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© 1998 by the International Monetary Fund

International Standard Serial Number: ISSN 0020-8027

The U.S. Library of Congress has cataloged this serial publication as follows:

International Monetary Fund

Staff papers — International Monetary Fund. v. 1- Feb. 1950-[Washington] International Monetary Fund

• v. tables, diagrs. 23 em.

• Three no. a year, 1950- 1977: four no. a year. 1978-Indexes:

• Vols. 1-27. 1950-80. I v.

• ISSN 0020-8027 = Staff papers — International Monetary Fund.

• 1. Foreign exchange—Periodicals. 2. Commerce—Periodicals.

• 3. Currency question—Periodicals.

HG3810.15

332.082

53-35483

CONTENTS

Modeling and Testing Ricardian Equivalence

LEONARDO LEIDERMAN and MARIO I. BLEJER

Exchange Rates and the Term Structure of Interest Rates

JAMES M. BOUGHTON

Exchange Rate Variability and the Slowdown in Growth of International Trade

PAUL DE GRAUWE

Currency Substitution in Egypt and the Yemen Arab Republic

MOHAMED EL-ERIAN

Government Spending, the Real Interest Rate, and the Behavior of Liquidity-Constrained Consumers in Developing Countries

NICOLA ROSSI

Macroeconomic Effects of Tax Reform in the United States

OWEN EVANS and LLOYD KENWARD

Shorter Papers and Comments

The Effects of Collective Devaluation on Commodity Prices and Exports

MICHAEL WATTLEWORTH

Tax Administration in Developing Countries: An Economic Perspective

CHARLES Y. MANSFIELD

World Non-Oil Primary Commodity Markets: Comment on Chu and Morrison

PETER S. SEPHTON

World Non-Oil Primary Commodity Markets: Reply to Sephton

KE-YOUNG CHU and THOMAS K. MORRISON

Liberalization Policies and Welfare in a Financially Repressed Economy: Comment on Kähkönen

PERTTI HAAPARANTA

Price and Output Effects of Monetary and Fiscal Policy Under Flexible Exchange Rates: Comment on Argy and Salop

MICHAEL PHELPS