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Mr. Robert P Flood
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This paper analyzes the financial implications of the 1956 crisis of nationalization of the Suez Canal by Egypt. It examines the regional distribution of public employment in Italy. The paper quantifies the impact of changes in the U.S. monetary policy on sovereign bond spreads in emerging market countries. Specifically, the paper explores empirically how country risk, as proxied by sovereign bond spreads, is influenced by U.S. monetary policy, country-specific fundamentals, and conditions in global capital markets. Modeling the IMF’s statistical discrepancy in the global current account is also discussed.

Abstract

This paper analyzes the financial implications of the 1956 crisis of nationalization of the Suez Canal by Egypt. It examines the regional distribution of public employment in Italy. The paper quantifies the impact of changes in the U.S. monetary policy on sovereign bond spreads in emerging market countries. Specifically, the paper explores empirically how country risk, as proxied by sovereign bond spreads, is influenced by U.S. monetary policy, country-specific fundamentals, and conditions in global capital markets. Modeling the IMF’s statistical discrepancy in the global current account is also discussed.

Volume 48 Index

Volume 48 (2001) comprises three issues, as follows:

No. 1, 1-224 No. 2, 225-423 No. 3, 425-620

Authors

  • Alesina, Alberto, Stephan Danninger, and Massimo Rostagno. Redistribution Through Public Employment: The Case of Italy 447

  • Annett, Anthony. Social Fractionalization, Political Instability, and the Size of the Government 561

  • Arora, Vivek, and Martin Cerisola. How Does U.S. Monetary Policy Influence Economic Conditions in Emerging Markets? 474

  • Bayoumi, Tamim, and James Morsink. A Peek Inside the Black Box: The Monetary Transmission Mechanism in Japan 22

  • Boughton, James. Northwest of Suez: The 1956 Crisis and the IMF 425

  • Bulir, Ales. Income Inequality: Does Inflation Matter?

  • Cerisola, Martin, and Vivek Arora. How Does U.S. Monetary Policy Influence Economic Conditions in Emerging Markets? 139

  • Chan-Lau, Jorge A., and Zhaohui Chen. Crash-Free Sequencing Strategies for Financial Development and Liberalization 179

  • Chen, Zhaohui, and Jorge A. Chan-Lau. Crash-Free Sequencing Strategies for Financial Development and Liberalization 179

  • Clements, Benedict, Hamid Davoodi, Jerald Schiff, and Peter Debaere. Military Spending, the Peace Dividend, and Fiscal Adjustment 290

  • Danninger, Stephan, Alberto Alesina, and Massimo Rostagno. Redistribution Through Public Employment: The Case of Italy 447

  • Davoodi, Hamid, Benedict Clements, Jerald Schiff, and Peter Debaere. Military Spending, the Peace Dividend, and Fiscal Adjustment 290

  • Debaere, Peter, Hamid Davoodi, Benedict Clements, and Jerald Schiff. Military Spending, the Peace Dividend, and Fiscal Adjustment 290

  • De Zeeuw, Maarten, and Christoph B. Rosenberg. Welfare Effects of Uzbekistan’s Foreign Exchange Regimes 160

  • Enoch, Charles, Gillian Garcia, and V. Sundararajan. Recapitalizing Banks with Public Funds 58

  • Fernandez-Arias, Eduardo, and Peter Montiel. Reform and Growth in Latin America: All Pain, No Gain? 522

  • Funke, Michael, and Ralf Ruhwedel. Product Variety and Economic Growth: Empirical Evidence for the OECD Countries 225

  • Garcia, Gillian, Charles Enoch, and V. Sundararajan. Recapitalizing Banks with Public Funds 58

  • Hamann, A. Javier. Exchange-Rate-Based Stabilization: A Critical Look at the Stylized Facts 111

  • Heijdra, Ben J., and Jenny E. Ligthart. Deposit-Refund on Labor: A Solution to Equilibrium Unemployment? 593

  • Hoffmaister, Alexander W. Inflation Targeting in Korea: An Empirical Exploration 317

