Abstract
This paper describes early contributions of Staff Papers to international economics. The paper highlights that Staff Papers has, since its inception in 1950, been an important vehicle for the dissemination of research done by the IMF staff. This paper discusses three areas in which articles published in Staff Papers up until the 1970s made major contributions to the literature in international economics. The areas covered are: the absorption approach and the monetary theory of the balance of payments; the Mundell-Fleming model; and foreign trade modeling.
Authors
Alesina, Alberto, and Roberto Perotti. The Political Economy of Budget Deficits 1
Bayoumi, Tamim, and Barry Eichengreen. Restraining Yourself: The Implications of Fiscal Rules for Economic Stabilization 32
Bayoumi, Tamim, and Ronald MacDonald. Consumption, Income, and International Capital Market Integration 552
Bayoumi, Tamim, and Alun Thomas. Relative Prices and Economic Adjustment in the United States and the European Union: A Real Story About EMU 108
Blejer, Mario I., Mohsin S. Khan, and Paul R. Masson. Early Contributions of Staff Papers to International Economics 707
Cashin, Paul. Government Spending, Taxes, and Economic Growth 237
Cashin, Paul, and Norman Loayza. Paradise Lost? Growth, Convergence, and Migration in the South Pacific 608
Chadha, Bankim. Disequilibrium in the Labor Market in South Africa. 642
Cottarelli, Carlo, Giovanni Ferri, and Andrea Generale. Bank Lending Rates and Financial Structure in Italy: A Case Study 670
Eichengreen, Barry, and Tamim Bayoumi. Restraining Yourself: The Implications of Fiscal Rules for Economic Stabilization 32
El-Erian, Mohamed A., and Manmohan S. Kumar. Emerging Equity Markets in Middle Eastern Countries 313
Faruquee, Hamid. Long-Run Determinants of the Real Exchange Rate: A Stock-Flow Perspective 80
Faruquee, Hamid. Pricing to Market and the Real Exchange Rate 855
Ferri, Giovanni, Carlo Cottarelli, and Andrea Generale. Bank Lending Rates and Financial Structure in Italy: A Case Study 670
Flanagan, Robert J. Wage Structures in the Transition of the Czech Economy 836
Folkerts-Landau, David, and Peter M. Garber. Determining the Value of a Financial Unit of Account Based on Composite Currencies: The Case of the Private ECU 134
Garber, Peter M., and David Folkerts-Landau. Determining the Value of a Financial Unit of Account Based on Composite Currencies: The Case of the Private ECU 134
Garber, Peter M., and Michael G. Spencer. Foreign Exchange Hedging and the Interest Rate Defense 490
Generale, Andrea, Carlo Cottarelli, and Giovanni Ferri. Bank Lending Rates and Financial Structure in Italy: A Case Study 670
Grilli, Vittorio, and Gian Maria Milesi-Ferretti. Economic Effects and Structural Determinants of Capital Controls 517
Guitián, Manuel. Conditionality: Past, Present, Future 792
Haas, Richard D., and Donald J. Mathieson. Establishing Monetary Control in Financial Systems with Insolvent Institutions 184
Haque, Nadeem Ul, and Se-Jik Kim. “Human Capital Flight”: Impact of Migration on Income and Growth 577
Henry, Jérôme, and Jens Weidmann. Comment on Gardner and Perraudin 894
Hossain, Shahabuddin M. The Equity Impact of the Value-Added Tax in Bangladesh 411
James, Harold. The Historical Development of the Principle of Surveillance 762
