Abstract
MARGARET R. KELLY
STAFF PAPERS
MARGARET R. KELLY
Chair, Editorial Committee
IAN S. MCDONALD
Editor and Deputy Chair
SARA KANE
Assistant Editor
Editorial Committee
Mario I. Blejer
Mohsin S. Khan
Guillermo A. Calvo
G. Russell Kincaid
Guillermo A. Calvo
Malcolm D. Knight
José Fajgenbaum
Malcolm D. Knight
Ved P. Gandhi
Paul R. Masson
David J. Goldsbrough
Susan M. Schadler
Peter Isard
Subhash M. Thakur
Among the responsibilities of the International Monetary Fund, as set forth in its Articles of Agreement, is the obligation to “act as a centre for the collection and exchange of information on monetary and financial problems.”Staff Papers makes available to a wider audience papers prepared by the members of the Fund staff. The views presented in the papers are those of the authors and are not to be interpreted as necessarily indicating the position of the Executive Board or of the Fund.
To facilitate electronic storage and retrieval of bibliographic data, Staff Papers has adopted the subject classification scheme developed by the Journal of Economic Literature.
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EDITOR’S NOTE
The Editor invites from contributors outside the Fund brief comments (not more than 1,000 words) on published articles in Staff Papers. These comments should be addressed to the Editor, who will forward them to the author of the original article for reply. Both the comments and the reply will be considered for publication.
The term “country,” as used in this publication, may not refer to a territorial entity that is a state as understood by international law and practice; the term may also cover some territorial entities that are not states but for which statistical data are maintained and provided internationally on a separate and independent basis.
© 1993 by the International Monetary Fund
International Standard Serial Number: ISSN 0020-8027
The U.S. Library of Congress has cataloged this serial publication as fallows:
International Monetary Fund
Staff papers — International Monetary Fund. v. 1- Feb. 1950- [Washington] International Monetary Fund.
v. tables, diagrs. 23 cm.
Three no. a year, 1950-1977; four no. a year, 1978-Indexes:
Vols. 1-27, 1950-80, 1 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
Wage and Public Debt Indexation
PABLO E. GUIDOTII
Interpreting the Cyclical Behavior of Prices
BANKIM CHADHA and ESWAR PRASAD
International Trade. Distortions. and Long-Run Economic Growth
JONG-WHA LEE
Optimal and Sustainable Exchange Rate Regimes: A Two-Country Game-Theoretic Approach
MASAHIRO KAWAI
A Monetary Model of a Shortage Economy
SHOUKANG LIN
Endogenous Creditor Seniority and External Debt Values
MICHAEL DOOLEY und MARK R. STONE
Money and Credit Under Currency Substitution
CARLOS A. RODRÍGUEZ
Asymmetry in the ERM: A Case Study of French and German Interest Rates Before and After German Unification
EDWARD H. GARDNER and WILLIAM R.M. PERRAUDIN
The Operation of the Estonian Currency Board
ADAM G.G. BENNETT
Shorter Paper
Fiscal Policy in Pakistan Since 1970
NADEEM U. HAQUE and PETER J. MONTIEL
IMF Working Papers
IMF Papers on Policy Analysis and Assessment