  • Jonsson, Gunnar, and Arvind Subramanian. Dynamic Gains from Trade: Evidence from South Africa 197

  • Jonsson, Gunnar. Inflation, Money Demand, and Purchasing Power Parity in South Africa. 243

  • Khamis, May, and Alfredo M. Leone. Can Currency Demand be Stable Under a Financial Crisis: The Case of Mexico 344

  • Khan, Mohsin S., and Abdelhak S. Senhadji. Threshold Effects in the Relationship Between Inflation and Growth 1

  • Leone, Alfredo M., and May Khamis. Can Currency Demand be Stable Under a Financial Crisis: The Case of Mexico 344

  • Leruth, Luc, Remi Paris, and Ivan Ruzicka. The Complier Pays Principle: The Limits of Fiscal Approaches Towards Sustainable Forest Management 397

  • Ligthart, Jenny E., and Ben J. Heijdra. Deposit-Refund on Labor: A Solution to Equilibrium Unemployment? 593

  • Loayza, Norman, Humberto Lopez, and Angel Ubide. Sectoral Macroeconomic Interdependence: Evidence for Latin America, East Asia, and Europe 367

  • Lopez, Humberto, Norman Loayza, and Angel Ubide. Sectoral Macroeconomic Interdependence: Evidence for Latin America, East Asia, and Europe 367

  • Marquez, Jaime, and Lisa Workman. Modeling the IMF’s Statistical Discrepancy in the Global Current Account 499

  • Montiel, Peter, and Eduardo Fernandez-Arias. Reform and Growth in Latin America: All Pain, No Gain? 522

  • Morsink, James, and Tamim Bayoumi. A Peek Inside the Black Box: The Monetary Transmission Mechanism in Japan 22

  • Paris, Remi, Luc Leruth, and Ivan Ruzicka. The Complier Pays Principle: The Limits of Fiscal Approaches Towards Sustainable Forest Management 397

  • Rosenberg, Christoph B., and Maarten de Zeeuw. Welfare Effects of Uzbekistan’s Foreign Exchange Regimes 160

  • Rostagno, Massimo, Alberto Alesina, and Stephan Danninger. Redistribution Through Public Employment: The Case of Italy 447

  • Ruhwedel, Ralf, and Michael Funke. Product Variety and Economic Growth: Empirical Evidence for the OECD Countries 225

  • Ruzicka, Ivan, Luc Leruth, and Remi Paris. The Complier Pays Principle: The Limits of Fiscal Approaches Towards Sustainable Forest Management 397

  • Schiff, Jerald, Hamid Davoodi, Benedict Clements, and Peter Debaere. Military Spending, the Peace Dividend, and Fiscal Adjustment 290

  • Senhadji, Abdelhak S., and Mohsin S. Khan. Threshold Effects in the Relationship Between Inflation and Growth 1

  • Subramanian, Arvind, and Gunnar Jonsson. Dynamic Gains from Trade: Evidence from South Africa 197

  • Sundararajan, V, Charles Enoch, and Gillian Garcia. Recapitalizing Banks with Public Funds 58

  • Takagi, Shinji, and Yushi Yoshida. Exchange Rate Movements and Tradable Goods Prices in East Asia: An Analysis Based on Japanese Customs Data, 1988-1999 266

  • Ubide, Angel, Norman Loayza, and Humberto Lopez. Sectoral Macroeconomic Interdependence: Evidence for Latin America, East Asia, and Europe 367

  • Von Weizsacker, Robert K., and Berthold U.Wigger. Risk, Resources, and Education: Public Versus Private Financing of Higher Education 547

  • Wigger, Berthold U., and Robert K. von Weizsacker. Risk, Resources, and Education: Public Versus Private Financing of Higher Education 547

  • Workman, Lisa, and Jaime Marquez. Modeling the IMF’s Statistical Discrepancy in the Global Current Account 449

  • Yoshida, Yushi, and Shinji Takagi. Exchange Rate Movements and Tradable Goods Prices in East Asia: An Analysis Based on Japanese Customs Data, 1988-1999 266

