanced Developing Countries,”IMF Working Paper 94/96 (August).

    Quirk, Peter, and OwenEvans,1995, Capital Account Convertibility: Review of Experience and Implications for IMF Policies, IMF Occasional Paper 131.

    Quirk, Peter,1996, “Macroeconomic Implications of Money Laundering,”IMF Working Paper 96/66 (June).

    Ramos, Alberto,1998, “Capital Structures and Portfolio Composition During Banking Crisis—Lessons from Argentina 1995,”IMF Working Paper 98/121 (August).

    Randall, Ruby,1998, “Interest Rate Spreads in the Eastern Caribbean,”IMF Working Paper 98/59 (April).

    Razin, Assaf, EfraimSadka, and Chi-WaYuen,1998, “Capital Flows with Debt and Equity-Financed Investment—Equilibrium Structure and Efficiency Implications,”IMF Working Paper 98/159 (November).

    Richards, Anthony,1995, “Comovements in National Stock Market Returns: Evidence of Predictability but not Cointegration,”Journal of Monetary Economics, Vol. 36 (December).

    Richards, Anthony,1996, “Volatility and Predictability in National Stock Markets: How Do Emerging and Mature Markets Differ?”IMF Staff Papers, Vol. 43 (September).

    Richards, Anthony,1997, “Winner-Loser Reversals in National Stock Market Indices: Can They Be Explained?”Journal of Finance, Vol. 52 (December).

    Rojas-Suárez, Liliana, and Steven R.Weisbrod,1995, Financial Fragilities in Latin America: The 1980s and 1990s, IMF Occasional Paper 132.

    Ross, Kevin,1998, “Post Stabilization Inflation Dynamics in Slovenia,”IMF Working Paper 98/27 (March).

    Rossi, Marco,1998, “Economic Announcements and the Timing of Public Debt Auctions,”IMF Working Paper 98/44 (April).

    Schadler, Susan, MariaCarkovic, AdamBennett, and RobertKahn,1993, Recent Experiences with Surges in Capital Inflows, IMF Occasional Paper 108.

    Schinasi, Garry J., and R. ToddSmith,1998, “Fixed-Income Markets in the United States, Europe, and Japan—Some Lessons for Emerging Markets,”IMF Working Paper 98/173 (December).

    Schwartz, Gerd,1994, “Toward an Economic Theory of Multilateral Development Banking,”Journal of Institutional and Theoretical Economics, Vol. 150, No. 3 (September).

    Scott, Louis O.,1991, “The Information Content of Prices in Derivative Security Markets,”IMF Working Paper 91/132 (December).

    Senhadji, Abdelhak,1997, “Sources of Debt Accumulation in a Small Open Economy,”IMF Working Paper 97/146 (October).

    Sensenbrenner, Gabriel, and V.Sundararajan,1994, “The Payments System and its Effects on Monetary Operations: Recent Experience in the Russian Federation,”IMF Working Paper 94/133 (November).

    Smith, R. Todd,1995, “Markets for Corporate Debt Securities,”IMF Working Paper 95/67 (July).

    Stephens, Malcolm,1998, “Export Credit Agencies, Trade Finance and South East Asia,”IMF Working Paper 98/175 (December).

    Stone, Mark,1998, “Corporate Debt Restructuring in East Asia—Some Lessons from International Experience,”IMF Paper on Policy Analysis and Assessment 98/13 (October).

    Sundararajan, V., DavidMarston, and GhaithShabsigh,1998, “Monetary Operations and Government Debt Management Under Islamic Banking,”IMF Working Paper 98/144 (September).

    Svensson, Lars E.O.,1994, “Estimating and Interpreting Forward Interest Rates: Sweden 1992-1994,”IMF Working Paper 94/114 (September).

    Szymczak, Philippe,1992, “Mexico’s Return to Voluntary International Capital Market Financing,” in Mexico: The Strategy to Achieve Economic Growth, ed. byClaudioLoser and EliotKalter,IMF Occasional Paper 99.

    Tanzi, Vito,1996, “Globalization, Tax Competition and the Future of Tax Systems,”IMF Working Paper 96/141 (December).

    Vamvakidis, Athanasios, and RomainWacziarg,1998, “Developing Countries and the Feldstein-Horioka Puzzle,”IMF Working Paper 98/2 (January).

    Van Rijckeghem, Caroline, MuratÜçer, and RehaYolalan,1998, “Leading Indicators of Currency Crises: A Brief Literature Survey and an Application to Turkey,”Yapi Kredi Economic Review, Vol. 9 (December).

    Vocke, Matthias,1997, “Investment Implications of Selected WTO Agreements and the Proposed Multilateral Agreement on Investment,”IMF Working Paper 97/60 (May).

    Vroliijk, Coenraad,1997, “Derivatives Effect on Monetary Policy Transmission,”IMF Working Paper 97/121 (September).

    Weisbrod, Steven R., HowardLee, and LilianaRojas-Suárez,1992, “Bank Risk and the Declining Franchise Value of the Banking System in the United States and Japan,”IMF Working Paper 92/45 (June).

    Yeyati, Eduardo Levy, and AngelUbide,1998, “Crises, Contagion, and the Closed-End Country Fund Puzzle,”IMF Working Paper 98/143 (September).

    Zebregs, Harm,1998, “Can the Neoclassical Model Explain the Distribution of Foreign Direct Investment Across Developing Countries?”IMF Working Paper 98/139 (September).

    Zettelmeyer, Jeronim,1996, “EMU and Long Interest Rates in Germany,”IMF Working Paper 96/133 (December).

III. Inflation and Inflation Stabilization

    Agénor, Pierre-Richard,1991, “Credibility and Exchange Rate Management in Developing Countries,”IMF Working Paper 91/87 (September).

    Agénor, Pierre-Richard, and Mohsin S.Khan,1992, “Foreign Currency Deposits and the Demand for Money in Developing Countries,”IMF Working Paper 92/1 (January).

    Agénor, Pierre-Richard, Jagdeep S.Bhandari, and Robert P.Flood,1992, “Speculative Attacks and Models of Balance of Payments Crises,”IMF Staff Papers, Vol. 39 (June).

    Agénor, Pierre-Richard, and MarkTaylor,1992, “Testing for Credibility Effects,”IMF Staff Papers, Vol. 39 (September).

    Agénor, Pierre-Richard,1992, “Credibility Effects of Price Controls in Disinflation Programs,”IMF Working Paper 92/83 (October).

    Agénor, Pierre-Richard,1993, “Credible Disinflation Programs,”IMF Paper on Policy Analysis and Assessment 93/9 (July).

    Agénor, Pierre-Richard,1994, “The Behavior of Real Interest Rates in Exchange-Rate Based Stabilization Programs,”IMF Working Paper 94/75 (June).

    Agénor, Pierre-Richard,1994, “Speculative Attacks and Balance-of-Payments Crises,” in Handbook of International Macroeconomics, ed. byFrederickvan der Ploeg (Oxford: Basil Blackwell).

    Agénor, Pierre-Richard, and Alexander W.Hoffmaister,1997, “Money, Wages, and Inflation in Middle-Income Developing Countries,”IMF Working Paper 97/174 (December).

    Alesina, Alberto, AlessandroPrati, and GuidoTabellini,1991, “Public Confidence and Debt Management: A Model and a Case Study of Italy,” in Public Debt Management: Theory and History, ed. byRudigerDornbusch and MarioDraghi (Cambridge, England: CEPR and Cambridge University Press).

    Alesina, Alberto, MarkDe Broeck, AlessandroPrati, and GuidoTabellini,1992, “Default Risk on Government Debt in OECD Countries,”Economic Policy (October).

    Armstrong, John, RichardBlack, DouglasLaxton, and DavidRose,1995, “A Robust Method for Simulating Forward-Looking Models, The Bank of Canada New Quarterly Projection Model, Part II, Technical Report No. 73, Bank of Canada (January).

