Abstract
Peter Hole
STAFF PAPERS
Peter Hole
Chair, Editorial Committee
Ian S. McDonald
Editor and Deputy Chair
Thomas Walter
Assistant Editor
Editorial Committee
William E. Alexander
F. Charles Adams
David Burton
Peter Isard
G. Russell Kincaid
Malcolm D. Knight
Jorge Márquez-Ruarte
Paul R. Masson
Donald J. Mathieson
Guy M. Meredith
Ratna Sahay
Subhash M. Thakur
Howell H. Zee
Among the responsibilities of the International Monetary Fund, as set forth in its Articles of Agreement, is the obligation to “act as a centre for the collection and exchange of information on monetary and financial problems.” Stuff Papers makes available to a wider audience papers prepared by the members of the Fund staff. The views presented in the papers are those of the authors and are not to be interpreted as necessarily indicating the position of the Executive Board or of the Fund.
To facilitate electronic storage and retrieval of bibliographic data. Staff Papers has adopted the subject classification scheme developed by the Journal of Economic Literature.
Subscription: US$54.00 a volume or the approximate equivalent in the currencies of most countries. Four numbers constitute a volume. Single copies may be purchased at $18.00. Individual academic rate to full-time professors and students of universities and colleges: $27 a volume. Subscriptions and orders should he sent to:
International Monetary Fund
Publication Services
700 19th Street, N.W.
Washington. DC. 20431. U.S.A.
Telephone: (202) 623-7430 Telefax: (202) 623-7201
E-mail: publications@imf.org Internet: http://www.imf.org
Copyright Page
EDITORS NOTE
The Editor invites from contributors outside the Fund brief comments (not more than 1,000 words) on published articles in Staff Papers. These comments should be addressed to the Editor, who will forward them to the author of the original article for reply. Both the comments and the reply will be considered for publication.
The term “country,” as used in this publication, may not refer to a territorial entity that is a state as understood by international law and practice: the term may also cover some territorial entities that are not states but for which statistical data are maintained and provided internationally on a separate and independent basis.
© 1997 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 em.
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.
HG38KM5
332.082
53-35483
CONTENTS
Pension Reform, Financial Market Development, and Economic Growth: Preliminary Evidence from Chile
ROBERT HOLZMANN
Fiscal Policy and Long-Run Growth
VITO TANZI and HOWELL H. ZEE
Fiscal Adjustments in OECD Countries: Composition and Macroeconomic Effects
ALBERTO ALESINA and ROBERTO PEROTTI
Is the Phillips Curve Really a Curve? Some Evidence for Canada, the United Kingdom, and the United States
GUY DEBELLE and DOUGLAS LAXTON
Comments
Internal Migration, Center-State Grants, and Economic Growth in the State of India: A Comment on Cashin and Sahay
M. GOVINDA RAO and KUNAL SEN
Internal Migration, Center-State Grants, and Economic Growth in the State of India: A Reply to Rao and Sen
PAUL CASHIN and RATNA SAHAY
IMF Working Papers
IMF Papers on Policy Analysis and Assessment