Titles

  • Can Currency Demand be Stable Under a Financial Crisis: The Case of Mexico. By May Khamis and Alfredo M. Leone 344

  • The Complier Pays Principle: The Limits of Fiscal Approaches Towards Sustainable Forest Management. By Luc Leruth, Remi Paris, and Ivan Ruzicka 397

  • Crash-Free Sequencing Strategies for Financial Development and Liberalization. By Jorge A. Chan-Lau and Zhaohui Chen 179

  • Deposit-Refund on Labor: A Solution to Equilibrium Unemployment? By Ben J. Heijdra and Jenny E. Ligthart 593

  • Dynamic Gains from Trade: Evidence from South Africa. By Gunnar Jonsson and Arvind Subramanian 197

  • Exchange-Rate-Based Stabilization: A Critical Look at the Stylized Facts. By A. Javier Hamann 111

  • Exchange Rate Movements and Tradable Goods Prices in East Asia: An Analysis Based on Japanese Customs Data, 1988-98. By Shinji Takagi and Yushi Yoshida 266

  • How Does U.S. Monetary Policy Influence Economic Conditions in Emerging Markets? By Vivek Arora and Martin Cerisola 474

  • Income Inequality: Does Inflation Matter? By Ales Bulir 139

  • Inflation, Money Demand, and Purchasing Power Parity in South Africa. By Gunnar Jonsson 243

  • Inflation Targeting in Korea: An Empirical Exploration. By Alexander W. Hoffmaister 317

  • Military Spending, the Peace Dividend, and Fiscal Adjustment. By Hamid Davoodi, Benedict Clements, Jerald Schiff, and Peter Debaere 290

  • Modeling the IMF’s Statistical Discrepancy in the Global Current Account. By Jaime Marquez and Lisa Workman 499

  • Northwest of Suez: The 1956 Crisis and the IMF. By James Boughton 425

  • A Peek Inside the Black Box: The Monetary Transmission Mechanism in Japan. By James Morsink and Tamim Bayoumi 22

  • Product Variety and Economic Growth: Empirical Evidence for the OECD Countries. By Michael Funke and Ralf Ruhwedel 225

  • Recapitalizing Banks with Public Funds. By Charles Enoch, Gillian Garcia, and V.Sundararajan 58

  • Redistribution Through Public Employment: The Case of Italy. By Alberto Alesina, Stephan Danninger, and Massimo Rostagno 447

  • Reform and Growth in Latin America: All Pain, No Gain? By Eduardo Fernandez-Arias and Peter Montiel 522

  • Risk, Resources, and Education: Public Versus Private Financing of Higher Education. By Berthold U. Wigger and Robert K. von Weizsacker 547

  • Sectoral Macroeconomic Interdependence: Evidence for Latin America, East Asia, and Europe. By Norman Loayza, Humberto Lopez, and Angel Ubide 367

  • Social Fractionalization, Political Instability, and the Size of the Government. By Anthony Annett 561

  • Threshold Effects in the Relationship Between Inflation and Growth. By Mohsin S. Khan and Abdelhak S. Senhadji 1

  • Welfare Effects of Uzbekistan’s Foreign Exchange Regimes. By Christoph B. Rosenberg and Maarten de Zeeuw 160

Subjects

To facilitate electronic storage and retrieval of bibliographic data, IMF Staff Papers has adopted the subject classification scheme of the Journal of Economic Literature (Nashville, Tennessee).

  • C MATHEMATICAL AND QUANTITATIVE METHODS

  • C2 Econometric Models: Single Equation Models

  • C22 Cross-Sectional Models

  • Income Inequality: Does Inflation Matter? By Ales Bulir 139

  • C23 Models with Panel Data

  • Product Variety and Economic Growth: Empirical Evidence for the OECD Countries. By Michael Funke and Ralf Ruhwedel 225

  • C3 Econometric Methods: Multiple/Simultaneous Equation Models

  • C32 Time-Series Models

  • Inflation, Money Demand, and Purchasing Power Parity in South Africa. By Gunnar Jonsson 243

