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 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 follows.

“ERM Money Supplies and the Transition to EMU,” by Marcel Cassard, Timothy Lane, and Paul Masson [94/1]

“Long Memory Processes and Chronic Inflation: Detecting Homogeneous Components in a Linear Rational Expectation Model,” by Fabio Scacciavillani [94/2]

“Money Demand, Bank Credit, and Economic Performance in Former Socialist Economies,” by Guillermo A. Calvo and Manmohan S, Kumar [94/3]

“The U.S. Public Debt: Implications for Growth,” by Carlos Asilis [94/4]

“Comparative Advantage, Exchange Rates, and G-7 Sectoral Trade Balances,” by Stephen Golub [94/5]

“Measuring the Transition: A User’s View on National Accounts in Russia,” by Vincent Koen [94/6]

“Commodity Prices: Cyclical Weakness or Secular Decline?” by Carmen M. Reinhart and Peter Wickham [94/7]

“Export Instability and the External Balance in Developing Countries,” by Atish Ghosh and Jonathan D. Ostry [94/8]

“The Macroeconomic Determinants of Commodity Prices,” by Eduardo Borensztein and Carmen Reinhart [94/9]

“Shortage Under Free Prices: The Case of Ukraine in 1992,” by Alexander Sundakov, Rolando Ossowski, and Timothy Lane [94/10]

“Monetary Policy in Unified Currency Areas: The Case of the CAMA and ECCA During 1976–90,” by Jean-Claude Nascimento [94/11]

“Real Estate Price Inflation, Monetary Policy, and Expectations in the United States and Japan,” by Hossein Samiei and Garry Schinasi [94/12]

“The Payments Systems Reforms and Monetary Policy in Emerging Market Economies in Central and Eastern Europe,” by Tomás J.T. Balino, Juhi Dhawan, and V. Sundararajan [94/13]

“Working Paper Summaries,” compiled by the Editorial Division, External Relations Department [94/14]

“Endogenous Time Preference and Endogenous Growth,” by Howell H. Zee [94/15]

“Geography, Trade Patterns, and Economic Policy,” by Carlos M. Asilis and Luis A. Rivera-Batiz [94/16]

“Robustness of Equilibrium Exchange Rate Calculations to Alternative Assumptions and Methodologies,” by Tamim Bayoumi, Peter Clark, Steve Symansky, and Mark Taylor [94/17]

“Withholding Taxes and the Cost of Public Debt,” by Harry Huizinga [94/18]

“Real Exchange Rates and the Prices of Nontradable Goods,” by Stefano Micossi and Gian Maria Milesi-Ferretti [94/19]

“Realignment Expectations, Forward Rate Bias, and Sterilized Intervention in an Adjustable Peg Exchange Rate Model with Policy Optimization,” by Peter Isard [94/20]

“Exchange Market Pressures and Speculative Capital Flows in Selected European Countries,” by Inci Ötker and Ceyla Pazarbasioglu [94/21]

“Targeting the Real Exchange Rate: Theory and Evidence,” by Guillermo A. Calvo, Carmen M. Reinhart. and Carlos A. Végh [94/22]

“Economics, Politics, and Ethics of Primary Commodity Development: How Can Poor Countries in Africa Benefit the Most?” by Uma Lele, James Gockowski, and Kofi Adu-Nyako [94/23]

“Systemic Requirements for Monetary Stability in Eastern Europe and the Former Soviet Union,” by Jacek Rostowski [94/24]

“The ‘Hard’ SDR: An Exploratory Analysis,” by Subhash Thakur [94/25]

“An Overview of the Japanese Distribution System: The Case of the Automobile Industry,” by Sayuri Shirai [94/26]

“Core Functional Requirements for Fiscal Management Systems,” by Ali Hashim and Bill Allan [94/27]

“Changing Patterns in Public Expenditure Management: An Overview,” by A. Premchand [94/28]

“Competitiveness Indicators: A Theoretical and Empirical Assessment,” by Ian W. Marsh and Stephen P. Tokarick [94/29]

“Labor Market Institutions and Flexibility in Italy: A Critical Evaluation and Some International Comparisons,” by Dimitri G. Demekas [94/30]

“The Use of Financial Spreads as Indicator Variables: Evidence for the U.K. and Germany,” by E.P. Davis and S.G.B. Henry [94/31]

“Taxation of Petroleum Products: Theory and Empirical Evidence,” by Sanjeev Gupta and Walter Mahler [94/32]

“International Evidence on Tradables and Nontradables Inflation,” by José De Gregorio, Alberto Giovannini. and Holger C. Wolf [94/33]

“Financial and Enterprise Restructuring in Emerging Market Economies,” by Steven M. Fries and Timothy D. Lane [94/34]

“Drift in Producer Price Indexes for the Former Soviet Union Countries,” Francois Lequiller and Kimberly D. Zieschang [94/35]

“Economic Determinants of Fund Financial Arrangements.” by Malcolm Knight and Julio A. Santaella [94/36]

“Improving the Management of a Central Bank—A Case Study,” by John Mendzela [94/37]

