Working Paper No. 01/102

Monetary Policy Under EMU: Differences in the Transition Mechanism?

Clements, Benedict J.; Kontolemis G., Zenon; Levy, Joaquim V.

Working Paper No. 01/103

Financial Repression and Exchange Rate Management in Developing Countries: Theory and Empirical Evidence for India

Kletzer, Kenneth; Renu Kohli

Working Paper No. 01/104

Reserve Pooling in the Eastern Caribbean Currency Union and the CFA Franc Zone: A Comparative Analysis

Williams, Oral; Polius, Tracy; Hazel, Selvon

Working Paper No. 01/105

A Statistical Analysis of Banking Performance in the Caribbean Currency Union in the 1990s

Juan-Ramon, V. H.; Randall, Ruby E.; Williams, Oral

Working Paper No. 01/106

The Impact of Public Education Expenditure on Human Capital, Growth, and Poverty in Tanzania and Zambia: A General Equilibrium Approach

Jung, Hong-Sang; Thorbecke, Erik

Working Paper No. 01/107

Long-Term Capital Movements

Lane, Philip; Milesi-Ferretti, Gian M.

Working Paper No. 01/108

Transitional Growth with Increasing Inequality and Financial Deepening

Ueda, Kenichi

Working Paper No. 01/109

Short-Term Forecasting: Projecting Italian GDP, One Quarter to Two Years Ahead

Iacoviello, Matteo

Working Paper No. 01/110

Injury Investigations in Anti-Dumping and the Super-Additivity Effect: A Theoretical Explanation

Gupta, Poonam; Panagariya, Arvind

Working Paper No. 01/111

The Asset Allocation of Emerging Market Mutual Funds

Disyatat, Piti; Gelos, Rafael G.

Working Paper No. 01/112

Economic Growth and Poverty Reduction in Sub-Saharan Africa

Moser, Gary G.

Working Paper No. 01/113

The New Basel Capital Accord: The Devil Is in the (Calibration) Details

Kupiec, Paul H.

Working Paper No. 01/114

Institutional Reform in Transition Economies: How Far Have They Come

Weder, Beatrice

Working Paper No. 01/115

Multiples Avenues of Intermediation, Corporate Finance, and Financial Stability

Davis, E. Philip

Working Paper No. 01/116

Who Can Explain the Mauritian Miracle: Meade, Romer, Sachs, or Rodrik?

Subramanian, Arvind; Roy, Devesh

Working Paper No. 01/117

Agents’ Preferences, the Equity Premium, and the Consumption-Saving Trade-Off: An Application to French Data

Epaulard, Anne; Pommeret, Aude

Working Paper No. 01/118

Financial Liberalization, Money Demand, and Inflation in Uganda

Nachega, Jean C.

Working Paper No. 01/119

The Impact of U.S. Economic Growth on the Rest of the World: How Much Does it Matter?

Arora, Vivek B.; Vamvakidis, Athanasios

Working Paper No. 01/120

Czech Koruna and Polish Zloty: Spot and Currency Option Volatility Patterns

Morales, Armando

Working Paper No. 01/121

Is Foreign Debt Portfolio Management Efficient in Emerging Economies?

De Mello Jr., Luiz R.; Khaled Hussein

Working Paper No. 01/122

Has Inventory Investment Been Liquidity-Constrained? Evidence from U.S. Panel Data

Choi, Woon Gyu; Kim, Yungsan

Working Paper No. 01/123

Financial System Soundness in the Caribbean: An Initial Assessment

Worrell, DeLisle; Cherebin, Desiree; Polius-Mounsey, Tracy

Working Paper No. 01/124

Convergence of Relative Prices and Inflation in Central and Eastern Europe

Cihak, Martin; Holub, Tomas

Working Paper No. 01/125

Pension Reform in India

Gillingham, Robert F.; Kanda, Daniel S.

Working Paper No. 01/126

Subsidy Reforms and Poverty Alleviation

Chander, Prakash

Working Paper No. 01/127

Public Spending on Health Care and Poor

Gupta, Sanjeev; Verhoeven, Marijn; Tiongson, Erwin H.

Working Paper No. 01/128

Migration, Human Capital, and Poverty in a Dual-Economy of a Developing Country

Masson, Paul R.

Working Paper No. 01/129

Real Estate Market Developments and Financal Sector Soundness

Hilbers, Paul L.; Lei, Qin; Zacho, Lisbeth S.

Working Paper No. 01/130

The New International Financial Architecture and Africa

Le Gall, Francoise; Nsouli, Saleh M.

Working Paper No. 01/131

Policies and Prospects in Japan and The Implications for the Asia-Pacific Region

Callen, Timothy; McKibbin, Warwick J.