  • C5 Econometric Modeling

  • Inflation Targeting in Korea: An Empirical Exploration. By Alexander W. Hoffmaister 317

  • C51 Model Construction and Estimation

  • Can Currency Demand be Stable Under a Financial Crisis: The Case of Mexico. By May Khamis and Alfredo M. Leone 344

  • C52 Model Evaluation and Testing

  • Can Currency Demand be Stable Under a Financial Crisis: The Case of Mexico. By May Khamis and Alfredo M. Leone 344

  • Modeling the IMF’s Statistical Discrepancy in the Global Current Account. By Jaime Marquez and Lisa Workman 499

  • D MICROECONOMIC

  • D3 Distribution

  • D31 Personal Income and Wealth Distribution

  • Income Inequality: Does Inflation Matter? By Ales Bulir 139

  • D8 Information and Uncertainty

  • D81 Criteria for Decision-Making under Risk and Uncertainty

  • Risk, Resources, and Education: Public Versus Private Financing of Higher Education. By Berthold U. Wigger and Robert K. von Weizsacker 547

  • E MATHEMATICAL AND MONETARY ECONOMICS

  • E3 Prices, Business Fluctuations, and Cycles

  • Inflation Targeting in Korea: An Empirical Exploration. By Alexander W. Hoffmaister 317

  • E31 Price Level; Inflation; Deflation

  • Exchange-Rate-Based Stabilization: A Critical Look at the Stylized Facts. By A. Javier Hamann 111

  • Income Inequality: Does Inflation Matter? By Ales Bulir 139

  • Inflation, Money Demand, and Purchasing Power Parity in South Africa. By Gunnar Jonsson 243

  • Threshold Effects in the Relationship Between Inflation and Growth. By Mohsin S. Khan and Abdelhak S. Senhadji 1

  • E32 Business Fluctuations; Cycles

  • Sectoral Macroeconomic Interdependence: Evidence for Latin America, East Asia, and Europe. By Norman Loayza, Humberto Lopez, and Angel Ubide 367

  • E4 Money and Interest Rates

  • E41 Demand for Money

  • Can Currency Demand be Stable Under a Financial Crisis: The Case of Mexico. By May Khamis and Alfredo M. Leone 344

  • Inflation, Money Demand, and Purchasing Power Parity in South Africa. By Gunnar Jonsson 243

  • E43 Determination of Interest Rates; Term Structure of Interest Rates

  • How Does U.S. Monetary Policy Influence Economic Conditions in Emerging Markets? By Vivek Arora and Martin Cerisola 474

  • E44 Financial Markets and the Macroeconomy

  • Crash-Free Sequencing Strategies for Financial Development and Liberalization. By Jorge A. Chan-Lau and Zhaohui Chen 179

  • E5 Monetary Policy, Central Banking, and the Supply of Money and Credit

  • Inflation Targeting in Korea: An Empirical Exploration. By Alexander W. Hoffmaister 317

  • E50 General

  • A Peek Inside the Black Box: The Monetary Transmission Mechanism in Japan. By James Morsink and Tamim Bayoumi 22

  • E51 Money Supply; Credit; Money Multipliers

  • A Peek Inside the Black Box: The Monetary Transmission Mechanism in Japan. By James Morsink and Tamim Bayoumi 22

  • E6 Macroeconomic Aspects of Public Finance, Macroeconomic Policy, and General Outlook

  • E62 Fiscal Policy; Public Expenditures, Investment, and Finance; Taxation

  • Social Fractionalization, Political Instability, and the Size of the Government. By Anthony Annett 561

  • E63 Comparative or Joint Analysis of Fiscal and Monetary or Stabilization Policy

  • Exchange-Rate-Based Stabilization: A Critical Look at the Stylized Facts. By A. Javier Hamann 111

  • F INTERNATIONAL ECONOMICS

  • F1 Trade

  • F14 Country and Industry Studies of Trade

  • Dynamic Gains from Trade: Evidence from South Africa. By Gunnar Jonsson and Arvind Subramanian 197

  • Exchange Rate Movements and Tradable Goods Prices in East Asia: An Analysis Based on Japanese Customs Data, 1988-1999. By Shinji Takagi and Yushi Yoshida 266

