Front Matter

Front Matter Page

External Relations Department

January-June 1994

Front Matter Page

This compilation of summaries of Working Papers released during January-June 1994 is being issued as a part of the Working Paper series. It is designed to provide the reader with an overview of the research work performed by the staff during the period.

Authors of Working Papers are normally staff members of the Fund or consultants, although on occasion outside authors may collaborate with a staff member in writing a paper. The views expressed in the Working Papers or their summaries are, however, those of the authors and should not necessarily be interpreted as representing the views of the Fund.

Copies of individual Working Papers and information on subscriptions to the annual series of Working Papers may be obtained from IMF Publication Services, International Monetary Fund, 700 19th Street N.W., Washington, D.C. 20431. Telephone: (202) 623-7430 Telefax: (202) 623-7201


  • WP/94/1 (January 1994)

    by Marcel Cassard, Timothy Lane, and Paul Masson

    “ERM Money Supplies and the Transition to EMU”

WP/94/2 (January 1994)

by Fabio Scacciavillani

“Long Memory Processes and Chronic Inflation: Detecting Homogeneous Components in a Linear Rational Expectation Model”

WP/94/3 (January 1994)

by Guillermo A. Calvo and Manmohan S. Kumar

“Money Demand, Bank Credit, and Economic Performance in Former Socialist Economies”

WP/94/4 (January 1994)

by Carlos Asilis

“The U.S. Public Debt: Implications for Growth”

WP/94/5 (January 1994)

by Stephen Golub

“Comparative Advantage, Exchange Rates, and G-7 Sectoral Trade Balances”

WP/94/6 (January 1994)

by Vincent Koen

“Measuring the Transition: A User’s View on National Accounts in Russia”

WP/94/7 (January 1994)

by Carmen M. Reinhart and Peter Wickham

“Commodity Prices: Cyclical Weakness or Secular Decline”

WP/94/8 (January 1994)

by Atish Ghosh and Jonathan Ostry

“Export Instability and the External Balance in Developing Countries”

WP/94/9 (January 1994)

by Eduardo Borensztein and Carmen Reinhart

“The Macroeconomic Determinants of Commodity Prices”

WP/94/10 (January 1994)

by Alexander Sundakov, Rolando Ossowaski, and Timothy Lane

“Shortage Under Free Prices: the Case of Ukraine in 1992”

WP/94/11 (January 1994)

by Jean-Claude Nascimento

“Monetary Policy in Unified Currency Areas: The Case of the CAMA and ECCA during 1976-90”

WP/94/12 (January 1994)

by Hossein Samiei and Garry Schinasi

“Real Estate Price Inflation, Monetary Policy, and Expectations in the United States and Japan”

WP/94/13 (January 1994)

by Thomas Baliño, Juhi Dhawan, and V. Sundararajan

“The Payments Systems Reforms and Monetary Policy in Emerging Market Economies in Central and Eastern Europe”

WP/94/14 (January 1994)

Compilation of Working Paper Summaries

WP/94/15 (January 1994)

by Howell Zee

“Endogenous Time Preference and Endogenous Growth”

WP/94/16 (February 1994)

by Carlos M. Asilis and Luis A. Rivera-Batiz

“Geography, Trade Patterns, and Economic Policy”

WP/94/17 (February 1994)

by Tamim Bayoumi, Peter Clark, Steve Symansky, and Mark Taylor

“Robustness of Equilibrium Exchange Rate Calculations to Alternative Assumptions and Methodologies”

WP/94/18 (February 1994)

by Harry Huizinga

“Withholding Taxes and the Cost of Public Debt”

WP/94/19 (February 1994)

by Stefano Micossi and Gian Maria Milesi-Ferretti

“Real Exchange Rates and the Prices of Nontradable Goods”

WP/94/20 (February 1994)

by Peter Isard

“Realignment Expectations, Forward Rate Bias, and Sterilized Intervention in an Adjustable Peg Exchange Rate Model with Policy Optimization”

WP/94/21 (February 1994)

by Inci Ötker and Ceyla Pazarbaşioğlu

“Exchange Market Pressures and Speculative Capital Flows in Selected European Countries”

WP/94/22 (February 1994)

by Guillermo A. Calvo, Carmen M. Reinhart, and Carlos A. Végh

“Targeting the Real Exchange Rate: Theory and Evidence”

WP/94/23 (February 1994)

by Uma Lele, James Gockowski, and Kofi Adu-Nyako

“Economics, Politics, and Ethics of Primary Commodity Development: How Can Poor Countries in Africa Benefit the Most?”

