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 1991:4 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 1991:4 follows; additions will be noted in future issues.

“Nominal Income Targeting: A Critical Evaluation,” by Victor Argy [91/92]

“Forecasting Accuracy of Crude Oil Futures Prices,” by Manmohan S. Kumar [91/93]

“The Cost of Export Subsidies: Evidence from Costa Rica,” by Alexander Hoffmaister [91/94]

“The Effects of Inflation on Economic Growth: Lessons from Latin America,” by José De Gregorio [91/95]

“Assessing Target Zone Credibility: Mean Reversion and Devaluation Expectations in the EMS,” by Lars E.O. Svensson [91/96]

“Models of Inflation and the Costs of Disinflation,” by Bankim Chadha, Paul Masson, and Guy Meredith [91/97]

“Soft Budget Constraints, Firm Commitments, and the Social Safety Net,” by Daniel C. Hardy [91/98]

“Speculative Attacks and Models of Balance of Payments Crises,” by Pierre-Richard Agénor, Jagdeep S. Bhandari, and Robert P. Flood [91/99]

“Private Saving and Terms of Trade Shocks: Evidence from Developing Countries,” by Jonathan D. Ostryand Carmen M. Reinhart [91/100]

“Mozambique: Economic Rehabilitation and the Poor,” by Paulo S. Lopesand Emilio Sacerdoti [91/101]

“An Empirical ‘Dependent Economy’ Model for Pakistan,” by Nadeem U. Haque, Assim M. Husain, and Peter J. Montiel [91/102]

“Taxation of Capital Gains—A Review of the Main Issues,” by Krister Anderson [91/103]

“Persistence in the Variability of Daily Exchange Rates,” by George C. Tsibouris [91/104]

“Increasing Export Diversification in Commodity Exporting Countries: A Theoretical Analysis,” by Dean A. DeRosa [91/105]

“Intervention, Interest Rates, and Charts: Three Essays in International Finance,” by Mark P. Taylor [91 /106]

“Stopping High Inflation: An Analytical Overview,” by Carlos A. Végh [91/107]

“Foreign Currency Deposits: Implications for Macroeconomic Policies,” by Andréas Georgiou [91/108]

“Currency Diversification of Reserves and Sovereign Debt for Small Open Economies,” by Indi Rajasingham [91/109]

“Testing for Credibility Effects,” by Pierre-Richard Agénorand Mark P. Taylor [91/110]

“Wage Controls and Employment in a Socialist Economy,” by Timothy D. Lane [91/111]

“Assessing the Impact of Structural Adjustment on the Poor: The Case of Malawi,” by Ronald Hicksand Odd Per Brekk [91/112]

“Establishing incentive Structures and Planning Agencies That Support Market-Oriented Transformations,” by Michael P. Dooleyand Peter Isard [91/113]

“Cross-Border Deposits and Monetary Aggregates in the Transition to EMU,” by Ignazio Angeloni, Carlo Cottarelli, and Aviram Levy [91/114]

“Dynamic Capital Mobility in Pacific Basin Developing Countries: Estimation and Other Policy Implications,” by Hamid Faruqee [91/115]

“Apartheid, Growth, and Income Distribution in South Africa: Past History and Future Prospects,” by Robert Corkerand Tamim Bayoumi [91/116]

“Dollarization in Latin America: Gresham’s Law in Reverse?” by Pablo E. Guidottiand Carlos A. Rodriguez [91/117]

“The Determinants of U.S. Real Interest Rates in the Long Run,” by Sharmini Coorey [91/118]

“Market Liberalization Policies in a Reforming Socialist Economy,” by Elias Dinopoulosand Timothy D. Lane [91/119]

“The Structure and Operation of the World Gold Market,” by Gary O’Callaghan [91/120]

“Interest Rate Liberalization: Some Lessons from Africa,” by Bart Turtleboom [91/121]

“Growth Strategies, Employment, and Income Distribution in Brazil: An Input-Output Assessment,” by Benedict J. Clements [91/122]

“Effects of Long-Run Demographic Changes in a Multi-Country Model,” by Paul R. Masson [91/123]

“Sticky Exchange Rates and Flexible Prices—A Heretic View from the Interwar Period,” by Anne-Marie Guideand Holger C. Wolf [91/124]

“Energy Pricing in the Soviet Union,” by Manmohan S. Kumarand Kent Osband [91/125]

“Government Ponzi Games and Debt Dynamics Under Uncertainty,” by Leonardo Bartoliniand Carlo Cottarelli [91/126]

“Financial Sector Reforms and Monetary Policy,” by Mohsin S. Khanand V. Sundararajan [91/127]

“Evaluating Policy Rules Under Imperfect Credibility,” by Paul R. Massonand Steven A. Symansky [91/128]

“Credibility and the Cost of Export Subsidies,” by Alexander Hoffmaister [91/129]

“Price and Volume Effects of a Devaluation in Developing Countries,” by Arend Kouwenaar [91/130]

“Banking Policy and the Pricing of Deposit Guarantees: A New Approach,” by S.M. Fries and W.R.M. Perraudin [91/131]

“The Information Content of Prices in Derivative Security Markets,” by Louis O. Scott [91/132]

“The CFA Franc Zone: Currency Union and Monetary Standard,” by James M. Boughton [91/133]

“Modeling the Yield Curve,” by Mark P. Taylor [91/134]

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/92/1), title, and author(s). Requests should be made to:

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In statistical matter throughout this issue,

  • dots (…) indicate that data are not available;

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