IMF Working Papers

Staff Papers draws on IMF Working Papers, which are research studies by members of the Fund’s staff. A list of Working Papers issued in 1991:2 follows; additions will be noted in future issues.


Staff Papers draws on IMF Working Papers, which are research studies by members of the Fund’s staff. A list of Working Papers issued in 1991:2 follows; additions will be noted in future issues.

“Economic Crisis in a Shortage Economy,” by Kent Osband [91 /38] “Bangladesh: Economic Reform Measures and the Poor,” by Padma Gotur [91/39]

“Market-Based Systems of Monetary Control in Developing Countries: Operating Procedures and Related Issues,” by Chorng-Huey Wong [91/40]

“Collection Lags, Fiscal Revenue, and Inflationary Financing: Empirical Evidence and Analysis,” by Nurun N. Choudhry [91/41]

“Collapse of a Crawling Peg Regime in the Presence of a Government Budget Constraint,” by Miguel A. Savastano [91/42]

“Fiscal Reform in European Economies in Transition,” by George Kopits [91/43]

“Commodity Booms and Government Expenditure Responses,” by Sanjeev Gupta and Kenneth Miranda [91/44]

“The Demand for Money in Developing Countries: Assessing the Role of Financial Innovation,” by Patricio Arrau, Jose De Gregorio, Carmen Reinhart, and Peter Wickham [91 /45]

“Sri Lanka: Price Changes and the Poor,” by Anne-Marie Guide [91 /46]

“Commodity and Manufactures Prices in the Long Run,” by James M. Boughton [91/47]

“The Demand for Money During High Inflation Episodes: Some Latin American Evidence on the Cagan Model,” by Mark P. Taylor and Kate Phylaktis [91 /48]

“Efficient Arbitrage Under Financial Indexation: The Case of Chile,” by Enrique G. Mendoza [91/49]

“Yugoslav Inflation and Money,” by Ashok Kumar Lahiri [91/50]

“Uncovered Interest Parity,” by Peter Isard [91/51]

“Protection and the Own-Funds Window in Tanzania: An Analytical Framework and Estimates of the Effects of Trade Liberalization,” by Dean A. DeRosa [91 /52]

“Econometric Testing of Economic and Political Influences,” by Daniel P. Hewitt [91/53]

“Military Expenditure: International Comparison of Trends,” by Daniel P. Hewitt [91 /54]

“Forced Savings and Repressed Inflation in the Soviet Union: Some Empirical Results,” by Carlo Cottarelli and Mario I. Blejer [91/55]

“Input Shortages in Mixed Economies: An Application of Indian Manufacturing Industries,” by Ratna Sahay [91/56]

“Money Demand in the Netherlands,” by Bob M. Traa [91/57]

“Central Bank Independence: Issues and Experience,” by Mark Swinburne and Marta Castello-Branco [91/58]

“General Equilibrium Under Shortage: A Generalized Barro-Grossman Model,” by Kent Osband [91/59]

“Oil, National Wealth, and Current and Future Consumption Possibilities,” by Gunnar Tersman [91 /60]

“Savings, Investment, and Growth in Eastern Europe,” by Eduardo Borensztein and Peter J. Montiel [91/61]

“Exchange Rate Economics: A Survey.” by Ronald MacDonald and Mark P, Taylor [91/62]

“Real and Nominal Exchange Rates in the Long Run,” by Charles Adams and Bankim Chadha [91 /63]

“Portfolio Preference Uncertainty and Gains from Policy Coordination,” bv Paul R. Masson [91/64]

“Structural Funds and the 1992 Program in the European Community,” by James Gordon [91 /65]

A limited supply of IMF Working Papers is available free of charge to interested scholars and research institutions. In requesting a particular paper (or papers), please indicate the Working Paper number (for example, WP/91/1), title, and author(s). Requests should be made to:

International Monetary Fund

Publication Services

Washington, D.C. 20431, U.S.A.

Telephone: (202) 623-7430

Telefax: (202) 623-7201

In statistical matter throughout this issue.

dots (…) indicate that data are not available;

a dash (—) indicates that the figure is zero or less than half the final digit shown, or that the item does not exist;

a single dot (.) indicates decimals;

a comma (,) separates thousands and millions;

“billion” means a thousand million, and “trillion” means a thousand billion;

a short dash (-) is used between years or months (forexample, 1989-91 or January-October) to indicate a total of the years or months inclusive of the beginning and ending years or months;

a stroke (/) is used between years (for example, 1990/91) to indicate a fiscal year or a crop year;

a colon (:) is used between a year and the number indicating a quarter within that year (for example, 1991:2);

components of tables may not add to totals shown because of rounding.