Khan, Mohsin S., Mario I. Blejer, and Paul R. Masson. Early Contributions of Staff Papers to International Economics 707
Kim, Se-Jik and Nadeem Ul Haque. “Human Capital Flight”: Impact of Migration on Income and Growth 577
Kumar, Manmohan S., and Mohamed A. El-Erian. Emerging Equity Markets in Middle Eastern Countries 313
Laxton, Douglas, Guy Meredith, and David Rose. Asymmetric Effects of Economic Activity on Inflation: Evidence and Policy Implications 344
Levy, Joaquim, and Jonathan D. Ostry. Household Saving in France: Stochastic Income and Financial Deregulation 375
Loayza, Norman, and Paul Cashin. Paradise Lost? Growth, Convergence, and Migration in the South Pacific 608
MacDonald, Ronald, and Tamim Bayoumi. Consumption, Income, and International Capital Market Integration 552
MacDonald, Ronald. Long-Run Exchange Rate Modeling: A Survey of the Recent Evidence 437
Masson, Paul R., Mario I. Blejer, and Mohsin S. Khan. Early Contributions of Staff Papers to International Economics 707
Mathieson, Donald J., and Richard D. Haas. Establishing Monetary Control in Financial Systems with Insolvent Institutions 184
Meredith, Guy, Douglas Laxton, and David Rose. Asymmetric Effects of Economic Activity on Inflation: Evidence and Policy Implications 344
Milesi-Ferretti, Gian Maria, and Vittorio Grilli. Economic Effects and Structural Determinants of Capital Controls 517
Moghadam, Reza, and Caroline Van Rijckeghem. Unemployment Hysteresis, Wage Determination, and Labor Market Flexibility: The Case of Belgium 882
Moser, Gary G. The Main Determinants of Inflation in Nigeria 270
Ostry, Jonathan D., and Joaquim Levy. Household Saving in France: Stochastic Income and Financial Deregulation 375
Perotti, Roberto, and Alberto Alesina. The Political Economy of Budget Deficits 1
Polak, Jacques J. Fifty Years of Exchange Rate Policy and Research at the International Monetary Fund 734
Reinhart, Carmen M. Devaluation, Relative Prices, and International Trade: Evidence from Developing Countries 290
Roldós, Jorge E. Supply-Side Effects of Disinflation Programs 158
Rose, David, Douglas Laxton, and Guy Meredith. Asymmetric Effects of Economic Activity on Inflation: Evidence and Policy Implications 344
Saal, Matthew I., and Lorena M. Zamalloa. Use of Central Bank Credit Auctions in Economies in Transition 202
Sarel, Michael. Demographic Dynamics and the Empirics of Economic Growth 398
Spencer, Michael G., and Peter M. Garber. Foreign Exchange Hedging and the Interest Rate Defense 490
Thomas, Alun, and Tamim Bayoumi. Relative Prices and Economic Adjustment in the United States and the European Union: A Real Story About EMU 108
Tokarick, Stephen. External Shocks, the Real Exchange Rate, and Tax Policy 49
Van Rijckeghem, Caroline, and Reza Moghadam. Unemployment Hysteresis, Wage Determination, and Labor Market Flexibility: The Case of Belgium 882
Weidmann, Jens, and Jérôme Henry. Comment on Gardner and Perraudin 894
Zamalloa, Lorena M., and Matthew I. Saal. Use of Central Bank Credit Auctions in Economies in Transition 202
Titles
Asymmetric Effects of Economic Activity on Inflation: Evidence and Policy Implications. By Douglas Laxton, Guy Meredith, and David Rose 344
