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.

Working Paper No. 01/193

Stock Market Liberalizations: Financial and Macroeconomic Implications

Fuchs-Schundeln, Nicola; Funke, Norbert

Working Paper No. 01/194

Exchange Rate Pass-Through to Domestic Prices: Does the Inflationary Environment Matter?

Choudhri, Ehsan U.; Hakura, Dalia S.

Working Paper No. 01/195

Fiscal Expenditure Policy and Non-Oil Economic Growth: Evidence from GCC Countries

Fasano, Ugo; Wang, Qing

Working Paper No. 01/196

An Unbiased Appraisal of Purchasing Power Parity

Cashin, Paul A.; McDermott, C. John

Working Paper No. 01/197

Limiting Currency Volatility to Stimulate Goods Market Integration: A Price-Based Approach

Parsley, David; Wei, Shang-Jin

Working Paper No. 01/198

Sources of Inflation in Developing Countries

Loungani, Prakash N.; Swagel, Phillip L.

Working Paper No. 01/199

Regional Disparities and Transfer Policies in Russia: Theory and Evidence

Dabla-Norris, Era; Weber, Shlomo

Working Paper No. 01/200

Risk Diversification in the Credit Portfolio: An Overview of Country Practices

Morris, JoAnne

Working Paper No. 01/201

Financial Stability and Fiscal Crises in a Monetary Union

Jahjah, Samir

Working Paper No. 01/202

Corporate Restructuring in Japan: An Event-Study Analysis

Chan-Lau, Jorge

Working Paper No. 01/203

Mind the Gap: What Is the Best Measure of Slack in the Euro Area?

Ross, Kevin; Ubide Querol, Angel J.

Working Paper No. 01/204

The Impact of Corporate Governance Structures on the Agency Cost of Debt

Chan-Lau, Jorge

Working Paper No. 01/205

Central Bank Independence and the Design of Fiscal Institutions

Castellani, Francesca; Debrun, Xavier

Working Paper No. 01/206

Quality Controls, License Transferability, and the Level of Investment

Krishna, Kala; Tan, Ling H.; Ranjan, Ram

Working Paper No. 01/207

Uncovered Interest Parity in Crisis: The Interest Rate Defense in the 1990s

Flood, Robert P.; Rose, Andrew K.

Working Paper No. 01/208

Government Spending, Legislature Size, and the Executive Veto

Baqir, Reza

Working Paper No. 01/209

The Treatment of Nonperforming Loans in Macroeconomic Statistics

Bloem, Adriaan; Gorter, Cornelis N.

Working Paper No. 01/210

Convertibility Risk: The Precautionary Demand for Foreign Currency in a Crisis

Black, Stanley; Christofides, Charis; Mourmouras, Alexandros T.

Working Paper No. 01/211

Systemic Weaknesses of Budget Management in Anglophone Africa

Lienert, Ian C.; Sarraf, Feridoun

Working Paper No. 01/212

Legal Central Bank Independence and Inflation in Latin America During the 1990s

Jacome H., Luis I

Working Paper No. 01/213

A Model of the Joint Distribution of Banking and Exchange-Rate Crises

Flood, Robert P.; Marion, Nancy P.

Working Paper No. 01/214

Pension Reform and the Fiscal Policy Stance

Mackenzie, George A.; Gerson, Philip R.; Cuevas, Alfredo; Heller, Peter S.

Working Paper No. 01/215

An Investigation of Output Variance Before and During Inflation Targeting

Nadal De Simone, Francisco D.

Working Paper No. 01/216

Import-Reducing Effect of Trade Barriers: A Cross-Country Investigation

Wang, Qing

Working Paper No. 02/1

The Impact of Changes in Stock Prices and House Prices on Consumption in OECD Countries

Ludwig, Alexander; Slok, Torsten M.

Working Paper No. 02/2

The Austrian Theory of Business Cycles: Old Lessons for Modern Economic Policy?

Oppers, Stefan E.; Office in Europe

Working Paper No. 02/3

Currency Crises and Uncertainty About Fundamentals

Prati, Alessandro; Sbracia, Massimo

Working Paper No. 02/4

Financial Crises, Poverty, and Income Distribution

Baldacci, Emanuele; De Mello Jr., Luiz R.; Inchauste Comboni, Maria G.

Working Paper No. 02/5

Fiscal Sustainability and Monetary versus Fiscal Dominance: Evidence from Brazil, 1991–2000

Tanner, Evan C.; Ramos, Alberto M.

Working Paper No. 02/6

Financial Reforms and Interest Rate Spreads in the Commercial Banking System in Malawi

Mlachila, Montfort P.; Chirwa, Ephraim W.

Working Paper No. 02/7

Predicting Emerging Market Currency Crashes

Kumar, Manmohan S.; Moorthy, Uma; Perraudin, William

Working Paper No. 02/8

The Corporate Spread Curve and Industrial Production in the United States

Chan-Lau, Jorge; Ivaschenko, Iryna V

Working Paper No. 02/9

Structural Vulnerability and Currency Crises

Ghosh, Swati R.; Ghosh, Atish R.

Working Paper No. 02/10

Impact of Structural Reforms on Productivity Growth in Industrial Countries

Salgado, Ranil M.

Working Paper No. 02/11

Capital Flows to Transition Economies: Master or Servant

Lipschitz, Leslie J.; Lane, Timothy D.; Mourmouras, Alexandras T.

Working Paper No. 02/12

Mexico: Experiences with Pro-Poor Expenditure Policies

Corbacho, Ana; Schwartz, Gerd J.

Working Paper No. 02/13

Sources of Economic Growth in East Asia: A Nonparametric Assessment

Iwata, Shigeru; Khan, Mohsin S.; Murao, Hiroshi

Working Paper No. 02/14

Exchange Market Pressure, Currency Crises, and Monetary Policy: Additional Evidence from Emerging Markets

Tanner, Evan C.

Working Paper No. 02/15

Activation of a Modern Industry

Wang, Ping; Xie, Danyang

Working Paper No. 02/16

Population Aging and Its Macroeconomic Implications: A Framework for Analysis

Faruqee, Hamid

Working Paper No. 02/17

The Role of Affordable Mortgages in Improving Living Standards and Stimulating Growth: A Survey of Selected MENA Countries

Erbas, S. Nuri; Nothaft, Frank E

Working Paper No. 02/18

A New Rule: “The Swiss Debt Brake”

Danninger, Stephan

Working Paper No. 02/19

Debt, Deficits, and Age-Specific Mortality

Faruqee, Hamid

Working Paper No. 02/20

Lending Booms, Real Estate Bubbles, and The Asian Crisis

Collyns, Charles V.; Senhadji, Abdelhak S.

Working Paper No. 02/21

The New Russian Budget System: A Critical Assessment and Future Reform Agenda

Diamond, Jack

Working Paper No. 02/22

Budget System Reform in Transitional Economies: The Experience of Russia

Diamond, Jack

Working Paper No. 02/23

Why is Unemployment High in the Philippines?

Brooks, Ray

Working Paper No. 02/24

Assessing Accuracy and Reliability: A Note Based on Approaches Used in National Accounts and Balance of Payments Statistics

Carson, Carol S.; Laliberte, Lucie

Working Paper No. 02/25

The Output Decline in Asian Crisis Countries: Investment Aspects

Greene, Joshua E.

Working Paper No. 02/26

Growth and Convergence in a Two-Region Model: The Hypothetical Case of Korean Unification

Funke, Michael; Strulik, Holger

Working Paper No. 02/27

Commodity Currencies and Empirical Exchange Rate Puzzles

Chen, Yu-chin; Rogoff, Kenneth

Working Paper No. 02/28

The Forward Premium Puzzle Revisited

Meredith, Guy M.; Ma, Yue

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

IMF Research Bulletin, June 2002
Author: International Monetary Fund. Research Dept.