Front Matter Page
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.
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Front Matter Page
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.
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© 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 Agénor 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