Front Matter

Front Matter Page

IMFstaffpapers

Robert Flood and Shang-Jin Wei

Editors

Sean M. Culhane

Assistant Editor

Pedro C. Rodríguez

Research Assistant

Rosalind Oliver

Administrative Coordinator

Dawn Heany and Viktoria Kiss

Conference Assistants

Program Committee

Shang-Jin Wei (chair)

Xavier Debrun

Gaston Gelos

Haizhou Huang

Laura Kodres

Antonio Spilimbergo

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 including academics and policymakers in the member countries of the Fund. 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 position of the Executive Board or of the IMF, or any other organization mentioned herein.

Subscription: US$72.00 a volume or the approximate equivalent in the currencies of most countries. Three issues constitute a volume. Single copies may be purchased at $25. Individual academic rate to full-time professors and students of universities and colleges: $46 a volume Subscriptions and orders should be sent to:

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Front Matter Page

International Monetary Fund

IMFstaffpapers

Volume 50

lMFThirdAnnualReseachConference

2003

EDITOR’S NOTE

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 (http://www.imf.org/staffpapers). Readers are invited to use these data to expand on the material in the articles, and the journal will consider publishing such work.

© 2003 by the International Monetary Fund

ISBN 1-58906-204-3

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–

Indexes:

Vols. 1-27, 1950-80, 1 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

Contents

  • Explaining Sudden Stop, Growth Collapse, and BOP Crisis: The Case of Distortionary Output Taxes

    • Guillermo A. Calvo

  • Panel Discussion—Promoting Better National Institutions: The Role of the IMF

    • Jeffrey A. Frankel, Nancy Birdsall, Jeffrey Sachs, and Guillermo Ortiz

  • Toward a Statutory Approach to Sovereign Debt Restructuring: Lessons from Corporate Bankruptcy Practice Around the World

    • Patrick Bolton

  • Comment on “Toward a Statutory Approach to Sovereign Debt Restructuring: Lessons from Corporate Bankruptcy Practice Around the World”

    • Jeffrey A. Frankel

  • International Financial Integration

    • Philip R. Lane and Gian Maria Milesi-Ferretti

  • Comment on “International Financial Integration”

    • Charles Engel

  • Financial Integration and Macroeconomic Volatility

    • M. Ayhan Kose, Eswar S. Prasad, and Marco E. Terrones

  • IS-LM-BP in the Pampas

    • Luis Felipe Céspedes, Roberto Chang, and Andrés Velasco

  • Comment on “IS-LM-BP in the Pampas”

    • Michael Devereux

  • Securities Transaction Taxes and Financial Markets

    • Karl Habermeier and Andrei A. Kirilenko

  • Comment on “Securities Transaction Taxes and Financial Markets”

    • Kristin J. Forbes