IMF Working Papers

IMF Working Papers by Date

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December 1999

Title: Multiple Equilibria, Contagion, and the Emerging Market Crises Author/Editor: Masson, Paul R. Series: Working Paper No. 99/164 Date: December 21, 1999 Subject(s): Financial crisis \| Capital markets \| Capital flows \| Emerging markets \| Economic models

Title: Assessing External Sustainability in India Author/Editor: Callen, Tim ; Cashin, Paul Series: Working Paper No. 99/181 Date: December 1, 1999 Subject(s): Capital controls \| India \| External borrowing

Title: The Efficiency of Education Expenditure in Portugal Author/Editor: Clements, Benedict J. Series: Working Paper No. 99/179 Date: December 1, 1999 Subject(s): Government expenditures \| Portugal \| Education \| Fiscal policy

Title: Currency and Banking Crises - The Early Warnings of Distress Author/Editor: Kaminsky, Graciela Laura Series: Working Paper No. 99/178 Date: December 1, 1999 Subject(s): Currencies \| Financial crisis

Title: Redistribution Through Public Employment - The Case of Italy Author/Editor: Alesina, Alberto ; Danninger, Stephan ; Rostagno, Massimo V. Series: Working Paper No. 99/177 Date: December 1, 1999 Subject(s): Public sector \| Italy \| Employment

Title: Fiscal Federalism and Government Size in Transition Economies - The Case of Moldova Author/Editor: de Mello, Luiz Series: Working Paper No. 99/176 Date: December 1, 1999 Subject(s): Revenues \| Moldova \| Government expenditures

Title: Global Equilibrium Exchange Rates - Euro, Dollar, "Ins," "Outs," and Other Major Currencies in a Panel Cointegration Framework Author/Editor: Alberola Ila, Enrique ; Garcia Cervero, Susana ; Lopez, J. Humberto ; Ubide, Angel J. Series: Working Paper No. 99/175 Date: December 1, 1999 Subject(s): Exchange rates

Title: Risk, Resources, and Education - Public Versus Private Financing of Higher Education Author/Editor: Wigger, Berthold U. ; von Weizsäcker, Robert K. Series: Working Paper No. 99/174 Date: December 1, 1999 Subject(s): Education

Title: Demand for M2 in an Emerging-Market Economy - An Error-Correction Model for Malaysia Author/Editor: Sriram, Subramanian S. Series: Working Paper No. 99/173 Date: December 1, 1999 Subject(s): Demand for money \| Malaysia \| Emerging markets \| Economic models

Title: Dominance Testing of Social Sector Expenditures and Taxes in Africa Author/Editor: Sahn, David E. ; Younger, Stephen D. Series: Working Paper No. 99/172 Date: December 1, 1999 Subject(s): Social policy \| Africa \| Government expenditures \| Taxes \| Health care \| Education \| Income distribution

Title: Flight Capital as a Portfolio Choice Author/Editor: Collier, Paul ; Hoeffler, Anke ; Pattillo, Catherine A. Series: Working Paper No. 99/171 Date: December 1, 1999 Subject(s): Capital outflows

Title: Central Bank Independence and the Conduct of Monetary Policy in the United Kingdom Author/Editor: Martijn, Jan Kees ; Samiei, Hossein Series: Working Paper No. 99/170 Date: December 1, 1999 Subject(s): Monetary policy \| United Kingdom \| Central bank role

Title: The Myth of Comoving Commodity Prices Author/Editor: Cashin, Paul ; McDermott, C. John ; Scott, Alasdair Series: Working Paper No. 99/169 Date: December 1, 1999 Subject(s): Commodity prices

Title: Global Liquidity and Asset Prices: Measurement, Implications, and Spillovers Author/Editor: Baks, Klaas ; Kramer, Charles Frederick Series: Working Paper No. 99/168 Date: December 1, 1999 Subject(s): Liquidity \| Asset prices \| Capital markets \| Inflation \| Exchange rates \| Economic models

Title: Ownership of Capital in Monetary Economics and the Inflation Tax on Equity Author/Editor: Chami, Ralph ; Cosimano, Thomas F. ; Fullenkamp, Connel Series: Working Paper No. 99/167 Date: December 1, 1999 Subject(s): Inflation \| Taxes \| Capital \| Monetary policy

Title: Why Do Firms Pay Antidumping Duty? Author/Editor: Gupta, Poonam Series: Working Paper No. 99/166 Date: December 1, 1999 Subject(s): Antidumping \| Tariffs \| Economic models

Title: Rethinking Subnational Taxes - A New Look at Tax Assignment Author/Editor: Bird, Richard Miller Series: Working Paper No. 99/165 Date: December 1, 1999 Subject(s): Revenues \| Income taxes \| Consumption taxes \| Sales taxes \| Taxes \| Value added tax

Title: Income Distribution, