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 1992:2 follows; additions will be noted in future issues.

“An Analysis of the Process of Capital Liberalization in Italy,” by Leonardo Bartolini and Gordon M. Bodnar [92/27]

“Tariffs, Optimal Taxes, and Collection Costs,” by Dubravko Mihaljek [92/28]

“Financial Markets and Public Finance in the Transformation Process,” by Vito Tanzi [92/29]

“Stabilization and Reform in Eastern Europe: A Preliminary Evaluation,” by Michael Bruno [92/30]

“A Framework for the Analysis of Financial Reforms and the Cost of Official Safety Nets,” by Peter Isard, Donald J. Mathieson, and Liliana Rojas-Suarez [92/31]

“Anticipated Exchange Rate Reform,” by Pierre-Richard Agénor and Robert P, Flood [92/32]

“Currency Substitution and Inflation in Peru,” by Liliana Rojas-Suarez [92/33]

“The Monetary Approach to the Exchange Rate: Rational Expectations, Long-Run Equilibrium, and Forecasting,” by Ronald MacDonald and Mark P. Taylor [92/34]

“Growth, Productivity, and the Rate of Return on Capital,” by Charles Adams and Bankim Chadha [92/35]

“Aggregation of Economic Indicators Across Countries: Exchange Rate versus PPP-Based GDP Weights,” by Anne-Marie Guide and Marianne Schulze-Ghattas [92/36]

“The Optimal Rate of Money Creation in an Overlapping Generations Model: Numerical Simulations for the U.S. Economy,” by A. Javier Hamann [92/37]

“Fiscal Impulses and Their Fiscal Impact,” by Sheetal K. Chand [92/38]

“A Theory of Optimum Currency Areas: Revisited,” by Joshua Aizenman and Robert P. Flood [92/39]

“Currency Substitution in Developing Countries: An Introduction,” by Guillermo A. Calvo and Carlos A. Végh [92/40]

“Specification of Policy Rules and Performance Measures in Multicountry Simulation Studies,” by Bennett T. McCallum [92/41]

“Market Discipline,” by Timothy D. Lane [92/42]

“Trends and Future Directions in Tax Policy Reform: A Latin American Perspective,” by Parthasarathi Shome [92/43]

“Price Liberalization in a Reform Socialist Economy: A Search Equilibrium Approach,” by Domenico Fanizza [92/44]

“Bank Risk and the Declining Franchise Value of the Banking Systems in the United States and Japan [92/45]

“Liberalization of the Capital Account: Experiences and Issues,” by Donald J. Mathieson and Liliana Rojas-Suarez [92/46]

“The Macroeconomic Effects of Counterpart Funds and the Underlying Foreign Aid,” by Christian Mulder [92/47]

“A Simple Forecasting Accuracy Criterion Under Rational Expectations: Evidence from the World Economic Outlook and Time-Series Models,” by José M. Barrionuevo [92/48].

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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.