Abstract
This paper reviews recent theoretical and empirical work on controls over International capital movements. Theoretical contributions reviewed focus on “second-best “ arguments for capital market restrictions, as well as arguments based on multiple equilibria. The empirical literature suggests that controls have been “effective “ in the narrow sense of influencing yield differentials. But there is little evidence that controls have helped governments meet policy objectives, with the exception of reducing the governments’ debt-service costs, and no evidence that controls have enhanced economic welfare in a manner suggested by theory.
Volume 43 (1996) comprises four issues, as follows:
March, pages 1–260
June, pages 261–460
September, pages 461–638
December, pages 639–841
Authors
Agénor, Pierre-Richard. The Labor Market and Economic Adjustment 261
Bartolini, Leonardo, and Gordon M. Bodnar. Are Exchange Rates Excessively Volatile? And What Does “Excessively Volatile” Mean, Anyway? 72
Bodart, Vincent, and Jean Le Dem. Labor Market Representation in Quantitative Macroeconomic Models for Developing Countries: An Application to Cote d’lvoire 419
Bodnar, Gordon M., and Leonardo Bartolini. Are Exchange Rates Excessively Volatile? And What Does “Excessively Volatile” Mean, Anyway? 72
Buckberg, Elaine, and Alun Thomas. Wage Dispersion in the 1980s: Resurrecting the Role of Trade Through the Effects of Durable Employment Changes 336
Cashin, Paul, and Ratna Sahay. Internal Migration, Center-State Grants, and Economic Growth in the States of India 123
Clark, Peter, Douglas Laxton, and David Rose. Asymmetry in the U.S. Output-Inflation Nexus 216
Cornelius, Peter K., and Beatrice S. Weder. Economic Transformation and Income Distribution: Some Evidence from the Baltic Countries 587
De Masi, Paula, and Vincent Koen. Relative Price Convergence in Russia. 97
Detragiache, Enrica. Rational Liquidity Crises in the Sovereign Debt Market: In Search of a Theory 545
Dooley, Michael P. A Survey of Literature on Controls Over International Capital Transactions 639
Feldman, Robert A, and Vincent Reinhart. Auction Format Matters: Evidence on Bidding Behavior and Seller Revenue 395
Ghura, Dhaneshwar, and Michael T. Hadjimichael. Growth in Sub-Saharan Africa 605
Green, John H. Inflation Targeting: Theory and Policy Implications 779
Hadjimichael, Michael Y, and Dhaneshwar Ghura. Growth in Sub-Saharan Africa 605
Haque, Nadeem Ul, Manmohan S. Kumar. Nelson Murk, and Donald J. Mathieson. The Economic Content of Indicators of Developing Country Creditworthiness 688
Haque, Nadeem Ul, and Ratna Sahay. Do Government Wage Cuts Close Budget Deficits? Costs of Corruption 754
Hoffmaister, Alexander W.. and Carlos A. Vegh. Disinflation and the Re-cession-Now-Versus-Recession-Later Hypothesis: Evidence from Uruguay 355
Jadresic, Esteban. Wage Indexation and the Cost of Disinflation 796
Knight, Malcolm, Norman Loayza, and Delano Villanueva. The Peace Dividend: Military Spending Cuts and Economic Growth 1
Koen, Vincent, and Paula De Masi. Relative Price Convergence in Russia. 97
Kumar, Manmohan S., Nadeem Ul Haque, Nelson Mark, and Donald J. Mathieson. The Economic Content of Indicators of Developing Country Creditworthiness 688
Laxton, Douglas, Peter Clark, and David Rose, Asymmetry in the U. S.