WP/94/24 (February 1994)

by Jacek Rostowski

“Systemic Requirements for Monetary Stability in Eastern Europe and the Former Soviet Union”

WP/94/25 (March 1994)

by Subhash Thakur

“The ‘Hard’ SDR: An Exploratory Analysis”

WP/94/26 (March 1994)

by Sayuri Shirai

“An Overview of the Japanese Distribution System: The Case of the Automobile Industry”

WP/94/27 (March 1994)

by Ali Hashim and Bill Allan

“Core Functional Requirements for Fiscal Management Systems”

WP/94/28 (March 1994)

by A. Premchand

“Changing Patterns in Public Expenditure Management: An Overview”

WP/94/29 (March 1994)

by Ian W. Marsh and Stephen P. Tokarick

“Competitiveness Indicators: A Theoretical and Empirical Assessment”

WP/94/30 (March 1994)

by Dimitri G. Demekas

“Labor Market Institutions and Flexibility in Italy: A Critical Evaluation and Some International Comparisons”

WP/94/31 (March 1994)

by E.P. Davis and S.G.B. Henry

“The Use of Financial Spreads as Indicator Variables: Evidence for the U.K. and Germany”

WP/94/32 (March 1994)

by Sanjeev Gupta and Walter Mahler

“Taxation of Petroleum Products: Theory and Empirical Evidence”

WP/94/33 (March 1994)

by José De Gregorio, Alberto Giovannini, and Holger C. Wolf

“International Evidence on Tradables and Nontradables Inflation”

WP/94/34 (March 1994)

by Steven M. Fries and Timothy D. Lane

“Financial and Enterprise Restructuring in Emerging Market Economies”

WP/94/35 (March 1994) Francois Lequiller and Kimberly D. Zieschang

“Drift in Producer Price Indexes for the Former Soviet Union (FSU) Countries”

WP/94/36 (March 1994)

by Malcolm Knight and Julio A. Santaella

“Economic Determinants of Fund Financial Arrangements”

WP/94/37 (April 1994)

by John Mendzela

“Improving the Management of a Central Bank--A Case Study”

WP/94/38 (March 1994)

by Bin Xu

“Tax Policy Implications in Endogenous Growth Models”

WP/94/39 (March 1994)

by Carlo Cottarelli and Angeliki Kourelis

“Financial Structure, Bank Lending Rates, and the Transmission Mechanism of Monetary Policy”

WP/94/40 (April 1994)

by William R. M. Perraudin

“A Framework for the Analysis of Pension and Unemployment Benefit Reform in Poland”

WP/94/41 (April 1994)

by Toru Iwami

“The Internationalization of Yen and Key Currency Questions”

WP/94/42 (April 1994)

by Tamim Bayoumi

“A Formal Model of Optimum Currency Areas”

WP/94/43 (April 1994)

by Jacek Rostowski

“Interenterprise Arrears in Post-Communist Economies”

WP/94/44 (April 1994)

by Dongpei Huang and Sayuri Shirai

“Information Externalities Affecting the Dynamic Pattern of Foreign Direct Investment: The Case of China

WP/94/45 (April 1994)

by Guillermo A. Calvo and Enrique G. Mendoza

“Trade Reforms of Uncertain Duration and Real Uncertainty: A First Approximation”

WP/94/46 (April 1994)

by Gilles Saint-Paul

“Searching for the Virtues of the European Model”

WP/94/47 (April 1994)

by José De Gregorio and Se-Jik Kim

“Credit Markets with Differences in Abilities: Education, Distribution, and Growth”

WP/94/48 (April 1994)

by Calvin McDonald and Yin-Fun Lum

“Operational Issues Related to the Functioning of Interbank Foreign Exchange Markets in Selected African Countries”

WP/94/49 (May 1994)

by Allan Drazen and Paul R. Masson

“Credibility of Policies Versus Credibility of Policymakers”

