Authors

Beetsma, Roel M.W.J., and Xavier Debrun. Reconciling Stability and Growth: Smart Pacts and Structural Reforms

Berger, Helge, Carsten Hefeker, and Ronnie Schöb. Optimal Central Bank Conservatism and Monopoly Trade Unions

Bossone, Biagio, and Jong-Kun Lee. In Finance, Size Matters

Branson, Elena Tchernykh, and Mark P. Taylor. Asymmetric Arbitrage and Default Premiums Between the U.S. and Russian Financial Markets

Braumann, Benedikt. High Inflation and Real Wages

Brune, Nancy, Geoffrey Garrett, and Bruce Kogut. The IMF and the Global Spread of Privatization

Celasun, Oya, R. Gaston Gelos, and Alessandro Prati. Would “Cold Turkey” Work in Turkey?

Chadha, Jagjit S., Lucio Sarno, and Giorgio Valente. Monetary Policy Rules, Asset Prices, and Exchange Rates

Chan-Lau, Jorge A., Donald J. Mathieson, and James Y. Yao. Extreme Contagion in Equity Markets

Chinn, Menzie D., and Guy Meredith. Monetary Policy and Long-Horizon Uncovered Interest Parity

Chirwa, Ephraim W., and Montfort Mlachila. Financial Reforms and Interest Rate Spreads in the Commercial Banking System in Malawi

Clark, Peter B., and Jacques J. Polak. International Liquidity and the Role of the SDR in the International Monetary System

Debrun, Xavier, and Roel M.W.J. Beetsma. Reconciling Stability and Growth: Smart Pacts and Structural Reforms

Dridi, Jemma, and Kimberley Dale Zieschang. Export and Import Price Indices

Duttagupta, Rupa, and Antonio Spilimbergo. What Happened to Asian Exports During the Crisis?

Edison, Hali J., Michael W. Klein, Luca Antonio Ricci, and Torsten Sløk. Capital Account Liberalization and Economic Performance: Survey and Synthesis

Garrett, Geoffrey, Nancy Brune, and Bruce Kogut. The IMF and the Global Spread of Privatization

Gelos, R. Gaston, Oya Celasun, and Alessandro Prati. Would “Cold Turkey” Work in Turkey?

Hefeker, Carsten, Helge Berger, and Ronnie Schöb. Optimal Central Bank Conservatism and Monopoly Trade Unions

Kim, Se-Jik. Macro Effects of Corporate Restructuring in Japan

Klein, Michael W., Hali J. Edison, Luca Antonio Ricci, and Torsten Sløk. Capital Account Liberalization and Economic Performance: Survey and Synthesis

Kogut, Bruce, Nancy Brune, and Geoffrey Garrett. The IMF and the Global Spread of Privatization

Lee, Jong-Kun, and Biagio Bossone. In Finance, Size Matters

Li, Xiangming. Trade Liberalization and Real Exchange Rate Movement

Mathieson, Donald J., Jorge A. Chan-Lau, and James Y. Yao. Extreme Contagion in Equity Markets

Mauro, Paolo. The Persistence of Corruption and Slow Economic Growth

Mengistae, Taye, and Catherine Pattillo. Export Orientation and Productivity in Sub-Saharan Africa

Meredith, Guy, and Menzie D. Chinn. Monetary Policy and Long-Horizon Uncovered Interest Parity

Miniane, Jacques. A New Set of Measures on Capital Account Restrictions

Mlachila, Monfort, and Ephraim W. Chirwa. Financial Reforms and Interest Rate Spreads in the Commercial Banking System in Malawi

Pattillo, Catherine, and Taye Mengistae. Export Orientation and Productivity in Sub-Saharan Africa

Polak, Jacques J., and Peter B. Clark. International Liquidity and the Role of the SDR in the International Monetary System

Prasad, Eswar S. The Unbearable Stability of the German Wage Structure: Evidence and Interpretation

Prati, Alessandro, Oya Celasun, and R. Gaston Gelos. Would “Cold Turkey” Work in Turkey?