  • F3 International Finance

  • Crash-Free Sequencing Strategies for Financial Development and Liberalization. By Jorge A. Chan-Lau and Zhaohui Chen 179

  • F31 Foreign Exchange

  • Welfare Effects of Uzbekistan’s Foreign Exchange Regimes. By Christoph B. Rosenberg and Maarten de Zeeuw 160

  • F32 Current Account Adjusments; Short-term Capital Movements

  • Exchange Rate Movements and Tradable Goods Prices in East Asia: An Analysis Based on Japanese Customs Data, 1988-1999. By Shinji Takagi and Yushi Yoshida 266

  • F33 International Monetary Agreements and Institutions

  • Northwest of Suez: The 1956 Crisis and the IMF. By James Boughton 424

  • Modeling the IMF’s Statistical Discrepancy in the Global Current Account. By Jaime Marquez and Lisa Workman 499

  • F34 International Lending and Debt Problems

  • Northwest of Suez: The 1956 Crisis and the IMF. By James Boughton 425

  • F36 Financial Aspects of Economic Integration

  • How Does U.S. Monetary Policy Influence Economic Conditions in Emerging Markets? By Vivek Arora and Martin Cerisola 474

  • F4 Macroeconomic Aspects of International Trade and Finance

  • F41 Open Economy Macroeconomics

  • Inflation, Money Demand, and Purchasing Power Parity in South Africa. By Gunnar Jonsson 243

  • Product Variety and Economic Growth: Empirical Evidence for the OECD Countries. By Michael Funke and Ralf Ruhwedel 225

  • F43 Economic Growth of Open Economies

  • Dynamic Gains from Trade: Evidence from South Africa. By Gunnar Jonsson and Arvind Subramanian 197

  • Product Variety and Economic Growth: Empirical Evidence for the OECD Countries. By Michael Funke and Ralf Ruhwedel 225

  • G FINANCIAL ECONOMICS

  • G1 General Financial Markets

  • Recapitalizing Banks with Public Funds. By Charles Enoch, Gillian Garcia, and V Sundararajan 58

  • G15 International Financial Markets

  • How Does U.S. Monetary Policy Influence Economic Conditions in Emerging Markets? By Vivek Arora and Martin Cerisola 474

  • Crash-Free Sequencing Strategies for Financial Development and Liberalization. By Jorge A. Chan-Lau and Zhaohui Chen 179

  • G2 Financial Institutions and Services

  • G21 Banks; Other Depository Institutions; Mortgages

  • Recapitalizing Banks with Public Funds. By Charles Enoch, Gillian Garcia, and V. Sundararajan 58

  • G3 Corporate Finance and Governance

  • G32 Financing Policy; Capital and Ownership Structure

  • Recapitalizing Banks with Public Funds. By Charles Enoch, Gillian Garcia, and V Sundararajan 58

  • H PUBLIC ECONOMICS

  • H1 Structure and Scope of Government

  • H10 General

  • Military Spending, the Peace Dividend, and Fiscal Adjustment. By Hamid Davoodi, Benedict Clements, Jerald Schiff, and Peter Debaere 290

  • H2 Taxation and Subsidies

  • H29 Other

  • Welfare Effects of Uzbekistan’s Foreign Exchange Regimes. By Christoph B. Rosenberg and Maarten de Zeeuw 160

  • H3 Fiscal Policies and Behavior of Economic Agents

  • H39 Other

  • The Complier Pays Principle: The Limits of Fiscal Approaches Towards Sustainable Forest Management. By Luc Leruth, Remi Paris, and Ivan Ruzicka 397

  • H5 National Government Expenditures and Related Policies

  • H50 General

  • Military Spending, the Peace Dividend, and Fiscal Adjustment. By Hamid Davoodi, Benedict Clements, Jerald Schiff, and Peter Debaere 290

  • H52 Government Expenditures and Education

  • Risk, Resources, and Education: Public Versus Private Financing of Higher Education. By Berthold U. Wigger and Robert K. von Weizsacker 547

