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
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Design: Luisa Menjivar-Macdonald and Sanaa Elaroussi