WP/94/50 (May 1994)

by Donald Rousslang and Stephen Tokarick

“The Trade and Welfare Consequences of U.S. Export-Enhancing Tax Provisions”

WP/94/51 (May 1994)

by Bernard Laurens

“Refinance Instruments: Lessons from Their Use in Some Industrialized Countries”

WP/94/52 (May 1994)

by Ehtisham Ahmad, Sergio Lugaresi, Alex Mourmouras, and Jean-Luc Schneider

“Pensions, Price Shocks, and Macroeconomic Stability in Transition Economies”

WP/94/53 (May 1994)

by Yusuke Onitsuka

“Supply Pressure and the Export-Import Performance in the Japan-U.S. Bilateral Trade”

WP/94/54 (May 1994)

by Daniel Daianu

“Inter-Enterprise Arrears in a Post-Command Economy: Thoughts from a Romanian Perspective”

WP/94/55 (May 1994)

by Mohamed Finaish and Eric Bell

“The Arab Maghreb Union”

WP/94/56 (May 1994)

by Pierre-Richard Agénor and Joshua Aizenman

“Macroeconomic Adjustment with Segmented Labor Markets”

WP/94/57 (May 1994)

by Pierre L. Siklos

“Varieties of Monetary Reforms”

WP/94/58 (May 1994)

by Reza Moghadam

“Why is Unemployment in France So High?”

WP/94/59 (May 1994)

by Inutu Lukonga

“Nigeria’s Non-Oil Exports: Determinants of Supply and Demand, 1970-90”

WP/94/60 (May 1994)

by Patrick K. Asea and Enrique G. Mendoza

“Do Long-Run Productivity Differentials Explain Long-Run Real Exchange Rates?”

WP/94/61 (May 1994))

by Robert P. Flood and Michael Mussa

“Issues Concerning Nominal Anchors for Monetary Policy”

WP/94/62 (June 1994)

by Marc Quintyn

“Government Securities Versus Central Bank Securities in Developing Open Market Operations--Evaluation and Need for Coordinating Arrangements”

WP/94/63 (June 1994)

by José De Gregorio and Federico Sturzenegger

“Financial Markets and Inflation Under Imperfect Information”

WP/94/64 (June 1994)

by Gilles Saint-Paul

“Are the Unemployed Unemployable?”

WP/94/65 (June 1994)

by Tamim Bayoumi and Alun Thomas

“Relative Prices and Economic Adjustment in the U.S. and EU: A Real Story About European Monetary Union”

WP/94/66 (June 1994)

by Vincent Koen and Eric Meyermans

“Exchange Rate Determinants in Russia: 1992-93”

WP/94/67 (June 1994)

by Daniel C. Hardy and Ashok K. Lahiri

“Cash Shortage in the Former Soviet Union”

WP/94/68 (June 1994)

by Ke-young Chu and Gerd Schwartz

“Output Decline and Government Expenditures in European Transition Economies”

WP/94/69 (June 1994)

by Nancy Happe and John Wakeman-Linn

“Military Expenditure and Arms Trade: Alternative Data Sources”

WP/94/70 (June 1994)

by Laura Papi

“How Does Learning Affect Inflation After a Shift in the Exchange Rate Regime?”

WP/94/71 (June 1994)

by Thorvaldur Gylfason

“The Path of Output from Plan to Market”

WP/94/72 (June 1994)

by David Folkerts-Landau and Peter M. Garber

“Determining the Value of a Financial Unit of Account Based on Composite Currencies: The Case of the Private ECU”

WP/94/73 (May 1994)

by Daniel Daianu

“The Changing Mix of Disequilibria During Transition: A Romanian Background”

WP/94/74 (June 1994)

by Norbert Berthold

“Fiscal Federalism in Europe - Is It a Necessary Precondition for a Successful European Economic and Monetary Integration?

WP/94/75 (June 1994)

by Pierre-Richard Agénor

“The Behavior of Real Interest Rates in Exchange-Rate Based Stabilization Programs”

WP/94/76 (June 1994)

by Gary G. Moser

“The Main Determinants of Inflation in Nigeria”

Working Paper Summaries (WP/94/1 - WP/94/76)
Author: International Monetary Fund