“Tax Policy Implications in Endogenous Growth Models,” by Bin Xu [94/38]

“Financial Structure, Bank Lending Rates, and the Transmission Mechanism of Monetary Policy,” by Carlo Cottarelli and Angeliki Kourelis [94/39]

“A Framework for the Analysis of Pension and Unemployment Benefit Reform in Poland,” by William R. M. Perraudin [94/40]

“The Internationalization of Yen and Key Currency Questions,” by Toru Iwami [94/41]

“A Formal Model of Optimum Currency Areas,” by Tamim Bayoumi [94/42]

“Interenterprise Arrears in Post-Communist Economies,” by Jacek Rostowski [94/43]

“Information Externalities Affecting the Dynamic Pattern of Foreign Direct Investment: The Case of China,” by Dongpei Huang and Sayuri Shirai [94/44]

“Trade Reforms of Uncertain Duration and Real Uncertainty: A First Approximation,” by Guillermo A. Calvo and Enrique G. Mendoza [94/45]

“Searching for the Virtues of the European Model,” by Gilles Saint-Paul [94/46]

“Credit Markets with Differences in Abilities: Education, Distribution, and Growth,” by José De Gregorio and Se-Jik Kim [94/47]

“Operational Issues Related to the Functioning of Interbank Foreign Exchange Markets in Selected African Countries,” by Calvin McDonald and Yin-Fun Lum [94/48]

“Credibility of Policies versus Credibility of Policymakers,” by Allan Drazen and Paul R. Masson [94/49]

“The Trade and Welfare Consequences of U.S. Export-Enhancing Tax Provisions,” by Donald Rousslang and Stephen Tokarick [94/50]

“Refinance Instruments: Lessons from Their Use in Some Industrialized Countries,” by Bernard Laurens [94/51]

“Pensions, Price Shocks, and Macroeconomic Stability in Transition Economies: Illustrations from Belarus,” by Ehtisham Ahmad, Sergio Lugaresi, Alex Mourmouras, and Jean-Luc Schneider [94/52]

“Supply Pressure and the Export-Import Performance in the Japan–U.S. Bilateral Trade,” by Yusuke Onitsuka [94/53]

“Interenterprise Arrears in a Post-Command Economy: Thoughts from a Romanian Perspective,” by Daniel Daianu [94/54]

“The Arab Maghreb Union,” by Mohamed Finaish and Eric Bell [94/55]

“Macroeconomic Adjustment with Segmented Labor Markets,” by Pierre-Richard Agénor and Joshua Aizenman [94/56]

“Varieties of Monetary Reforms,” by Pierre L. Siklos [94/57]

“Why Is Unemployment in France So High?” by Reza Moghadam [94/58]

“Nigeria’s Non-Oil Exports: Determinants of Supply and Demand, 1970–90,” by Inutu Lukonga [94/59]

“Do Long-Run Productivity Differentials Explain Long-Run Real Exchange Rates?” by Patrick K. Asea and Enrique G. Mendoza [94/60]

“Issues Concerning Nominal Anchors for Monetary Policy,” by Robert P. Flood and Michael Mussa [94/61]

“Government Securities versus Central Bank Securities in Developing Open Market Operations;—Evaluation and Need for Coordinating Arrangements,” by Marc Quintyn [94/62]

“Financial Markets and Inflation Under Imperfect Information,” by Jose De Gregorio and Federico Sturzenegger [94/63]

“Are the Unemployed Unemployable?” by Gilles Saint-Paul [94/64]

“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 Shortage 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 Countercvlical > Evidence from the G-7,” by Ban kirn 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 and Dong-pei Huang [94/95]

“Adopting Currency Convertibility: Experiences and Monetary Policy Considerations for Advanced Developing Countries,” by Peter 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 Mtihleisen, Roger Nord, and E. Murat Ucer [94/98]

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

“Tuition Subsidies in a Model 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. McMor-ran 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 Robert A. Feldman [94/113]

“Estimating and Interpreting Forward Interest Rates: Sweden 1992-–994,” by Lars E.O. Svensson [94/114]

“Macroeconomic Policies and Smuggling: An Analysis of Illegal Oil Trade in Nigeria,” by Jian-Ye Wang [94/115]

“Defining, Measuring and Alleviating Poverty in an Economy in Transition: The Case of Lithuania,” by Peter K. Cornelius [94/116]

“Financial Market Fragilities in Latin America: From Banking Crisis Resolution to Current Policy Challenges,” by Liliana Rojas-Suarez and Steven R, Weisbrodby [94/117]

“Monetary Aggregation: A Reconciliation of Theory and Central Bank Practice,” by Hugh Pill and Mahmood Pradhan [94/118]

“Foreign Exchange Auctions and Fixing: A Review of Performance,” by Arto Kovanen [94/119]

“Consumption, Income, and International Capital Market Integration,” by Tamim Bayoumi and Ronald MacDonald [94/120]

“Political Business Cycles and Expenditure Policies in Developing Countries,” by Ludger Schuknecht [94/121]

“Public Education Expenditure and Other Determinants of Private Investment in the Caribbean,” by Benedict Clements and Joaquim V. Levy [94/122]