  • H53 Government Expenditures and Welfare Programs

  • Redistribution Through Public Employment: The Case of Italy. By Alberto Alesina, Stephan Danninger, and Massimo Rostagno 447

  • H56 National Security and War

  • Military Spending, the Peace Dividend, and Fiscal Adjustment. By Hamid Davoodi, Benedict Clements, Jerald Schiff, and Peter Debaere 290

  • H8 Miscellaneous Issues

  • H81 Governmental Loans and Credits

  • Recapitalizing Banks with Public Funds. By Charles Enoch, Gillian Garcia, and V. Sundararajan 58

  • I HEALTH, EDUCATION, AND WELFARE

  • 12 Education

  • 122 Educational Finance

  • Risk, Resources, and Education: Public Versus Private Financing of Higher Education. By Berthold U. Wigger and Robert K. von Weizsacker 547

  • J LABOR AND DEMOGRAPHIC ECONOMICS

  • J3 Wages, Compensation, and Labor Costs

  • Deposit-Refund on Labor: A Solution to Equilibrium Unemployment? By Ben J. Heijdra and Jenny E. Ligthart 593

  • J31 Wage Level and Structure; Wage Differentials by Skill, Training, Occupation, etc.

  • Redistribution Through Public Employment: The Case of Italy. By Alberto Alesina, Stephan Danninger, and Massimo Rostagno 447

  • J6 Mobility, Unemployment, and Vacancies

  • J64 Unemployment: Models, Duration, Incidence, and Job Search

  • Redistribution Through Public Employment: The Case of Italy. By Alberto Alesina, Stephan Danninger, and Massimo Rostagno 447

  • J68 Public Policy

  • Deposit-Refund on Labor: A Solution to Equilibrium Unemployment? By Ben J. Heijdra and Jenny E. Ligthart 447

  • N ECONOMIC HISTORY N2 Financial Markets and Institutions

  • N20 General, International, or Comparative

  • Northwest of Suez: The 1956 Crisis and the IMF. By James Boughton 425

  • O ECONOMIC DEVELOPMENT, TECHNOLOGICAL CHANGE, AND GROWTH

  • O1 Economic Development

  • Macroeconomic Analyses of Economic Development

  • Reform and Growth in Latin America: All Pain, No Gain? By Eduardo Fernandez-Arias and Peter Montiel 522

  • O15 Human Resources; Income Distribution; Migration

  • Income Inequality: Does Inflation Matter? By Ales Bulir 139

  • O16 Financial Markets; Saving and Capital Investment

  • Recapitalizing Banks with Public Funds. By Charles Enoch, Gillian Garcia, and V. Sundararajan 58

  • O19 International Linkages to Development; Role of International Organizations

  • Reform and Growth in Latin America: All Pain, No Gain? By Eduardo Fernandez-Arias and Peter Montiel 522

  • O2 Development Planning and Policy

  • O23 Fiscal and Monetary Policy in Development

  • Social Fractionalization, Political Instability, and the Size of the Government. By Anthony Annett 561

  • O4 Economic Growth and Aggregate Productivity

  • O40 General

  • Dynamic Gains from Trade: Evidence from South Africa. By Gunnar Jonsson and Arvind Subramanian 197

  • Threshold Effects in the Relationship Between Inflation and Growth. By Mohsin S. Khan and Abdelhak S. Senhadji 1

  • O42 Monetary Growth Models

  • Reform and Growth in Latin America: All Pain, No Gain? By Eduardo Fernandez-Arias and Peter Montiel 522

  • O5 Economy wide Country Studies

  • O54 Latin America; Caribbean

  • Reform and Growth in Latin America: All Pain, No Gain? By Eduardo Fernandez-Arias and Peter Montiel 522

  • Q Agricultural and Natural Resource Economics

  • Q2 Renewable Resources and Conservation; Environmental Management

  • Q23 Forestry

  • The Complier Pays Principle: The Limits of Fiscal Approaches Towards Sustainable Forest Management. By Luc Leruth, Remi Paris, and Ivan Ruzicka 397

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

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