    Arora, Vivek B., and Manmohan S.Kumar,1994, “Trade Reform and Inflation Stabilization,”IMF Working Paper 94/130 (November).

    Barrionuevo, José M.,1992, “Inflation and Fiscal Deficits: The Irrelevance of Debt and Money Financing,”IMF Working Paper 92/102 (December).

    Baumgartner, Josef, and RamanaRamaswamy,1996, “Inflation Targeting in the United Kingdom: Information Content of Financial and Monetary Variables,”IMF Working Paper 96/44 (May).

    Baumgartner, Josef, RamanaRamaswamy, and GoranZettergren,1997, “Monetary Policy and Leading Indicators of Inflation in Sweden,”IMF Working Paper 97/34 (April).

    Bayoumi, Tamim, and EswarPrasad,1997, “Currency Unions, Economic Fluctuations, and Adjustment: Some New Empirical Evidence,”IMF Staff Papers, Vol. 44 (March).

    Beaugrand, Philippe,1997, “Zaïre’s Hyperinflation, 1990–96,”IMF Working Paper 97/50 (April).

    Bodart, Vincent,1996, “Multiple Exchange Rates, Fiscal Deficits and Inflation Dynamics,”IMF Working Paper 96/56 (May).

    Bruno, Michael,1992, “Stabilization and Reform in Eastern Europe: A Preliminary Evaluation,”IMF Staff Papers, Vol. 39 (December).

    Bulir, Ales, and Anne-MarieGuide,1995, “Inflation and Income Distribution—Further Evidence on Empirical Links,”IMF Working Paper 95/86 (August).

    Bulir, Ales,1998, “Income Inequality—Does Inflation Matter?”IMF Working Paper 98/7 (January).

    Calvo, Guillermo A., and Carlos A.Végh,1994, “Stabilization Dynamics and Backward-Looking Contracts,”Journal of Development Economics, Vol. 43 (February).

    Calvo, Guillermo A., and Carlos A.Végh,1992, “Currency Substitution in Developing Countries: An Introduction,”IMF Working Paper 92/40 (May).

    Calvo, Guillermo A., and Carlos A.Végh,1992, “Inflation Stabilization and Nominal Anchors,”IMF Paper on Policy Analysis and Assessment 92/4 (December).

    Calvo, Guillermo A., and Carlos A.Végh,1993, “Exchange Rate-Based Stabilization under Imperfect Credibility,” in Open-Economy Macroeconomics, ed. byHelmutFrisch and AndreasWorgotter (London: MacMillan Press).

    Calvo, Guillermo A., Carmen M.Reinhart, and Carlos A.Végh,1994, “Targeting the Real Exchange Rate: Theory and Evidence,”IMF Working Paper 94/22 (February).

    Calvo, Guillermo A., and Carlos A.Végh,1995, “Fighting Inflation with High Interest Rates: The Small Open Economy Case under Flexible Prices,”Journal of Money, Credit and Banking, Vol. 27 (February).

    Canetti, Elie, and JoshuaGreene,1991, “Monetary Growth and Exchange Rate Depreciation as Causes of Inflation in African Countries: An Empirical Analysis,”IMF Working Paper 91/67 (July).

    Chadha, Bankim, Paul R.Masson, and GuyMeredith,1992, “Models of Inflation and the Costs of Disinflation,”IMF Staff Papers, Vol. 39 (June).

    Chadha, Bankim, and EswarPrasad,1993, “Interpreting the Cyclical Behavior of Prices,”IMF Staff Papers, Vol. 40 (June).

    Chadha, Bankim, and EswarPrasad,1994, “Are Prices Countercyclical? Evidence from the G-7,”Journal of Monetary Economics (October).

    Chadha, Bankim, and DanielTsiddon,1996, “Inflation, Nominal Interest Rates, and the Variability of Output,”IMF Working Paper 96/109 (October).

    Chand, Sheetal K.,1997, “Nominal Income and the Inflation-Growth Divide,”IMF Working Paper 97/147 (November).

