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 1992:1 follows; additions will be noted in future issues.

“Foreign Currency Deposits and the Demand for Money in Developing Countries,” by Pierre–Richard Agénor and Mohsin S. Khan [92/1]

“Stabilization and Structural Reform in Czechoslovakia: An Assessment of the First Stage,” by Bijan B. Aghevli, Eduardo Borensztein, and Tessa van der Willigen [92/2]

“The Credibility of Nordic Exchange Rate Bands: 1987–91,” by Sami Geadah, Tapia Saavalainen, and Lars E.O. Svensson [92/3]

“Econometric Analysis of Industrial Country Commodity Exports,” by Manmohan S. Kumar [92/4]

“China’s Foreign Trade Behavior in the 1980s: An Empirical Analysis,” by Adi Brender [92/5]

“Household Demand for Money in Poland: Theory and Evidence,” by Timothy D. Lane [92/6]

“International Comparisons of Money Demand: A Review Essay,” by James M. Boughton [92/7]

“Privatization in East Germany: A Survey of Current Issues,” by Dieter Bös [92/8]

“Bank Insolvency and Stabilization in Eastern Europe,” by Daniel C. Hardy and Ashok Kumar Lahiri [92/9]

“Distortionary Taxation and the Debt Laffer Courve,” by Aasim M. Husain [92/10]

“A Cross–Country Analysis of the Tax–Push Hypothesis,” by Fiorella Padoa Schioppa Kostoris [92/11]

“Assessing Eastern Europe’s Capital Needs,” by A.R. Boote [92/12]

“Does Sequencing of Privatization Matter in Reforming Planned Economies?” by Aasim M. Husain and Ratna Sahay [92/13]

“A Quantitative Examination of Current Account Dynamics in Equilibrium Models of Barter Economies,” by Enrique G. Mendoza [92/14]

“Theory and Policy: A Comment on Dixit and on Current Tax Theory,” by Vito Tanzi [92/15]

“A Tax on Gross Assets of Enterprises as a Form of Presumptive Taxation,” by Efraim Sadka and Vito Tanzi [92/16]

“From the Debt Crisis Toward Economic Stability: An Analysis of the Consistency of Macroeconomic Policies in Mexico,” by Liliana Rojas–Suarez [92/17]

“Reserve Requirements on Bank Deposits as Implicit Taxes: A Case Study of Italy,” by Lazaros E. Molho [92/18]

“Theories of Policy Accommodation: The Persistence of Inflation and Gradual Stabilizations,” by Jose De Gregorio [92/19]

“Exchange Rate Flexibility, Volatility, and the Patterns of Domestic and Foreign Direct Investment,” by Joshua Aizenman [92/20]

“A Note on Burden Sharing Among Creditors,” by Michael Dooley, Richard D. Haas, and Steven Symansky [92/21]

“Target Zones and Forward Rates in a Model with Repeated Realignments,” by Leonardo Bartolini and Gordon M. Bodnar [92/22]

“Fiscal Revenue, Inflationary Finance, and Growth,” by Nurun N. Choudhry [92/23]

“Can the Release of a Monetary Overhang Trigger Hyperinflation?” by Shoukang Lin and Kent Osband [92/24]

“Sovereign Debt Relief Schemes and Welfare,” by Aasim M. Husain [92/25] “Contracts, Credibility, and Common Knowledge: Their Influence on Inflation Convergence,” by Marcus Miller and Alan Sutherland [92/26]

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:

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 (for example, 1990–92 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, 1991/92) 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, 1992:2);

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