Bank Lending Rates and Financial Structure in Italy: A Case Study. By Carlo Cottarelli, Giovanni Ferri, and Andrea Generate 670
Comment on Gardner and Perraudin. By Jérôme Henry and Jens Weidmann 894
Conditionality: Past, Present, Future. By Manuel Guitián 792
Consumption, Income, and International Capital Market Integration. By Tamim Bayoumi and Ronald MacDonald 552
Demographic Dynamics and the Empirics of Economic Growth. By Michael Sarel 398
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 134
Devaluation, Relative Prices, and International Trade: Evidence from Developing Countries. By Carmen M. Reinhart 290
Disequilibrium in the Labor Market in South Africa. By Bankim Chadha 642
Early Contributions of Staff Papers to International Economics. By Mario I. Blejer, Mohsin S. Khan, and Paul R. Masson 707
Economic Effects and Structural Determinants of Capital Controls. By Vittorio Grilli and Gian Maria Milesi-Ferretti 517
Emerging Equity Markets in Middle Eastern Countries. By Mohamed A. El-Erian and Manmohan S. Kumar 313
The Equity Impact of the Value-Added Tax in Bangladesh. By Shahabuddin M. Hossain 411
Establishing Monetary Control in Financial Systems with Insolvent Institutions. By Donald J. Mathieson and Richard D. Haas 184
External Shocks, the Real Exchange Rate, and Tax Policy. By Stephen Tokarick 49
Fifty Years of Exchange Rate Policy and Research at the International Monetary Fund. By Jacques J. Polak 734
Foreign Exchange Hedging and the Interest Rate Defense. By Peter M. Garber and Michael G. Spencer 490
Government Spending, Taxes, and Economic Growth. By Paul Cashin.. 237
The Historical Development of the Principle of Surveillance. By Harold James 762
Household Saving in France: Stochastic Income and Financial Deregulation. By Jonathan D. Ostry and Joaquim Levy 375
“Human Capital Flight”: Impact of Migration on Income and Growth. By Nadeem Ul Haque and Se-Jik Kim 577
Long-Run Determinants of the Real Exchange Rate: A Stock-Flow Perspective. By Hamid Faruqee 80
Long-Run Exchange Rate Modeling: A Survey of the Recent Evidence. By Ronald MacDonald 437
The Main Determinants of Inflation in Nigeria. By Gary G. Moser 270
Paradise Lost? Growth, Convergence, and Migration in the South Pacific. By Paul Cashin and Norman Loayza 608
The Political Economy of Budget Deficits. By Alberto Alesina and Roberto Perotti 1
Pricing to Market and the Real Exchange Rate. By Hamid Faruqee 855
Relative Prices and Economic Adjustment in the United States and the European Union: A Real Story About EMU. By Tamim Bayoumi and Alun Thomas 108
Restraining Yourself: The Implications of Fiscal Rules for Economic Stabilization. By Tamim Bayoumi and Barry Eichengreen 32
Supply-Side Effects of Disinflation Programs. By Jorge E. Roldós 158
Unemployment Hysteresis, Wage Determination, and Labor Market Flexibility: The Case of Belgium. By Reza Moghadam and Caroline Van Rijckeghem 882
Use of Central Bank Credit Auctions in Economies in Transition. By Matthew I. Saal and Lorena M. Zamalloa 202
Wage Structures in the Transition of the Czech Economy. By Robert J. Flanagan 836
Subjects
To facilitate electronic storage and retrieval of bibliographic data, Staff Papers has adopted the subject classification scheme of the Journal of Economic Literature (Nashville, Tennessee).