Ramcharan, Rodney. Higher or Basic Education? The Composition of Human Capital and Economic Development

Ramírez, Carlos D., and Ling Hui Tan. Singapore Inc. versus the Private Sector: Are Government-Linked Companies Different?

Razin, Assaf, and Efraim Sadka. A Brazilian-Type Debt Crisis

Ricci, Luca Antonio, Hali J. Edison, Michael W. Klein, and Torsten Sløk. Capital Account Liberalization and Economic Performance: Survey and Synthesis

Sadka, Efraim, and Assaf Razin. A Brazilian-Type Debt Crisis

Sarno, Lucio, Jagjit S. Chadha, and Giorgio Valente. Monetary Policy Rules, Asset Prices, and Exchange Rates

Schöb, Ronnie, Helge Berger, and Carsten Hefeker. Optimal Central Bank Conservatism and Monopoly Trade Unions

Sløk, Torsten, Hali J. Edison, Michael W. Klein, and Luca Antonio Ricci. Capital Account Liberalization and Economic Performance: Survey and Synthesis

Spilimbergo, Antonio, and Ruta Duttagupta. What Happened to Asian Exports During the Crisis?

Tan, Ling Hui, and Carlos D. Ramírez. Singapore Inc. versus the Private Sector: Are Government-Linked Companies Different?

Taylor, Mark P., and Elena Tchernykh Branson. Asymmetric Arbitrage and Default Premiums Between the U.S. and Russian Financial Markets

Valente, Giorgio, Jagjit S. Chadha, and Lucio Sarno. Monetary Policy Rules, Asset Prices, and Exchange Rates

Yao, James Y., Jorge A. Chan-Lau, and Donald J. Mathieson. Extreme Contagion in Equity Markets

Zieschang, Kimberly Dale, and Jemma Dridi. Export and Import Price Indices

Titles

Asymmetric Arbitrage and Default Premiums Between the U.S. and Russian Financial Markets. By Mark P. Taylor and Elena Tchernykh Branson

A Brazilian-Type Debt Crisis. By Assaf Razin and Efraim Sadka

Capital Account Liberalization and Economic Performance: Survey and Synthesis. By Hali J. Edison, Michael W. Klein, Luca Antonio Ricci, and Torsten Sløk

Export and Import Price Indices. By Jemma Dridi and Kimberly Dale Zieschang

Export Orientation and Productivity in Sub-Saharan Africa. By Taye Mengistae and Catherine Pattillo

Extreme Contagion in Equity Markets. By Jorge A. Chan-Lau, Donald J. Mathieson, and James Y. Yao

Financial Reforms and Interest Rate Spreads in the Commercial Banking System in Malawi. By Montfort Mlachila and Ephraim W. Chirwa

High Inflation and Real Wages. By Benedikt Braumann

Higher or Basic Education? The Composition of Human Capital and Economic Development. By Rodney Ramcharan

The IMF and the Global Spread of Privatization. By Nancy Brune, Geoffrey Garrett, and Bruce Kogut

In Finance, Size Matters. By Biagio Bossone and Jong-Kun Lee

International Liquidity and the Role of the SDR in the International Monetary System. By Peter B. Clark and Jacques J. Polak

Macro Effects of Corporate Restructuring in Japan. By Se-Jik Kim

Monetary Policy and Long-Horizon Uncovered Interest Parity. By Menzie D. Chinn and Guy Meredith

Monetary Policy Rules, Asset Prices, and Exchange Rates. By Jagjit S. Chadha, Lucio Sarno, and Giorgio Valente

A New Set of Measures on Capital Account Restrictions. By Jacques Miniane

Optimal Central Bank Conservatism and Monopoly Trade Unions. By Helge Berger, Carsten Hefeker, and Ronnie Schöb

The Persistence of Corruption and Slow Economic Growth. By Paolo Mauro

Reconciling Stability and Growth: Smart Pacts and Structural Reforms. By Roel M.W.J. Beetsma and Xavier Debrun

Singapore Inc. versus the Private Sector: Are Government-Linked Companies Different? By Carlos D. Ramírez and Ling Hui Tan

Trade Liberalization and Real Exchange Rate Movement. By Xiangming Li

The Unbearable Stability of the German Wage Structure: Evidence and Interpretation. By Eswar S. Prasad

What Happened to Asian Exports During the Crisis? By Rupa Duttagupta and Antonio Spilimbergo

Would “Cold Turkey” Work in Turkey? By Oya Celasun, R. Gaston Gelos, and Alessandro Prati

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

C1 Econometric and Statistical Methods: General

C10 General

• Extreme Contagion in Equity Markets. By Jorge A. Chan-Lau, Donald J. Mathieson, and James Y. Yao

C4 Econometric and Statistical Methods: Special Topics

C42 Survey Methods

• Export and Import Price Indices. By Jemma Dridi and Kimberly Dale Zieschang

C43 Index Numbers and Aggregation

• Export and Import Price Indices. By Jemma Dridi and Kimberly Dale Zieschange

C8 Data Collection and Data Estimation Methodology; Computer Programs

C82 Methodology for Collecting, Estimating, and Organizing Macroeconomic Data

• A New Set of Measures on Capital Account Restrictions. By Jacques Miniane

D MICROECONOMICS

D2 Production and Organizations

D21 Firm Behavior

• Export Orientation and Productivity in Sub-Saharan Africa. By Taye Mengistae and Catherine Pattillo

• In Finance, Size Matters. By Biagio Bossone and Jong-Kun Lee

D24 Production; Capital and Total Factor Productivity; Capacity

• Export Orientation and Productivity in Sub-Saharan Africa. By Taye Mengistae and Catherine Pattillo

D7 Analysis of Collective Decision-Making

D73 Bureaucracy; Administrative Processes in Public Organizations

• The Persistence of Corruption and Slow Economic Growth. By Paolo Mauro

E MACROECONOMICS AND MONETARY ECONOMICS

E2 Consumption, Saving, Production, Employment, and Investment

E24 Employment; Unemployment; Wages

• The Unbearable Stability of the German Wage Structure: Evidence and Interpretation. By Eswar S. Prasad

E3 Prices, Business Fluctuations, and Cycles

E31 Price Level; Inflation; Deflation

• Would “Cold Turkey” Work in Turkey? By Oya Celasun, R. Gaston Gelos, and Alessandro Prati

E4 Money and Interest Rates

E40 General

• Monetary Policy Rules, Asset Prices, and Exchange Rates. By Jagjit S. Chadha, Lucio Sarno, and Giorgio Valente

E42 Monetary Standards and Regimes; Government and the Monetary System

• Reconciling Stability and Growth: Smart Pacts and Structural Reforms. By Roel M.W.J. Beetsma and Xavier Debrun

E43 Determination of Interest Rates; Term Structure of Interest Rates

• Financial Reforms and Interest Rate Spreads in the Commercial Banking System in Malawi. By Montfort Mlachila and Ephraim W. Chirwa

E44 Financial Markets and the Macroeconomy

• High Inflation and Real Wages. By Benedikt Braumann

• Monetary Policy Rules, Asset Prices, and Exchange Rates. By Jagjit S. Chadha, Lucio Sarno, and Giorgio Valente

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

E50 General

• Optimal Central Bank Conservatism and Monopoly Trade Unions. By Helge Berger, Carsten Hefeker, and Ronnie Schöb

E52 Monetary Policy (Targets, Instruments, and Effects)

• Monetary Policy Rules, Asset Prices, and Exchange Rates. By Jagjit S. Chadha, Lucio Sarno, and Giorgio Valente

• Would “Cold Turkey” Work in Turkey? By Oya Celasun, R. Gaston Gelos, and Alessandro Prati

E58 Central Banks and Their Policies

• Monetary Policy Rules, Asset Prices, and Exchange Rates. By Jagjit S. Chadha, Lucio Sarno, and Giorgio Valente