    Choudhry, Nurun N.,1991, “Collection Lags, Fiscal Revenue and Inflationary Financing,”IMF Working Paper 91/41 (April).

    Christoffersen, Peter F., and PeterDoyle,1998, “From Inflation to Growth—Eight Years of Transition,”IMF Working Paper 98/100 (July).

    Clark, Peter B., DouglasLaxton, and DavidRose,1995, “Capacity Constraints, Inflation and the Transmission Mechanism—Forward-Looking Versus Myopic Policy Rules,”IMF Working Paper 95/75 (July).

    Clark, Peter B., DouglasLaxton, and DavidRose,1996, “Asymmetry in the U.S. Output-Inflation Nexus,”IMF Staff Papers, Vol. 43 (March).

    Clark, Peter B., and DouglasLaxton,1997, “Phillips Curves. Phillips Lines and the Unemployment Costs of Overheating,”IMF Working Paper 97/17 (February).

    Clements, Benedict, and GerdSchwartz,1992, “Currency Substitution: The Recent Experience of Bolivia,”IMF Working Paper 92/65 (August).

    Coe, David T., and C. JohnMcDermott,1997, “Does the Gap Model Work in Asia?”IMF Staff Papers, Vol. 44 (March).

    Cottarelli, Carlo, MarkGriffiths, and RezaMoghadam,1998, “The Nonmonetary Determinants of Inflation—A Panel Data Study,”IMF Working Paper 98/23 (March).

    Cottarelli, Carlo, and GyörgySzapáry,eds., 1998, Moderate Inflation: The Experience of Transition Economies (Washington: International Monetary Fund).

    Crowley, Joe,1997, “The Effects of Forward- Versus Backward-Looking Wage Indexation on Price Stabilization Programs,”IMF Working Paper 97/38 (April).

    Daniel, James,1997, “Fiscal Aspects of Bank Restructuring,”IMF Working Paper 97/52 (April).

    De Broeck, Mark, KornéliaKrajnyák, and HenriLorie,1997, “Explaining and Forecasting the Velocity of Money in Transition Economies, with Special Reference to the Baltics, Russia, and other Countries of the Former Soviet Union,”IMF Working Paper 97/108 (September).

    De Gregorio, José,1991, “The Effects of Inflation on Economic Growth: Lessons from Latin America,”IMF Working Paper 91/95 (October).

    De Gregorio, José,1991, “Welfare Costs of Inflation, Seigniorage, and Financial Innovation,”IMF Staff Papers, Vol. 38 (December).

    De Gregorio, José,1992, “Theories of Policy Accommodation: The Persistence of Inflation and Gradual Stabilization,”IMF Working Paper 92/19 (March).

    Debelle, Guy,1997, “Inflation Targeting in Practice,”IMF Working Paper 97/35 (April).

    Debelle, Guy, and DouglasLaxton,1997, “is the Phillips Curve Really a Curve? Some Evidence from Canada, the United Kingdom, and the United States,”IMF Staff Papers, Vol. 44 (June).

    Debelle, Guy, and Hoon LimCheng,1998, “Preliminary Considerations of an Inflation Targeting Framework for the Philippines,”IMF Working Paper 98/39 (March).

    Debelle, Guy, PaulMasson, MiguelSavastano, and SunilSharma,1998, “Inflation Targeting as a Framework for Monetary Policy,” IMF Economic Issues No. 15.

    Detragiache, Enrica, and Alfonso J.Hamann,1997, “Exchange Rate-Based Stabilization in Western Europe—Greece, Ireland, Italy and Portugal,”IMF Working Paper 97/75 (June).

    Dixit, Avinash,1991, “The Optimal Mix of Inflationary Finance and Commodity Taxation with Collection Lags,”IMF Staff Papers, Vol. 38 (September).

    Dixit, Avinash,1992, “Theory and Policy: Reply to Tanzi,”IMF Staff Papers, Vol. 39 (December).

