Front Matter Page

STAFF PAPERS

Margaret R. Kelly

Chair, Editorial Committee

Ian S. McDonald

Editor and Deputy Chair

Rozlyn Coleman and Sara Kane

Assistant Editors

Editorial Committee

Mario I. Blejer

Guillermo A. Calvo

José Fajgenbaum

Ved P. Gandhi

David J. Goldsbrough

Peter Isard

Mohsin S. Khan

G. Russell Kincaid

Malcolm D. Knight

Paul R. Masson

Susan M. Schadler

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.

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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 follows:

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

• Vol. 40 No. 1

• MARCH 1993

• An Empirical Analysis of the Output Declines in Three Eastern European Countries

• EDUARDO BORENSZTEIN, DIMITRI G. DEMEKAS, and JONATHAN D. OSTRY

• Output Collapse in Eastern Europe: The Role of Credit

• GUILLERMO A. CALVO and FABRIZIO CORICELLI

• Market Discipline

• TIMOTHY D. LANE

• The Monetary Approach to the Exchange Rate: Rational Expectations, Long-Run Equilibrium, and Forecasting

• RONALD MACDONALD and MARK P. TAYLOR

• Capital Inflows and Real Exchange Rate Appreciation in Latin America: The Role of External Factors

• GUILLERMO A. CALVO, LEONARDO LEIDERMAN, and CARMEN M. REINHART

• Mineral Taxation, Market Failure, and the Environment

• TIMOTHY R. MUZONDO

• Contracts, Credibility, and Common Knowledge: Their Influence on Inflation Convergence

• MARCUS MILLER and ALAN SUTHERLAND

• Shorter Papers and Comments

• Independent Currency Authorities: An Analytic Primer

• KENT OSBAND and DELANO VILLANUEVA

• Tax Farming: A Radical Solution for Developing Country Tax Problems?

• PETER STELLA

• A Note on Burden Sharing Among Creditors

• MICHAEL DOOLEY, RICHARD D. HAAS, and STEVEN SYMANSKY

• IMF Working Papers

• IMF Papers on Policy Analysis and Assessment