Working Paper No. 01/132

Statistical Treatment of Accrual of Interest on Debt Securities

Joisce, John; Wright, Chris

Working Paper No. 01/133

Returns to Human Capital & Investment in New Technology

Kaufman, Martin D.; Dunaway, Steven V.; Luzio, Rodolfo

Working Paper No. 01/134

Pure Contagion and Investors Shifting Risk Appetite: Analytical

Issues and Empirical Evidence

Kumar, Manmohan S.; Persaud, Avinash

Working Paper No. 01/135

Macroeconomic Policies and Poverty Reduction: Stylized Facts and an Overview of Research

Cashin, Paul A.; Mauro, Paolo; Pattillo, Catherine A.; Sahay, Ratna

Working Paper No. 01/136

Rationing Rules and Outcomes: The Experience of Singapore’s Vehicle Quota System

Tan, Ling H.

Working Paper No. 01/137

International Financial Contagion and the Fund: A Theoretical Framework

Clark, Peter B.; Huang, Haizhou

Working Paper No. 01/138

Bank Reform and Bank Efficiency in Pakistan

Hardy, Daniel C.; Bonaccorsi di Patti, Emilia

Working Paper No. 01/139

A Primer on Mineral Taxation

Baunsgaard, Thomas

Working Paper No. 01/140

A Model of Exchange Rate Regime Choice in the Transitional Economies of Central and Eastern Europe

Klyuev, Vladimir

Working Paper No. 01/141

Financial Sector Evolution in the Central European Economies: Challenges in Supporting Macroeconomic Stability and Sustainable Growth

Iakova, Dora M.; Wagner, Nancy L.

Working Paper No. 01/142

IMF Conditionality and Country Ownership of Programs

Khan, Mohsin S.; Sharma, Sunil

Working Paper No. 01/143

Reserve Adequacy in Emerging Market Economics

Wijnholds, Onno de Beaufort J.; Kapteyn, Arend

Working Paper No. 01/144

Debt Relief Under the HIPC Initiative: Context and Outlook for Debt Sustainability and Resource Flow

Ross, Doris C.; Abrego, Lisandro

Working Paper No. 01/145

Fiscal Rules: Useful Policy Framework or Unnecessary Ornament?

Kopits, George F.

Working Paper No. 01/146

Real Convergence to EU Income Levels: Central Europe from 1990 to the Long Term

Doyle, Peter; Kuijs, Louis; Jiang, Guorong

Working Paper No. 01/147

Asset Securitization and Structured Financing: Future Prospects and Challenges for Countries in Emerging Markets

Alles, Lakshman

Working Paper No. 01/148

What Does South Africa’s Pattern of Trade Say About Its Labor Markets?

Subramanian, Arvind; Alleyne, Trevor S.

Working Paper No. 01/149

Implementation of Monetary Policy and the Central Bank’s Balance Sheet

Schaechter, Andrea

Working Paper No. 01/150

Trade Integration and Political Turbulence: Environmental Policy Consequences

Fredriksson, Per G.; Mani, Muthukumara

Working Paper No. 01/151

Monetary Policy with a Touch of Basel

Chami, Ralph; Cosimano, Thomas

Working Paper No. 01/152

Characterizing Exchange Rate Regimes in Post-Crisis East Asia

Baig, Taimur

Working Paper No. 01/153

Economic and Environmental Benefits of Eliminating Log Export Bans: A Case for Costa Rica

Kishor, Nalin; Mani, Muthukumara; Constantino, Luis

Working Paper No. 01/154

From Crisis to Recovery in Korea: Strategy, Achievements, and Lessons

Chopra, Ajai; Kang, Kenneth H.; Karasulu, Meral; Liang, Hong; Ma, Henry P.

Working Paper No. 01/155

Why Has the Euro Been So Weak?

Meredith, Guy M.

Working Paper No. 01/156

Econometric Analysis of Discrete Reforms

Kireyev, Alexei P.

Working Paper No. 01/157

Cost and Effectiveness of Banking Sector Restructuring in Transition Economies

Zoli, Edda

Working Paper No. 01/158

Corporate Bond Risk and Real Activity: An Empirical Analysis of Yield Spreads and Their Systematic Components

Chan-Lau, Jorge; Ivaschenko, Iryna V

Working Paper No. 01/159

Should Banks Be Narrowed?

Bossone, Biagio

Working Paper No. 01/160

Financial Development and Poverty Alleviation: Issues and Policy Implications for Developing and Transition Countries

Holden, Paul; Prokopenko, Vassili

Working Paper No. 01/161

Inflation Targeting Under Asymmetric Preferences

Ruge-Murcia, Francisco J.

