Front Matter Page
IMF staff papers
Robert Flood and Ashoka Mody
Editors
Sean M. Culhane
Senior Publishing Editor
Pedro C. Rodríguez
Research Assistant
Rosalind Oliver
Administrative Coordinator
Program Committee
Ashoka Mody (chair) Allan Brunner Giovanni Dell'Ariccia Enrica Detragiache
Rex Ghosh Eduardo Ley Rodney Ramcharan
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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© 2004 by the International Monetary Fund
ISBN 1-58906-320-1
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
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.
Contents
Thirty Years of Current Account Imbalances, Current Account Reversals, and Sudden Stops
Sebastian Edwards
A Gravity Model of Sovereign Lending: Trade, Default, and Credit
Andrew K. Rose and Mark M. Spiegel*
New Empirical Results on Default: A Discussion of “A Gravity Model of Sovereign Lending: Trade, Default, and Credit”
Mark L.J. Wright
Monetary Sovereignty, Exchange Rates, and Capital Controls: The Trilemma in the Interwar Period
Maurice Obstfeld, Jay C. Shambaugh, and Alan M. Taylor
Accounting for Consumption Volatility Differences
Holger Wolf
Accounting for Consumption Volatility Differences
Holger Wolf