Output-Inflation Nexus 216
Le Dem, Jean, and Vincent Bodart. Labor Market Representation in Quantitative Macroeconomic Models for Developing Countries: An Application to Cote D’lvoire 419
Loayza, Norman, Malcolm Knight, and Delano Villanueva. The Peace Dividend: Military Spending Cuts and Economic Growth 1
MacDonald, Ronald. Long-Run Exchange Rate Modeling: A Reply to Moosa 455
Mark, Nelson, Nadeem Ul Haque, Manmohan S. Kumar, and Donald J. Mathieson. The Economic Content of Indicators of Developing Country Creditworthiness 688
Mathieson, Donald J., Nadeem Ul Haque, Manmohan S. Kumar, and Nelson Mark. The Economic Content of Indicators of Developing Country Creditworthiness 688
McDermott, C. John, and Robert F. Wescott. An Empirical Analysis of Fiscal Adjustments 725
Moosa, Imad A. Long-Run Exchange Rate Modeling: A Comment on MacDonald 452
Ogaki, Masao, Jonathan D. Ostry, and Carmen M. Reinhart. Saving Behavior in Low- and Middle-Income Developing Countries: A Comparison 38
Ostry, Jonathan D., Masao Ogaki, and Carmen M. Reinhart. Saving Behavior in Low-and Middle Income Developing Countries: A Comparison 38
Reinhart, Carmen M., Masao Ogaki, and Jonathan D. Ostry. Saving Behavior in Low-and Middle-Income Developing Countries: A Comparison 38
Reinhart, Vincent, and Robert A. Feldman. Auction Format Matters: Evidence on Bidding Behavior and Seller Revenue 395
Richards, Anthony J. Volatility and Predictability in National Stock Markets: How Do Emerging and Mature Markets Differ? 461
Rose, David. Peter Clark, and Douglas Laxton. Asymmetry in the U.S. Output-Inflation Nexus 216
Sahay, Ratna, and Paul Cashin. International Migration. Center-State Grants, and Economic Growth in the States of India 123
Sahay, Ratna. and Nadeem Ul Haque, Do Government Wage Cuts Close Budget Deficits? Costs of Corruption 754
Santaella. Julio A. Stylized Facts Before IMF-Supported Macroeconomic Adjustment 502
Sarel, Michael. Nonlinear Effects of Inflation on Economic Growth 199
Slemrod. Joel, and Shlomo Yitzhaki. The Costs of Taxation and the Marginal Efficiency Cost of Funds 172
Thomas, Alun, and Elaine Buckberg. Wage Dispersion in the 1980s: Resurrecting the Role of Trade Through the Effects of Durable Employment Chunges 336
Vegh. Carlos A., and Alexander W. Hoffmaister. Disinflation and the Re-cession-Now-Versus-Recession-Later Hypothesis: Evidence from Uruguay 355
Villanueva, Delano, Malcolm Knight, and Norman Loayza. The Peace Dividend: Military Spending Cuts and Economic Growth 1
Weder, Beatrice S., and Peter K. Cornelius. Economic Transformation and Income Distribution: Some Evidence from the Baltic Countries 87
Werner. Alejandro M. Target Zones and Realignment Expectations: The Israeli and Mexican Experiences 571
Wescott, Robert F., and C. John McDermott. An Empirical Analysis of Fiscal Adjustments 725
Yitzhaki, Shlomo, and Joel Slemrod. The Costs of Taxation and the Marginal Efficiency Cost of Funds 172
Titles
Are Exchange Rates Excessively Volatile? And What Does “Excessively Volatile” Mean, Anyway? By Leonardo Bartolini and Gordon M, Bodnar 72
Asymmetry in the U.S. Output-Inflation Nexus. By Peter Clark, Douglas Laxton. and David Rose 216
Auction Formal Matters: Evidence on Bidding Behavior and Seller Revenue. By Robert A. Feldman and Vincent Reinhart 395
The Costs of Taxation and the Marginal Efficiency Cost of Funds, By Joel Slemrod and Shlomo Yitzhaki 172
Disinflation and the Recession-Now-Vcrsus-Reccssion-Later Hypothesis: Evidence from Uruguay. By Alexander W. Hoffmaister and Carlos A. Vegh 355
Do Government Wage Cuts Close Budget Deficits? Costs of Corruption, By Nadeem UI Haque and Ratna Sahay 754
The Economic Content of Indicators of Developing Country Creditworthiness. By Nadeem Ul Haque, Manmohan S. Kumar, Nelson Mark, and Donald J. Mathieson 688
Economic Transformation and Income Distribution: Some Evidence from the Baltic Countries. By Peter K, Cornelius and Beatrice S. Weder 587
An Empirical Analysis of Fiscal Adjustments. By C. John McDermott and Robert F. Wescott 725
Growth in Sub-Saharan Africa. By Dhaneshwar Ghura and Michael T. Hadjimichael 605
Inflation Targeting: Theory and Policy Implications. By John H. Green 779