“Albania: Income Distribution, Poverty, and Social Safety Nets in the Transition, 1991–1993,” by Caroline Van Rijckeghem [94/123]

“Changes in the Relationship Between the Long-Term Interest Rate and its Determinants,” by William Lee and Eswar Prasad [94/124]

“The Equity Impact of Value-Added Tax in Bangladesh,” by Shahabuddin M. Hossain [94/125]

“Noise Trading, Transaction Costs, and the Relationship of Stock Returns and Trading Volume,” by Charles Kramer [94/126]

“Central Banking in Central and Eastern Europe: Lessons from the Interwar Years’ Experience,” by Marcello de Cecco [94/127]

“France and the Breakdown of the Bretton Woods International Monetary System,” by Michael D. Bordo, Dominique Simard and Eugene N. White [94/128]

“Dollarization in Lebanon,” by Johannes Mueller [94/129]

“Trade Reform and Inflation Stabilization,” by Vivek B, Arora and Manmohan S. Kumar [94/130]

“The Meaning of Balance of Payments Statistics in an Interdependent World,” by Jack J. Bame [94/131]

“Exchange Rate Fluctuations and U.K. Manufacturing Exports,” by Hossein Samiei [94/132]

“The Payments System and its Effects on Monetary Operations: Recent Experience in the Russian Federation,” by Gabriel Sensenbrenner and V. Sundararajan [94/133]

“Fixed or Floating Exchange Regimes: Does It Matter for Inflation?” by Peter J. Quirk [94/134]

“Treasury Bill Auctions: Issues and Uses,” by Leonardo Bartolini and Carlo Cottarelli [94/135]

“Household Saving in France: Stochastic Income and Financial Deregulation,” by Jonathan D. Ostry and Joaquim Levy [94/136]

“Fiscal Policy Sustainability in Oil-Producing Countries,” by Claire Liuksila. Alejandro Garcia, and Sheila Bassett [94/137]

“On the Dynamics of Economic Growth,” by Michael Sarel [94/138]

“Asymmetric Effects of Economic Activity on Inflation: Evidence and Policy Implications,” by Douglas Laxton, Guy Meredith, and David Rose [94/139]

“Devaluation, Relative Prices, and International Trade: Evidence from Developing Countries,” by Carmen M. Reinhart [94/140]

“Foreign Exchange Risk Regulation: Issues for Industrial and Developing Countries,” by Philipp Hartmann [94/141]

“Improving the Estimation Methodology of Monthly Data in Direction of Trade Statistics,” by Xiaoning Gong [94/142]

“Demographic Dynamics and the Empirics of Economic Growth,” by Michael Sarel [94/143}

“North-South R&D Spillovers,” by David T. Coe, Elhanan Helpman, and Alexander W, Hoffmaister [94/144]

“China’s Imports: An Empirical Analysis Using Johansen’s Cointegration Approach,” by Mingwei Yan and Kalpana Kochhar [94/145]

“A Monetary Impulse Measure for Medium-Term Policy Analysis,” by Bennett T. McCallum and Monica Margraves [94/146]

“The Credibility of the United Kingdom’s Commitment to the ERM: Intentions versus Actions,” by Paul Masson [94/147]

“The Coordination of Domestic Public Debt and Monetary Management in Economies in Transition—Issues and Lessons from Experience,” by V. Sundararajan, Hans J. Blommestein, Peter Dattels, Ian S. McCarthy, and Marta Castello-Branco [94/148]

“Toward a Framework for a Budget Law for Economies in Transition,” by Bill Allan [94/149]

“Unemployment Hysteresis, Wage Determination, and Labor Market Flexibility: The Case of Belgium,” by Reza Moghadam and Caroline Van Rijckeghem [94/150]

“Foreign Exchange Hedging with Synthetic Options and the Interest Rate Defense of a Fixed Exchange Rate Regime,” by Peter M. Garber and Michael G. Spencer [94/151]

“Shocks and Structural Breaks: Labor Market Reforms in the United Kingdom,” by Ramana Ramaswamy and Eswar Prasad [94/152]

“Asset Prices, Financial Liberalization, and the Process of Inflation in Japan,” by Alexander W. Hoffmaister and Garry J. Schinasi [94/153]

“How Large Was the Output Collapse in Russia? Alternative Estimates and Welfare Implications,” by Evgeny Gavrilenkov and Vincent Koen [94/154]

“Human Capital Flight: Impact of Migration on Income and Growth,” by Nadeem U. Haque and Se-Jik Kim [94/155]

“Analysis of the Yield on Foreign Exchange Bearer Certificates: Rationality and Financial Behavior in Pakistan,” by Karim Abdel-Motaal [94/156]

“Financing the Transition of Previously Centrally Planned Economies: Macro-economic Effects on Western Europe,” by Steven Symansky and Leonardo Bartolini [94/157]

“The Response of Wages and Labor Supply Movements to Employment Shocks Across Europe and the United States,” by Alun H. Thomas [94/158]

“Sterilization of Money Inflows: Difficult (Calvo) or Easy (Reisen)?” by Jeffrey A. Frankel [94/159]