B Methodology and History of Economic Thought
B20 History of Economic Thought Through 1925—General
Early Contributions of Staff Papers to International Economics. By Mario I. Blejer, Mohsin S. Khan, and Paul R. Masson 707
C Mathematical and Quantitative Methods
C51 Model Construction and Estimation
Asymmetric Effects of Economic Activity on Inflation: Evidence and Policy Implications. By Douglas Laxton, Guy Meredith, and David Rose 344
C68 Computable General Equilibrium Models
External Shocks, the Real Exchange Rate, and Tax Policy. By Stephen Tokarick 49
E Macroeconomics and Monetary Economics
E12 General Aggregate Models—Keynes, Keynesian; Post-Keynesian
Pricing to Market and the Real Exchange Rate. By Hamid Faruquee 855
E21 Consumption; Saving
Consumption, Income, and International Capital Market Integration. By Tamim Bayoumi and Ronald MacDonald 552
Household Saving in France: Stochastic Income and Financial Deregulation. By Jonathan D. Ostry and Joaquim Levy 375
E24 Employment; Unemployment; Wages
Disequilibrium in the Labor Market in South Africa. By Bankim Chadha 642
E31 Price Level; Inflation; Deflation
Asymmetric Effects of Economic Activity on Inflation: Evidence and Policy Implications. By Douglas Laxton, Guy Meredith, and David Rose 344
The Main Determinants of Inflation in Nigeria. By Gary G. Moser 270
E37 Prices, Business Fluctuations, and Cycles—Forecasting and Simulation
The Main Determinants of Inflation in Nigeria. By Gary G. Moser 270
E42 Monetary Standards and Regimes; Government and the Monetary System
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 134
E43 Determination of Interest Rates; Term Structure of Interest Rates
Bank Lending Rates and Financial Structure in Italy: A Case Study. By Carlo Cottarelli, Giovanni Ferri, and Andrea Generate 670
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 134
E44 Financial Markets and the Macroeconomy
Bank Lending Rates and Financial Structure in Italy: A Case Study. By Carlo Cottarelli, Giovanni Ferri, and Andrea Generale 670
E5 Monetary Policy, Central Banking, and the Supply of Money and Credit
Conditionality: Past, Present, Future. By Manuel Guitián 792
E52 Monetary Policy (Targets, Instruments, and Effects)
Asymmetric Effects of Economic Activity on Inflation: Evidence and Policy Implications. By Douglas Laxton, Guy Meredith, and David Rose 344
Bank Lending Rates and Financial Structure in Italy: A Case Study. By Carlo Cottarelli, Giovanni Ferri, and Andrea Generale 670
Establishing Monetary Control in Financial Systems with Insolvent Institutions. By Donald J. Mathieson and Richard D. Haas 184
Use of Central Bank Credit Auctions in Economies in Transition. By Matthew I. Saal and Lorena M. Zamalloa 202
E58 Central Banks and Their Policies
Bank Lending Rates and Financial Structure in Italy: A Case Study. By Carlo Cottarelli, Giovanni Ferri, and Andrea Generale 670
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 134
Establishing Monetary Control in Financial Systems with Insolvent Institutions. By Donald J. Mathieson and Richard D. Haas 184
Use of Central Bank Credit Auctions in Economies in Transition. By Matthew I. Saal and Lorena M. Zamalloa 202
E61 Policy Objectives; Policy Designs and Consistency; Policy Coordination
Conditionality: Past, Present, Future. By Manuel Guitián 792
The Historical Development of the Principle of Surveillance. By Harold James 762
E62 Fiscal Policy; Public Expenditures, Investment, and Finance; Taxation
Government Spending, Taxes, and Economic Growth. By Paul Cashin 237
Restraining Yourself: The Implications of Fiscal Rules for Economic Stabilization. By Tamim Bayoumi and Barry Eichengreen 32
E65 Macroeconomic Aspects of Public Finance, Macroeconomic Policy, and General Outlook—Studies of Particular Policy Episodes
Unemployment Hysteresis, Wage Determination, and Labor Market Flexibility: The Case of Belgium. By Reza Moghadam and Caroline Van Rijckeghem 882
F International Economics
F11 Neoclassical Models of Trade
Devaluation, Relative Prices, and International Trade: Evidence from Developing Countries. By Carmen M. Reinhart 290
F12 Models of Trade with Imperfect Competition and Scale Economics
Pricing to Market and the Real Exchange Rate. By Hamid Faruquee 855
F13 Commercial Policy; Protection; Promotion; Trade Negotiations
External Shocks, the Real Exchange Rate, and Tax Policy. By Stephen Tokarick 49
F14 Country and Industry Studies of Trade
Devaluation, Relative Prices, and International Trade: Evidence from Developing Countries. By Carmen M. Reinhart 290
F15 Economic Integration
Relative Prices and Economic Adjustment in the United States and the European Union: A Real Story About EMU. By Tamim Bayoumi and Alun Thomas 108
F21 International Investment; Long-term Capital Movements
Economic Effects and Structural Determinants of Capital Controls. By Vittorio Grilli and Gian Maria Milesi-Ferretti 517
F22 International Migration
Paradise Lost? Growth, Convergence, and Migration in the South Pacific. By Paul Cashin and Norman Loayza 608
F3 International Finance
Foreign Exchange Hedging and the Interest Rate Defense. By Peter M. Garber and Michael G. Spencer 490
F31 Foreign Exchange
Fifty Years of Exchange Rate Policy and Research at the International Monetary Fund. By Jacques J. Polak 734
Long-Run Exchange Rate Modeling: A Survey of the Recent Evidence. By Ronald MacDonald 437
Long-Run Determinants of the Real Exchange Rate: A Stock-Flow Perspective. By Hamid Faruqee 80
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 134
Devaluation, Relative Prices, and International Trade: Evidence from Developing Countries. By Carmen M. Reinhart 290
F32 Current Account Adjustment; Short-term Capital Movements
Devaluation, Relative Prices, and International Trade: Evidence from Developing Countries. By Carmen M. Reinhart 290
Economic Effects and Structural Determinants of Capital Controls. By Vittorio Grilli and Gian Maria Milesi-Ferretti 517
F33 International Monetary Arrangements and Institutions
Conditionality: Past, Present, Future. By Manuel Guitián 792
Fifty Years of Exchange Rate Policy and Research at the International Monetary Fund. By Jacques J. Polak 734
Relative Prices and Economic Adjustment in the United States and the European Union: A Real Story About EMU. By Tamim Bayoumi and Alun Thomas 108
F36 Financial Aspects of Economic Integration
Consumption, Income, and International Capital Market Integration. By Tamim Bayoumi and Ronald MacDonald 552
F41 Open Economy Macroeconomics
Long-Run Determinants of the Real Exchange Rate: A Stock-Flow Perspective. By Hamid Faruqee 80
Pricing to Market and the Real Exchange Rate. By Hamid Faruquee 855
Supply-Side Effects of Disinflation Programs. By Jorge E. Roldós 158
F42 Macroeconomic Aspects of International Trade and Finance— International Policy Coordination
The Historical Development of the Principle of Surveillance. By Harold James 762
G Financial Economics
G14 Information and Market Efficiency; Event Studies
Emerging Equity Markets in Middle Eastern Countries. By Mohamed A. El-Erian and Manmohan S. Kumar 313
G15 International Financial Markets
Emerging Equity Markets in Middle Eastern Countries. By Mohamed A. El-Erian and Manmohan S. Kumar 313
H Public Economics
H20 Taxation and Subsidies—General
“Human Capital Flight”: Impact of Migration on Income and Growth. By Nadeem Ul Haque and Se-Jik Kim 577
H22 Taxation and Subsidies—Incidence
The Equity Impact of the Value-Added Tax in Bangladesh. By Shahabuddin M. Hossain 411
H23 Taxation and Subsidies—Externalities; Redistributive Effects
The Equity Impact of the Value-Added Tax in Bangladesh. By Shahabuddin M. Hossain 411
H6 National Budget, Deficit, and Debt
The Political Economy of Budget Deficits. By Alberto Alesina and Roberto Perotti 1
H61 Budget; Budget Systems
Restraining Yourself: The Implications of Fiscal Rules for Economic Stabilization. By Tamim Bayoumi and Barry Eichengreen 32
H74 State and Local Borrowing
Restraining Yourself: The Implications of Fiscal Rules for Economic Stabilization. By Tamim Bayoumi and Barry Eichengreen 32
I Health, Education, and Welfare
I30 Welfare and Poverty—General
Unemployment Hysteresis, Wage Determination, and Labor Market Flexibility: The Case of Belgium. By Reza Moghadam and Caroline Van Rijckeghem 882
J Labor and Demographic Economies
J00 General
Wage Structures in the Transition of the Czech Economy. By Robert J. Flanagan 836
J11 Demographic Trends and Forecasts
Demographic Dynamics and the Empirics of Economic Growth. By Michael Sarel 398
J21 Labor Force and Employment, Size, and Structure
Demographic Dynamics and the Empirics of Economic Growth. By Michael Sarel 398
J23 Employment Determination; Demand for Labor
Disequilibrium in the Labor Market in South Africa. By Bankim Chadha 642
J3 Wages, Compensation, and Labor Costs
Wage Structures in the Transition of the Czech Economy. By Robert J. Flanagan 836
J31 Wage Level and Structure; Wage Differentials by Skill, Training, Occupation, etc.