• Optimal Central Bank Conservatism and Monopoly Trade Unions. By Helge Berger, Carsten Hefeker, and Ronnie Schöb

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

E60 General

• Macro Effects of Corporate Restructuring in Japan. By Se-Jik Kim

E61 Policy Objectives; Policy Designs and Consistency; Policy Coordination

• Reconciling Stability and Growth: Smart Pacts and Structural Reforms. By Roel M.W.J. Beetsma and Xavier Debrun

F INTERNATIONAL ECONOMICS

F02 International Economic Order; Economic Integration: General

• A New Set of Measures on Capital Account Restrictions. By Jacques Miniane

F1 Trade

• What Happened to Asian Exports During the Crisis? By Rupa Duttagupta and Antonio Spilimbergo

F14 Country and Industry Studies of Trade

• What Happened to Asian Exports During the Crisis? By Rupa Duttagupta and Antonio Spilimbergo

F2 International Factor Movements and International Business

F21 International Investment; Long-term Capital Movements

• A Brazilian-Type Debt Crisis. By Assaf Razin and Efraim Sadka

• Monetary Policy and Long-Horizon Uncovered Interest Parity. By Menzie D. Chinn and Guy Meredith

F3 International Finance

F30 General

• Extreme Contagion in Equity Markets. By Jorge A. Chan-Lau, Donald J. Mathieson, and James Y. Yao

F31 Foreign Exchange

• Asymmetric Arbitrage and Default Premiums Between the U.S. and Russian Financial Markets. By Mark P. Taylor and Elena Tchernykh Branson

• Monetary Policy and Long-Horizon Uncovered Interest Parity. By Menzie D. Chinn and Guy Meredith

• Trade Liberalization and Real Exchange Rate Movement. By Xiangming Li

F32 Current Account Adjustment; Short-term Capital Movements

• Capital Account Liberalization and Economic Performance: Survey and Synthesis. By Hali J. Edison, Michael W. Klein, Luca Antonio Ricci, and Torsten Sløk

F33 International Monetary Arrangements and Institutions

• Capital Account Liberalization and Economic Performance: Survey and Synthesis. By Hali J. Edison, Michael W. Klein, Luca Antonio Ricci, and Torsten Sløk

• The IMF and the Global Spread of Privatization. By Nancy Brune, Geoffrey Garrett, and Bruce Kogut

• International Liquidity and the Role of the SDR in the International Monetary System. By Peter B. Clark and Jacques J. Polak

• A New Set of Measures on Capital Account Restrictions. By Jacques Miniane

• Reconciling Stability and Growth: Smart Pacts and Structural Reforms. By Roel M.W.J. Beetsma and Xavier Debrun

F34 International Lending and Debt Problems

• A Brazilian-Type Debt Crisis. By Assaf Razin and Efraim Sadka

• The IMF and the Global Spread of Privatization. By Nancy Brune, Geoffrey Garrett, and Bruce Kogut

F36 Financial Aspects of Economic Integration

• Capital Account Liberalization and Economic Performance: Survey and Synthesis. By Hali J. Edison, Michael W. Klein, Luca Antonio Ricci, and Torsten Sløk

F4 Macroeconomic Aspects of International Trade and Finance

F40 General

• Trade Liberalization and Real Exchange Rate Movement. By Xiangming Li

F41 Open Economy Macroeconomics

• International Liquidity and the Role of the SDR in the International Monetary System. By Peter B. Clark and Jacques J. Polak

• Monetary Policy and Long-Horizon Uncovered Interest Parity. By Menzie D. Chinn and Guy Meredith

G FINANCIAL ECONOMICS

G1 General Financial Markets

G10 General

• Extreme Contagion in Equity Markets. By Jorge A. Chan-Lau, Donald J. Mathieson, and James Y. Yao

G14 Information and Market Efficiency; Event Studies

• In Finance, Size Matters. By Biagio Bossone and Jong-Kun Lee

G15 International Financial Markets

• Asymmetric Arbitrage and Default Premiums Between the U.S. and Russian Financial Markets. By Mark P. Taylor and Elena Tchernykh Branson

