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 1994:3 follows.


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 1994:3 follows.

“Relative Prices and Economic Adjustment in the U.S. and the EU: A Real Story About European Monetary Union,” by Tamim Bayoumi and Alun Thomas [94/65]

“Exchange Rate Determinants in Russia: 1992–93,” by Vincent Koen and Eric Meyermans [94/66]

“Cash Shortages in the Former Soviet Union,” by Daniel C. Hardy and Ashok K. Lahiri [94/67]

“Output Decline and Government Expenditures in European Transition Economies,” by Ke-young Chu and Gerd Schwartz [94/68]

“Military Expenditure and Arms Trade: Alternative Data Sources,” by Nancy Happe and John Wakeman-Linn [94/69]

“How Does Learning Affect Inflation After a Shift in the Exchange Rate Regime?” by Laura Papi [94/70]

“The Path of Output from Plan to Market,” by Thorvaldur Gylfason [94/71]

“Determining the Value of a Financial Unit of Account Based on Composite Currencies: The Case of the Private ECU,” by David Folkerts-Landau and Peter M. Garber [94/72]

“The Changing Mix of Disequilibria During Transition: A Romanian Background,” by Daniel Daianu [94/73]

“Fiscal Federalism in Europe—Is It a Necessary Precondition for a Successful European Economic and Monetary Integration?” by Norbert Berthold [94/74]

“The Behavior of Real Interest Rates in Exchange-Rate Based Stabilization Programs,” by Pierre-Richard Agénor [94/75]

“The Main Determinants of Inflation in Nigeria,” by Gary G. Moser [94/76]

“Taxation and Endogenous Growth in Open Economies,” by Gian Maria Milesi-Ferretti and Nouriel Roubini [94/77]

“The Impact of Controls on Capital Movements on the Private Capital Accounts of Countries’ Balance of Payments: Empirical Estimates and Policy Implications,” by R. Barry Johnston and Chris Ryan [94/78]

“Information Asymmetries in Developing Country Financing,” by George C. Anayiotos [94/79]

“Economic Reform and Structural Adjustment in East European Industry,” by Eduardo Borensztein and Jonathan D. Ostry [94/80]

“Capital Account Convertibility: A New Model for Developing Countries,” by Peter J. Quirk [94/81]

“Restraining Yourself: Fiscal Rules and Stabilization,” by Tamim Bayoumi and Barry Eichengreen [94/82]

“The Low-Skill, Bad-Job Trap,” by Dennis J. Snower [94/83]

“Supply-Side Effects of Disinflation Programs,” by Jorge E. Roldós [94/84]

“The Political Economy of Budget Deficits,” by Alberto Alesina and Roberto Perotti [94/85]

“On Corruption and Capital Accumulation,” by Carlos M. Asilis and V. Hugo Juan-Ramon [94/86]

“Working Paper Summaries—January–June 1994,” compiled by the Editorial Division, External Relations Department [94/87]

“External Shocks, the Real Exchange Rate, and Tax Policy,” by Stephen Tokarick [94/88]

“Aging Population and Canadian Public Pension Plans,” by Tamim Bayoumi [94/89]

“Long-Run Determinants of the Real Exchange Rate: A Stock-Flow Perspective,” by Hamid Faruqee [94/90]

“Are Prices Countercylical? Evidence from the G-7,” by Bankim Chadha and Eswar Prasad [94/91]

“Government Spending, Taxes, and Economic Growth,” by Paul Cashin [94/92]

“Linkages in Price Level and Inflation Rate between CFA Franc Zone Countries and France,” by Diep Nuven [94/93]

“Cointegration of International Stock Market Indices,” by Ray Y. Chou, Victor K. Ng, and Lynn K. Pi [94/94]

“How Does Industrialization Affect the Structure of International Trade? The Japanese Experience in the Pacific Basin, 1975–85,” by Sayuri Shirai [94/95]

“Adopting Currency Convertibility: Experiences and Monetary Policy Considerations for Advanced Developing Countries,” by Peter J. Quirk [94/96]

“The Canadian Labor Market: Developments, Prospects, and Policy,” by Eswar Prasad [94/97]

“Effects of Macroeconomic Stability on Growth, Savings, and Investment in Sub-Saharan Africa: An Empirical Investigation,” by Michael T. Hadjimichael, Dhaneshwar Ghura, Martin Mühleisen, Roger Nord, and E. Murat Uçer [94/98]

“Corruption, Governmental Activities, and Markets,” by Vito Tanzi [94/99]

“Tuition Subsidies in a Mode! of Economic Growth,” by Philip R. Gerson [94/100]

“Sequencing of Financial Sector Reforms: A Review,” by Vicente Galbis [94/101]

“Explaining Unemployment in Spain: Structural Change, Cyclical Fluctuations, and Labor Market Rigidities,” by Jeffrey R. Franks [94/102]

“Emerging Equity Markets in Middle Eastern Countries,” by Mohamed A. El-Erian and Manmohan S. Kumar [94/103]

“Eastern Europe—Factors Underlying the Weakening Performance of Tax Revenues,” by Gérard Bélanger [94/104]

“The Pay-As-You-Earn Tax on Wages—Options for Developing Countries and Countries in Transition,” by Koenraad van der Heeden [94/105]

“Tax Policy and the Environment: Theory and Practice,” by Ronald T. McMorran and David C. L. Nellor [94/106]

“The Role of Offshore Centers in International Financial Intermediation,” by Marcel Cassard [94/107]

“Disequilibrium in the Labor Market in South Africa,” by Bankim Chadha [94/108]

“Economic Trends in Africa: The Economic Performance of Sub-Saharan African Countries,” by Pierre Dhonte, Daudi Ballali, Gilbert Terrier, and Stéphane Cossé [94/109]

“How Does Foreign Direct Investment Affect Economic Growth?” by Eduardo Borensztein, José De Gregorio and Jong-Wha Lee [94/110]

“Technological Change, Relative Wages, and Unemployment,” by Pierre-Richard Agénor and Joshua Aizenman [94/111]

“Achy But Healthy: Lessons from the Israeli Health Sector,” by Yaakov Kop [94/112]

“Measures of External Competitiveness for Germany,” by R.A. Feldman [94/113]

“Estimating and Interpreting Forward Interest Rates: Sweden 1992–1994,” by Lars E.O. Svensson [94/114]