    Drudi, Francesco, and AlessandroPrati,1997, “Differences and Analogies Between Index-linked and Foreign Currency Bonds: A Theoretical and Empirical Analysis,” in Managing Public Debt—Index Linked Bonds in Theory and Practice, ed. byMarcelloDe Cecco, LorenzoPecchi, and GustavoPiga (United Kingdom: Edward Elgar).

    Eken, Sena, PaulCashin, S.Nuri Erbas, JoseMartelino, and AdnanMazarei,1995, Economic Dislocation and Recovery in Lebanon, IMF Occasional Paper 120.

    Erbas, S. Nuri, and Chera L.Sayers,1998, “Is the United States CPI Biased Across Income and Age Groups?”IMF Working Paper 98/136 (September).

    Fabrizio, Stefania, and J.Humberto Lopez,1996, “Domestic, Foreign or Common Shocks?”IMF Working Paper 96/107 (September).

    Faruqee, Hamid, DouglasLaxton, and DavidRose,1998, “Inflation and Unemployment in Europe and North America: Asymmetry versus Hysteresis” (mimeo: International Monetary Fund, May).

    Fischer, Stanley, RatnaSahay, and Carlos A.Végh,1998, “Modern Hyper- and High Inflation” (mimeo: International Monetary Fund, September).

    Ford, Robert, and ThomasKrueger,1995, “Exchange Rate Movements and Inflation Performance: The Case of Italy,”IMF Working Paper 95/41 (April).

    Garber, Peter M., and Michael G.Spencer,1992, “The Dissolution of the Astray-Hungarian Empire: Lessons for Currency Reform,”IMF Working Paper 92/66 (July).

    García-Herrero, Alicia, and JohnThornton,1997, “World Commodity Prices as a Forecasting Tool for Retail Prices—Evidence from the United Kingdom,”IMF Working Paper 97/70 (June).

    Garibaldi, Pietro,1997, “The Asymmetric Effects of Monetary Policy on Job Creation and Destruction,”IMF Working Paper 97/57 (April).

    Georgiou, Andreas,1991, “Foreign Currency Deposits: Implications for Macroeconomic Policies,”IMF Working Paper 91/108 (November).

    Ghosh, Atish, and StevenPhillips,1998, “Warning: Inflation May Be Harmful to Your Growth,”IMF Staff Papers, Vol. 45 (December).

    Green, John H.,1996, “Inflation Targeting: Theory and Policy Implications,”IMF Staff Papers, Vol. 43 (December).

    Guidotti, Pablo E., and Manmohan S.Kumar,1991, Domestic Public Debt of Externally Indebted Countries, IMF Occasional Paper 80.

    Guidotti, Pablo E., and Carlos A.Rodriguez,1992, “Dollarization in Latin America: Gresham’s Law in Reverse?”IMF Staff Papers, Vol. 39 (September).

    Guidotti, Pablo E., and Carlos A.Végh,1992, “Losing Credibility: The Stabilization Blues,”IMF Working Paper 92/73 (September).

    Guidotti, Pablo E., and Carlos A.Végh,1993, “Currency Substitution and the Optimal Inflation Tax,”Economics letters, Vol. 42, No. 1.

    Guitián, Manuel, and RobertMundell,eds., 1996, Inflation and Growth in China (Washington: International Monetary Fund).

    Ha, Jiming,1998, “Achieving Stabilization in Armenia,”IMF Working Paper 98/38 (March).

    Hoffmaister, Alexander W., and Carlos A.Végh,1996, “Disinflation and the Recession-Now-Versus-Recession-Later Hypothesis: Evidence from Uruguay,”IMF Staff Papers, Vol. 43 (June).

    Hogan, Vincent,1998, “Explaining the Recent Behavior of Inflation and Unemployment in the United States,”IMF Working Paper 98/145 (September).

    Isard, Peter, and DouglasLaxton,1996, “Strategic Choice in Phillips Curve Specification: What If Bob Gordon is Wrong?”conference paper for Macroeconomic Aspects of European Unemployment, sponsored by the European University Institute, Florence, Italy (mimeo: International Monetary Fund, November).

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