The IMF Research Bulletin, a quarterly publication, selectively summarizes research and analytical work done by various departments at the IMF, and also provides a listing of research documents and other research-related activities, including conferences and seminars. The Bulletin is intended to serve as a summary guide to research done at the IMF on various topics, and to provide a better perspective on the analytical underpinnings of the IMF’s operational work.

Abstract

The IMF Research Bulletin, a quarterly publication, selectively summarizes research and analytical work done by various departments at the IMF, and also provides a listing of research documents and other research-related activities, including conferences and seminars. The Bulletin is intended to serve as a summary guide to research done at the IMF on various topics, and to provide a better perspective on the analytical underpinnings of the IMF’s operational work.

Portfolio Diversification, Leverage, and Financial Contagion

Garry J. Schinasi and R. Todd Smith

How Persistent Are Shocks to World Commodity Prices?

Paul Cashin, Hong Liang, and C. John McDermott

Ratchet Effects in Currency Substitution: An Application to the Kyrgyz Republic

Joannes Mongardini and Johannes Mueller

Safety from Currency Crashes

Kent Osband and Caroline Van Rijckeghem

Japan’s Stagnant Nineties: A Vector Autoregression Retrospective

Ramana Ramaswamy and Christel Rendu

IMF Staff Papers, the IMF’s scholarly journal, edited by Robert Flood, publishes selected 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 IMF member countries. The papers selected for publication in the journal are subject to a rigorous review process using both internal and external referees. The journal and its contents (including an archive of articles from past issues) are available on the IMF website at http://www.imf.org/external/pubs/ft/staffp/index.htm