Disequilibrium in the Labor Market in South Africa. By Bankim Chadha 642
J4 Particular Labor Markets
Wage Structures in the Transition of the Czech Economy. By Robert J. Flanagan 836
J5 Labor-Management Relations, Trade Unions, and Collective Bargaining
Wage Structures in the Transition of the Czech Economy. By Robert J. Flanagan 836
O Economic Development, Technological Change, and Growth
O15 Human Resources; Income Distribution; Migration
“Human Capital Flight”: Impact of Migration on Income and Growth. By Nadeem Ul Haque and Se-Jik Kim 577
O19 International Linkages to Development; Role of International Organizations
The Historical Development of the History of Surveillance. By Harold James 762
O40 Economic Growth and Aggregate Productivity—General
“Human Capital Flight”: Impact of Migration on Income and Growth. By Nadeem Ul Haque and Se-Jik Kim 577
O41 One, Two, and Multisector Growth Models
Government Spending, Taxes, and Economic Growth. By Paul Cashin 237
O47 Measurement of Economic Growth; Aggregate Productivity
Demographic Dynamics and the Empirics of Economic Growth. By Michael Sarel 398
Paradise Lost? Growth, Convergence, and Migration in the South Pacific. By Paul Cashin and Norman Loayza 608
O56 Economywide Country Studies—Oceania
Paradise Lost? Growth, Convergence, and Migration in the South Pacific. By Paul Cashin and Norman Loayza 608
P Economic Systems
P2 Socialist Systems
Wage Structures in the Transition of the Czech Economy. By Robert J. Flanagan 836
P21 Socialist Systems—Planning, Coordination, and Reform
Unemployment Hysteresis, Wage Determination, and Labor Market Flexibility: The Case of Belgium. By Reza Moghadam and Caroline Van Rijckeghem 882
P5 Comparative Economic Systems
Wage Structures in the Transition of the Czech Economy. By Robert J. Flanagan 836
P52 Comparative Studies of Particular Economies
Emerging Equity Markets in Middle Eastern Countries. By Mohamed A. El-Erian and Manmohan S. Kumar 313
R Urban, Rural, and Regional Economics
R11 Analysis of Growth, Development, and Changes
Relative Prices and Economic Adjustment in the United States and the European Union: A Real Story About EMU. By Tamim Bayoumi and Alun Thomas 108
In statistical matter throughout this issue,
dots (. . .) indicate that data are not available;
a dash (—) indicates that the figure is zero or less than half the final digit shown, or that the item does not exist;
a single dot (.) indicates decimals;
a comma (,) separates thousands and millions;
“billion” means a thousand million, and “trillion” means a thousand billion;
a short dash (-) is used between years or months (for example, 1992-94 or January-October) to indicate a total of the years or months inclusive of the beginning and ending years or months;
a stroke (/) is used between years (for example, 1993/94) to indicate a fiscal year or a crop year;
a colon (:) is used between a year and the number indicating a quarter within that year (for example, 1994:1);
components of tables may not add to totals shown because of rounding.