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.
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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