Internal Migration, Center-State Grants, and Economic Growth in the States of India. By Paul Cashin and Ratna Sahay 123
The Labor Market and Economic Adjustment. By Pierre-Richard Agénor 261
Labor Market Representation in Quantitative Macroeconomic Models for Developing Countries: An Application to Côte d’lvoire. By Vincent Bodart and Jean Le Dem 419
Long-Run Exchange Rate Modeling: A Comment on MacDonald. By Imad A. Moosa 452
Long-Run Exchange Rate Modeling: A Reply to Moosa. By Ronald MacDonald 455
Nonlinear Effects of Inflation on Economic Growth. By Michael Sarel 199
The Peace Dividend: Military Spending Cuts and Economic Growth. By Malcolm Knight. Norman Loayza, and Delano Villanueva 1
Rational Liquidity Crises in the Sovereign Debt Market: In Search of a Theory. By Enrica Detragiaehe 545
Relative Price Convergence in Russia. By Paula De Masi and Vincent Koen 97
Saving Behavior in Low- and Middle-Income Developing Countries: A Comparison. By Masao Ogaki, Jonathan D. Ostry, and Carmen M. Reinhart 38
Stylized Facts Before IMF-Supported Macroeconomic Adjustment. By Julio A. Santaella 502
A Survey of Literature on Controls Over International Capital Transactions. By Michael P. Dooley 639
Target Zones and Realignment Expectations: The Israeli and Mexican Experiences. By Alejandro M. Werner 571
Volatility and Predictability in National Stock Markets: How Do Emerging and Mature Markets Differ? By Anthony J. Richards 461
Wage Dispersion in the 1980s: Resurrecting the Role of Trade Through the Effects of Durable Employment Changes. By Elaine Buckberg and Alun Thomas 336
Wage Indexation and the Cost of Disinflation. By Esteban Jadresic 796
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).
C Mathematical and Quantitative Methods
C15 Statistical Simulation Methods; Monte Carlo Methods
Auction Format Matters: Evidence on Bidding Behavior and Seller Revenue. By Robert A. Feldman and Vincent Reinhart 395
C23 Models with Panel Data
Growth in Sub-Saharan Africa. By Dhaneshwar Ghura and Michael T. Hadjimichael 605
C3 Econometric Methods: Multiple/Simultaneous Equation Models
Disinflation and the Recession-Now-Versus-Recession-Later Hypothesis: Evidence from Uruguay. By Alexander W. Hoffmaister and Carlos A. Végh 355
C51 Model Construction and Estimation
Asymmetry in the U.S. Output-Inflation Nexus. By Peter Clark, Douglas Laxton, and David Rose 216
D Microeconomics
D31 Personal Income and Wealth Distribution
Economic Transformation and Income Distribution: Some Evidence from the Baltic Countries. By Peter K. Cornelius and Beatrice S. Weder 587
D44 Auctions
Auction Format Matters: Evidence on Bidding Behavior and Seller Revenue. By Robert A. Feldman and Vincent Reinhart 395
E Macroeconomics and Monetary Economics
E21 Consumption; Saving
Saving Behavior in Low- and Middle-Income Developing Countries: A Comparison. By Masao Ogaki, Jonathan D. Ostry, and Carmen M. Reinhart 38
E24 Employment; Unemployment; Wages
The Labor Market and Economic Adjustment. By Pierre-Richard Agenor 261
Wage Indexation and the Cost of Disinflation. By Esteban Jadresic 796
E3 Prices, Business Fluctuations, and Cycles
Disinflation and the Recession-Now-Versus-Recession-Later Hypothesis: Evidence from Uruguay. By Alexander W. Hoffmaister and Carlos A. Végh 355
E31 Price Level; Inflation; Deflation
Asymmetry in the U.S. Output-Inflation Nexus. By Peter Clark, Douglas Laxton, and David Rose 216
Nonlinear Effects of Inflation on Economic Growth. By Michael Sarel 199
Relative Price Convergence in Russia. By Paula De Masi and Vincent Koen 97
Wage Indexation and the Cost of Disinflation. By Esteban Jadresic 796
E44 Financial Markets and the Macroeconomy
Are Exchange Rates Excessively Volatile? And What Does “Excessively Volatile” Mean, Anyway? By Leonardo Banolini and Gordon M. Bodnar 72
E5 Monetary Policy, Central Banking, and the Supply of Money and Credit
Disinflation and the Recession-Now-Versus-Recession-Later Hypothesis: Evidence from Uruguay. By Alexander W. Hoffmaistcr and Carlos A. Végh 355
E52 Monetary Policy (Targets, Instruments, and Effects)
