STAFF PAPERS

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Ian S. McDonald

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Mario I. Blejer

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Peter Isard

G. Russell Kincaid

Malcolm D. Knight

Paul R. Masson

Donald J. Mathieson

Susan M. Schadler

Subhash M. Thakur

Howell H. Zee

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© 1995 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, I 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

Vol. 42 No. 3 September 1995

CONTENTS

• Long-Run Exchange Rate Modeling: A Survey of the Recent Evidence

  • RONALD MACDONALD

• Foreign Exchange Hedging and the Interest Rate Defense

  • PETER M. GARBER and MICHAEL G. SPENCER

• Economic Effects and Structural Determinants of Capital Controls

  • VITTORIO GRILLI and GIAN MARIA MILESI-FERRETTI

• Consumption, Income, and International Capital Market Integration

  • TAMIM BAYOUMI and RONALD MACDONALD

• “Human Capital Flight” Impact of Migration on Income and Growth

  • NADEEM U. HAQUE and SE-JIK KIM

• Paradise Lost? Growth, Convergence, and Migration in the South Pacific

  • PAUL CASHIN and NORMAN LOAYZA

• Disequilibrium in the Labor Market in South Africa

  • BANKIM CHADHA

• Bank Lending and Financial Structure in Italy: A Case Study

  • CARLO COTTARELLI, GIOVANNI FERRI, and ANDREA GENERALE

• IMF Working Papers

• IMF Papers on Policy Analysis and Assessment