• A Brazilian-Type Debt Crisis. By Assaf Razin and Efraim Sadka

• Extreme Contagion in Equity Markets. By Jorge A. Chan-Lau, Donald J. Mathieson, and James Y. Yao

G2 Financial Institutions and Services

G21 Banks; Other Depository Institutions; Mortgages

• Financial Reforms and Interest Rate Spreads in the Commercial Banking System in Malawi. By Montfort Mlachila and Ephraim W. Chirwa

G3 Corporate Finance and Governance

G32 Financing Policy; Capital and Ownership Structure

• Singapore Inc. versus the Private Sector: Are Government-Linked Companies Different? By Carlos D. Ramírez and Ling Hui Tan

G33 Bankruptcy; Liquidation

• Macro Effects of Corporate Restructuring in Japan. By Se-Jik Kim

G34 Mergers; Acquisitions; Restructuring; Voting; Proxy Contests

• Macro Effects of Corporate Restructuring in Japan. By Se-Jik Kim

H PUBLIC ECONOMICS

H5 National Government Expenditures and Related Policies

• The Persistence of Corruption and Slow Economic Growth. By Paolo Mauro

I HEALTH, EDUCATION, AND WELFARE

I2 Education

I20 General

• Higher or Basic Education? The Composition of Human Capital and Economic Development. By Rodney Ramcharan

J LABOR AND DEMOGRAPHIC ECONOMICS

J3 Wages, Compensation, and Labor Costs

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

• The Unbearable Stability of the German Wage Structure: Evidence and Interpretation. By Eswar S. Prasad

J5 Labor-Management Relations, Trade Unions, and Collective Bargaining

J50 General

• Optimal Central Bank Conservatism and Monopoly Trade Unions. By Helge Berger, Carsten Hefeker, and Ronnie Schöb

J51 Trade Unions: Objectives, Structure, and Effects

• Optimal Central Bank Conservatism and Monopoly Trade Unions. By Helge Berger, Carsten Hefeker, and Ronnie Schöb

L INDUSTRIAL ORGANIZATION

L1 Market Structure, Firm Strategy, and Market Performance

L13 Oligopoly and Other Imperfect Markets

• Financial Reforms and Interest Rate Spreads in the Commercial Banking System in Malawi. By Montfort Mlachila and Ephraim W. Chirwa

L16 Industrial Organization and Macroeconomics

• In Finance, Size Matters. By Biagio Bossone and Jong-Kun Lee

L3 Nonprofit Organizations and Public Enterprise

• The IMF and the Global Spread of Privatization. By Nancy Brune, Geoffrey Garrett, and Bruce Kogut

L32 Public Enterprises

• Singapore Inc. versus the Private Sector: Are Government-Linked Companies Different? By Carlos D. Ramírez and Ling Hui Tan

L33 Boundaries of Public and Private Enterprise; Privatization; Contracting Out

• Singapore Inc. versus the Private Sector: Are Government-Linked Companies Different? By Carlos D. Ramírez and Ling Hui Tan

L6 Industry Studies: Manufacturing

L60 General

• Export Orientation and Productivity in Sub-Saharan Africa. By Taye Mengistae and Catherine Pattillo

0 ECONOMIC DEVELOPMENT, TECHNOLOGICAL CHANGE, AND GROWTH

01 Economic Development

011 Macroeconomic Analyses of Economic Development

• Higher or Basic Education? The Composition of Human Capital and Economic Development. By Rodney Ramcharan

012 Microeconomic Analyses of Economic Development

• Export Orientation and Productivity in Sub-Saharan Africa. By Taye Mengistae and Catherine Pattillo

O4 Economic Growth and Aggregate Productivity

040 General

• The Persistence of Corruption and Slow Economic Growth. By Paolo Mauro

041 One, Two, and Multisector Growth Models

• Higher or Basic Education? The Composition of Human Capital and Economic Development. By Rodney Ramcharan

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