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 1997:4 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 1997:4 follows:

“Exchange Rate Volatility, Pricing to Market and Trade Smoothing,” by Peter B. Clark and Hamid Faruqee [97/126]

“Contagion and Volatility with Imperfect Credit Markets,” by Pierre-Richard Agénor and Joshua Aizenman [97/127]

“Cyclical Fluctuations in Brazil’s Real Exchange Rater: The Role of Domestic and External Factors,” by Pierre-Richard Agénor, Alexander W. Hoffmaister, Carlos I. Medeiros [97/128]

“Intergovernmental Fiscal Relations: The Chinese System in Perspective,” by Vivek B. Arora and John Norregaard [97/129]

“The Scope for Inflation Targeting in Developing Countries,” by Paul R. Masson, Miguel A. Savastano, and Sunil Sharma [97/130]

“Can Switching Between Inflationary Regimes Explain Fluctuations in Real Interest Rates?” by Michael Bleaney [97/131]

“Time-Series Estimation of Structural Import Demand Equations: A Cross-Country Analysis,” by Abdelhak Senhadji [97/132]

“Fiscal Policy and the Predictability of Exchange Rate Collapse,” by Betty C. Daniel [97/133]

“External Finance and Foreign Debt in Central and Eastern European Countries,” by Stefano Manzocchi [97/134]

“Macroeconomic Cycles in China,” by S. Erik Oppers [97/135]

“Implications for Savings of Aging in the Asian “Tigers”,” by Peter S. Heller and Steve Symansky [97/136]

“Labor Market Institutions and Unemployment Dynamics in Transition Economies,” by Pietro Garibaldi and Zuzana Brixiova [97/137]

“Transparency and Ambiguity in Central Bank Safety Net Operations,” by Charles Enoch, Peter Stella, and May Khamis [97/138 ]

“Corruption, Public Investment, and Growth,” by Vito Tanzi and Hamid Davoodi [97/139]

“Banking Crises in Latin America in the 1990s: Lessons From Argentina, Paraguay, and Venezuela,” by Alicia García-Herrero [97/140]

“Reform of the Canada Pension Plan: Analytical Considerations,” by Charles Kramer and Yutong Li [97/141)

“Stylized Facts of Government Finance in the G-7,” by Riccardo Fiorito [97/142]

“Aging in the Asian “Tigers”: Challenges for Fiscal Policy,” by Peter S. Heller [97/143]

“Liquid Asset Ratios and Financial Sector Reform,” by Anne-Marie Gulde, Jean Claude Nascimento, and Lorena M. Zamalloa [97/144]

“The Determinants of Inflation in Mozambique,” by Angel Ubide [97/145]

“Sources of Debt Accumulation in a Small Open Economy,” by Abdelhak Senhadji [97/146]

“Nominal Income and the Inflation–Growth Divide,” by Sheetal K, Chand [97/147]

“Policy Reform, Adjustment Costs, and Investment: With Activity of Local Investors as a Signal,” by Omotunde E.G. Johnson [97/148]

“Competitiveness in Transition Economies: What Scope for Real Appreciation? by Kornélia Krajnyák and Jeromin Zettelmeyer [97/149]

“Cooperation, Emergence of the Economic Agency Role of Government, and Governance,” by Omotunde E.G. Johnson [97/150]

“Towards a System of Multilateral Unit Labor Cost-Based Competitiveness Indicators for Advanced, Developing, and Transition Countries,” by Anthony G.Turner and Stephen S. Golub [97/151]

“How Macroeconomic Factors Affect Income Distribution: The Cross-Country Evidence,” by Michael Sarel [97/152]

“The Efficiency of Government Expenditure: Experiences from Africa,” by Sanjeev Gupta, Keiko Honjo, and Marijn Verhoeven [97/153]

“Wholesale Payments and Financial Discipline, Efficiency, and Liquidity,” by David Folkerts-Landau [97/154]

“Decentralization and Macroeconomic Management,” by Teresa Ter-Minassian [97/155]

“The CFA Franc Zone and the EMU,” by Michael T. Hadjimichael and Michel Galy [97/156]

“Sequencing Capital Account Liberalization: Lessons from the Experiences in Chile, Indonesia, Korea, and Thailand,” by R. Barry Johnston, Salim M. Darbar, and Claudia Echeverria [97/157]

“Prices in the Transition: Ten Stylized Facts,” by Vincent Koen and Paula De Masi [97/158]

“Are Currency Crises Predictable?” by Ilan Goldfajn and Rodrigo O. Valdés [97/159]

“The Real Effects of Monetary Policy in the European Union: What Arc the Differences?” by Ramana Ramaswamy and Torsten Sloek [97/160]

“Lessons from Systemic Bank Restructuring: A Survey of 24 Countries,” by Claudia Dziobek and Ceyla Pazarbasioğlu [97/161]

“Payments Arrears in the Gas and Electric Power Sectors of the Russian Federation and Ukraine,” Hrant Bagratian and Emine Gürgen [97/162]

“Policy Reform as Collective Action,” by Omotunde E.G. Johnson [97/163]

“Speculative Attacks, Forward Market Intervention and the Classic Bear Squeeze,” by Subir Lall [97/164]

“Private Investment and Endogenous Growth: Evidence From Cameroon,” by Dhaneshwar Ghura [97/165]

“Risk Management of Sovereign Assets and Liabilities,” by Marcel Cassard and David Folkerts-Landau [97/166]

“Regional Integration and Baltic Trade and Investment Performance,” by Piritta Sorsa [97/167]

“Sharp Reductions in Current Account Deficits: An Empirical Analysis,” by Gian Maria Milesi-Ferretti and Assaf Razin [97/168]

“Investment, Uncertainty, and Irreversibility in Ghana,” by Catherine Pattillo [97/169]

“An Econometric Analysis of the Determinants of Inflation in Turkey,” by Cheng Hoon Lim and Laura Papi [97/170]

“The Bank of Canada’s Monetary Policy Framework: Have Recent Changes Enhanced Central Bank Credibility?” by Brenda González-Hermosillo and Takatoshi Ito [97/171]

“International Evidence on the Determinants of Trade Dynamics,” by Eswar S. Prasad and Jeffery A. Gable [97/172]

“Vertical Tax Externalities in the Theory of Fiscal Federalism,” by Michael Keen [97/173]

“Money, Wages and Inflation in Middle-Income Developing Countries,” by Pierre-Richard Agénor and Alexander W. Hoffmaister [97/174]

“The Capital Structure of Listed Companies in Poland,” by Qaizar Hussain and Eugeniy Nivorozhkin [97/175]

“Is the Exchange Rate a Shock Absorber? The Case of Sweden,” by Alun Thomas [97/176]

“IMF Estimates of Potential Output: Theory and Practice,” by Paula R. De Masi [97/177]

“Some Issues in the Design of Monetary Instruments for the Operation of European Economic and Monetary Union,” by Charles Enoch, Paul Hilbers, and Arto Kovanen [97/178]

“A Decade of Civil Service Reform in Sub-Saharan Africa,” by Ian Lienert and Jitendra Modi [97/179]

“Evolution of Monetary Policy Instruments in Russia,” by Tomás J.T. Balino, David S. Hoelsher, and Jakob Horder [97/180]

“Empirical Determinants of Household Saving; Evidence from OECD Countries,” by Tim Callen and Christian Thiman [97/181]

“Winner-Loser Reversals in National Stock Market Indices: Can They be Explained?” by Anthony Richards [97/182]