Front Matter

Front Matter Page

Robert Flood

Editor and Committee Chair

Ratna Sahay and Eswar S. Prasad


Sean M. Culhane

Assistant Editor

Rafael Romeu

Research Assistant

Rosalind Oliver

Administrative Coordinator

Editorial Committee

Brian Aitken

Sharmini Coorey

Tito Cordelia

Atish R. Ghosh

Olivier Jeanne

Laura Kodres

Eduardo Ley

Donald J. Mathieson

Gian Maria Milesi-Ferretti

Sunil Sharma

The objective of IMF Staff Papers is to publish high quality research produced by IMF staff and invited guests on a variety of topics of interest to a broad audience that includes academics and policymakers in IMF member countries. The papers selected for publication in the journal are subject to an extensive review process using both internal and external referees. IMF Staff Papers also welcomes outside comments, criticisms, and interesting replications of published work. The views presented in published papers are those of the authors and do not necessarily reflect the views of the Executive Board or of the IMF.

Subscription: $U.S.54.00 a volume, or the approximate equivalent in the currencies of most countries. Three issues constitute a volume. Single copies may be purchased at $18. Individual academic rate to full-time professors and students of universities and colleges: $27 a volume. Subscriptions and orders should be sent to:

International Monetary Fund

Publication Services

700 19th Street, N.W.

Washington, D.C. 20431, U.S.A.

Telephone: (202) 623-7430

Fax: (202) 623-7201




The Editor invites from contributors outside the IMF brief comments (not more than 1,000 words) on published articles in IMF 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 data underlying articles published in IMF Staff Papers are available on the journal’s website ( Readers are invited to use these data to expand on the material in the articles, and the journal will consider publishing such work.

Front Matter Page

© 2001 by the International Monetary Fund

International Standard Serial Number: ISSN 1020-7635

This serial publication is catalogued as follows:

International Monetary Fund

IMF staff papers — International Monetary Fund. v. 1-Feb. 1950-[Washington] International Monetary Fund.

v. tables, diagrs. 26 cm.

Three no. a year, 1950-1977: four no. a year, 1978-


Vols. 1-27. 1950-80, I v.

ISSN 1020-7635 = IMF staff papers — International Monetary Fund.

1. Foreign exchange—Periodicals.

2. Commerce—Periodicals.

3. Currency question—Periodicals.

HG3810.15 332.082 53-35483

In statistical matter throughout this issue,

  • dots (…) indicate that the 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, 1998-99 or January-June) to indicate a total of the years or months inclusive of the beginning and ending years or months;

  • a slash (/) is used between years (for example, 1998/99) to indicate a fiscal year or a crop year; and

  • components of tables may not add to totals shown because of rounding.

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.

Design: Luisa Menjivar-Macdonald and Sanaa Elaroussi