Asymmetry in the U.S. Output-Inflation Nexus. By Peter Clark, Douglas Laxton, and David Rose 216
Inflation Targeting: Theory and Policy Implications. By John H. Green 779
E58 Central Banks and Their Policies
Inflation Targeting: Theory and Policy Implications. By John H. Green 779
E62 Fiscal Policy; Public Expenditures, Investment, and Finance: Taxation
An Empirical Analysis of Fiscal Adjustments. By C. John McDermott and Robert F. Wescott 725
E64 Incomes Policy; Price Policy
Wage Indexation and the Cost of Disinflation. By Esteban Jadresic 796
F International Economics
F31 Foreign Exchange
Are Exchange Rates Excessively Volatile? And What Does “Excessively Volatile” Mean, Anyway? By Leonardo Bartolini and Gordon M. Bodnar 72
F32 Current Account Adjustment; Short Term Capital Movements
Stylized Facts Before IMF-Supported Adjustment. By Julio A, Santaella 502
F33 International Monetary Arrangements and Institutions
Stylized Facts Before IMF-Supported Adjustment. By Julio A. Santaella 502
F34 International Lending and Debt Problems
Rational Liquidity Crises in the Sovereign Debt Market: In Search of a Theory. By Enrica Detragiache 545
Stylized Facts Before IMF-Supported Adjustment. By Julio A. Santaella 502
A Survey of Literature on Controls Over International Capital Transactions. By Michael P. Dooley 639
F4 Macroeconomic Aspects of International Trade and Finance
Target Zones and Realignment Expectations: The Israeli and Mexican Experiences. By Alejandro M. Werner 571
F41 Open Economy Macroeconomics
Rational Liquidity Crises in the Sovereign Debt Market: In Search of a Theory. By Enrica Detragiache 545
Saving Behavior in Low- and Middle-Income Developing Countries: A Comparison. By Masao Ogaki. Jonathan D. Ostry. and Carmen M. Reinhart 38
F43 Economic Growth of Open Economies
Saving Behavior in Low- and Middle-Income Developing Countries: A Comparison. By Masao Ogaki. Jonathan D. Ostry, and Carmen M, Reinhart 38
G Financial Economics
G12 Asset Pricing
Volatility and Predictability in National Stock Markets: How Do Emerging and Mature Markets Differ? By Anthony J. Richards. 461
G15 International Financial Markets
The Economic Content of Indicators of Developing Country Creditworthiness. By Nadeem Ul Haque, Manmohan S. Kumar. Nelson Mark, and Donald J. Mathieson 688
A Survey of Literature on Controls Over International Capital Transactions. By Michael P. Dooley 639
Volatility and Predictability in National Stock Markets: How Do Emerging and Mature Markets Differ? By Anthony J. Richards. 461
G24 Investment Banking
The Economic Content of Indicators of Developing Country Creditworthiness. By Nadeem Ul Haque, Manmohan S. Kumar. Nelson Mark, and Donald J. Mathieson 688
G28 Government Policy and Regulation
A Survey of Literature on Controls Over International Capital Transactions. By Michael P. Dooley 639
H Public Economics
H1 Structure and Scope of Government
Do Government Wage Cuts Close Budget Deficits? Costs of Corruption. By Nadeem Ul Haque and Ratna Sahay 754
H20 General
The Costs of Taxation and the Marginal Efficiency Cost of Funds. By Joel Slemrod and Shlomo Yitzhaki 172
H21 Efficiency: Optimal Taxation
The Costs of Taxation and the Marginal Efficiency Cost of Funds. By Joel Slemrod and Shlomo Yitzhaki 172
H26 Tax Evasion
The Costs of Taxation and the Marginal Efficiency Cost of Funds. By Joel Slemrod and Shlomo Yitzhaki 172
Do Government Wage Cuts Close Budget Deficits? Costs of Corruption. By Nadeem Ul Haque and Rama Sahay 754
H62 Deficit
An Empirical Analysis of Fiscal Adjustments. By C. John MeDermott and Robert F. Wescott 725
J Labor and Demographic Economics
J21 Labor Force and Employment, Size, and Structure
Labor Market Representation in Quantitative Macroeconomic Models for Developing Countries: An Application to Côte d’lvoire. By Vincent Bodart and Jean Le Dem 419
J23 Employment Determination; Demand for Labor
The Labor Market and Economic Adjustment. By Pierre-Richard Agénor 261
J30 General
Wage Dispersion in the 1980s: Resurrecting the Role of Trade Through the Effects of Durable Employment Changes. By Elaine Buckberg and Alun Thomas 336
J31 Wage Level and Structure; Wage Differentials by Skill, Training, Occupation, etc.
