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STAFF PAPERS

Margaret R. Kelly

Chair, Editorial Committee

Ian S. McDonald

Editor and Deputy Chair

Rozlyn Coleman

Assistant Editor

Editorial Committee

F. Charles Adams

Mario I. Blejer

Guillermo A. Calvo

Ved P. Gandhi

David J. Goldsbrough

Peter Isard

G. Russell Kincaid

Malcolm D. Knight

Paul R. Masson

Donald J. Mathieson

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.

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.

© 1994 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 1994

  • Openness, Human Development, and Fiscal Policies: Effects of Economic Growth and Speed of Adjustment

  • DELANO VILLANUEVA

  • Collection Lags and the Optimal Inflation Tax: A Reconsideration

  • ALEX MOURMOURAS and JOSÉ A. TIJERINA

  • The Parallel Market Premium: Is It a Reliable Indicator of Real Exchange Rate Misalignment in Developing Countries?

  • PETER J. MONTIEL and JONATHAN D. OSTRY

  • Exchange Rate Strategies and Fiscal Performance in Sub-Saharan Africa

  • KARIM NASHASHIBI and STEFANIA BAZZONI

  • The Stabilizing Effect of the ERM on Exchange Rates and Interest Rates: Some Nonparametric Tests

  • MICHAEL J. ARTIS and MARK P. TAYLOR

  • Shorter Paper and Comments

  • The Use of Foreign Exchange Swaps by Central Banks

  • CATHARINA J. HOOYMAN

  • Unification of Foreign Exchange Markets: A Comment on AgĂ©nor and Flood

  • CHING-CHONG LAI and WEN-YA CHANG

  • Unification of Foreign Exchange Markets: A Rejoinder to Lai and Chang

  • PIERRE-RICHARD AGÉNOR and ROBERT P. FLOOD

  • IMF Working Papers

  • IMF Papers on Policy Analysis and Assessment

  • Collapse
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