Working Paper No. 01/162

Systemic Financial Crises, Balance Sheets, and Model Uncertainity

Stone, Mark R.; Weeks, Melvyn

Working Paper No. 01/163

Trade in the Mashreq: An Empirical Examination

Blavy, Rodolphe

Working Paper No. 01/164

Private Costs and Public Infrastructure: The Mexican Case

Murphy, Russell D.; Feltenstein, Andrew

Working Paper No. 01/165

Emerging Market Bond Spreads and Sovereign Credit Ratings: Reconciling Market Views with Economic Fundamentals

Sy, Amadou N.

Working Paper No. 01/166

Inflation Targeting and the Unemployment-Inflation Trade-off

Clifton, Eric V.; Leon, Hyginus L.; Wong, Chorng-Huey

Working Paper No. 01/167

How Volatile and Unpredictable Are Aid Flows, and What Are the Policy Implications?

Bulir, Ales; Hamann, A. Javier

Working Paper No. 01/168

Inflation Dynamics in Madagascar, 1971–2000

Sacerdoti, Emilio; Xiao, Yuan

Working Paper No. 01/169

The Russian Financial Crisis and Its Consequences for Central Asia

Pastor, Gonzalo C.; Damjanovic, Tatiana

Working Paper No. 01/170

Post-Crisis Exchange Rate Policy in Five Asian Countries: Filling in the “Hollow Middle”?

Hernandez, Leonardo F.; Montiel, Peter J.

Working Paper No. 01/171

Key Features of Australian Business Cycles

Cashin, Paul A.; Ouliaris, Sam

Working Paper No. 01/172

Short- and Long-Term Poverty and Social Policy in a “Snakes and Ladders” Model of Growth

Cuevas, Alfredo

Working Paper No. 01/173

Economic Data Dissemination: What Influences Country Performance on Frequency and Timiliness?

Allum, Peter F.; Agca, Mehmet

Working Paper No. 01/174

The Law of One Price Over 700 Years

Rogoff, Kenneth; Froot, Kenneth A.; Kim, Michael

Working Paper No. 01/175

Determinants of, and the Relation Between, Foreign Direct Investment and Growth: A Summary of the Recent Literature

Lim, Ewe-Ghee

Working Paper No. 01/176

The Art of Making Everybody Happy: How to Prevent a Secession

Le Breton, Michel; Weber, Shlomo

Working Paper No. 01/177

Monetary Policy and Corporate Liquid Asset Demand

Choi, Woon Gyu; Kim, Yungsan

Working Paper No. 01/178

Is Fiscal Policy Coordination in EMU Desirable?

Beetsma, Roel; Debrun, Xavier; Klaassen, Franc

Working Paper No. 01/179

Euro Area Money Demand: Measuring the Opportunity Costs Appropriately

Calza, Alessandro; Gerdesmeier, Dieter; Levy, Joaquim

Working Paper No. 01/180

A Simple Measure of the Intensity of Capital Controls

Edison, Hali; Warnock, Francis E.

Working Paper No. 01/181

Tax Incentives in The Philippines: A Regional Perspective

Chalk, Nigel A.

Working Paper No. 01/182

An Attempt to Profile the Finances of China’s Enterprise Sector

Heytens, Paul J.; Karacadag, Cem

Working Paper No. 01/183

Manuals on Macroeconomic Statistics: A Stocktaking to Guide Future Work

Carson, Carol S.; Laliberte, Lucie

Working Paper No. 01/184

Implications of Globalization for Monetary Policy

Wagner, Helmut

Working Paper No. 01/185

Hedging Government Oil Price Risk

Daniel, James

Working Paper No. 01/186

The Zero Interest Rate Floor (ZIF) and Its Implications for

Monetary Policy in Japan

Hunt, Benjamin L.; Laxton, Douglas M.

Working Paper No. 01/187

The Effects of Capital Controls on Exchange Rate Volatility and

Output

Frenkel, Michael; Nickel, Christiane; Schmidt, Gunter; Stadtmann, Georg

Working Paper No. 01/188

Measuring Statistical Capacity Building: A Logical Framework Approach

Khawaja, Sarmad; Morrison, Thomas K.

Working Paper No. 01/189

Speculative Attacks in the Asian Crisis

Zhang, Zhiwei

Working Paper No. 01/190

Exchange Rates and Capital Flows

Brooks, Robin J.; Edison, Hali; Kumar, Manmohan S.; Slok, Torsten M.

Working Paper No. 01/191

Foreign Currency Credit Ratings for Emerging Market Economies

Mulder, Christian B.; Perrelli, Roberto

Working Paper No. 01/192

Capital Flows and Their Macroeconomic Effects in India

Kohli, Renu

IMF Working Papers and other IMF publications can be downloaded in full-text format from the Research at the IMF website: www.imf.org/research.