Wage Dispersion in the 1980s: Resurrecting the Role of Trade Through the Effects of Durable Employment Changes. By Elaine Buckberg and Alun Thomas 336
J4 Particular Lahor Markets
Labor Market Representation in Quantitative Macroeconomic Models for Developing Countries: An Application to Côte d’lvoire. By Vincent Bodart and Jean Le Dem 419
J42 Monopsony; Segmented Labor Markets
The Labor Market and Economic Adjustment. By Pierre-Richard Agénor 261
J45 Public Sector Labor Markets
Do Government Wage Cuts Close Budget Deficits? Costs of Corruption. By Nadeem Ul Haque and Ratna Sahay 754
L Industrial Organization
L42 Vertical Restraints; Resale Price Maintenance; Quantity Discounts
Do Government Wage Cuts Close Budget Deficits? Costs of Corruption. By Nadeem UI Haque and Ratna Sahay 754
O Economic Development, Technological Change, and Growth
O11 Macroeconomic Analysis of Economic Development
Growth in Sub-Saharan Africa. By Dhaneshwar Gbura and Michael T. Hadji michael 605
Saving Behavior in Low- and Middle-Income Developing Countries: A Comparison. By Masao Ogaki, Jonathan D. Ostry, and Carmen M. Reinhart 38
O16 Financial Markets; Saving and Capital Investment
Saving Behavior in Low- and Middle-Income Developing Countries: A Comparison. By Masao Ogaki, Jonathan D. Ostry, and Carmen M. Reinhart 38
O17 Formal and Informal Sectors; Shadow Economy. Institutional Arrangements
Labor Market Representation in Quantitative Macroeconomic Models for Developing Countries: An Application to Côte d’lvoire. By Vincent Bodart and Jean Lc Dem 419
O18 Regional, Urban, and Rural Analysis
Labor Market Representation in Quantitative Macroeconomic Models for Developing Countries: An Application to Côte d’lvoire. By Vincent Bodart and Jean Le Dem 419
O40 General
Growth in Sub-Saharan Africa. By Dhaneshwar Ghura and Michael T. Hadjimichael 605
Nonlinear Effects of Inflation on Economic Growth. By Michael Sare199
O41 One, Two, and Multisector Growth Models
Internal Migration, Center-State Grants, and Economic Growth in the States of India, By Paul Cashin and Ratna Sahay 123
The Peace Dividend: Military Spending Cuts and Economic Growth. By Malcolm Knight, Norman Loayza, and Delano Villanueva 1
O47 Measurement of Economic Growth: Aggregate Productivity
Internal Migration Center-State Grants, and Economic Growth in the States of India. By Paul Cashin and Ratna Sahay 123
The Peace Dividend: Military Spending Cuts and Economic Growth. By Malcolm Knight, Norman Loayza, and Delano Villanueva 1
O53 Asia including Middle East
Internal Migration, Center-State Grants, and Economic Growth in the States of India. By Paul Cashin and Ratna Sahay 123
O55 Africa
Growth in Sub-Saharan Africa. By Dhaneshwar Ghura and Michael T. Hadjimichael 605
O57 Comparative Studies of Countries
Saving Behavior in Low- and Middle-Income Developing Countries: A Comparison. By Masao Ogaki, Jonathan D. Ostry, and Carmen M. Reinhart 38
P Economic Systems
P21 Planning, Coordination, and Reform
Economic Transformation and Income Distribution: Some Evidence from the Baltic Countries, By Peter K. Cornelius and Beatrice S. Weder 587
P22 Prices
Relative Price Convergence in Russia. By Paula De Masi and Vincent Koen 97
P52 Comparative Studies of Particular Economics
The Economic Content of Indicators of Developing Country Creditworthiness. By Nadeem Ul Haque. Manmohan S. Kumar, Nelson Mark, and Donald J. Mathieson 688
R Urban, Rural, and Regional Economics
R11 Analysis of Growth, Development, and Changes
Internal Migration, Center-State Grants, and Economic Growth in the States of India. By Paul Cashin and Ratna Sahay 123
R32 Other Production and Pricing Analysis
Relative Price Convergence in Russia. By Paula De Masi and Vincent Koen 97
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.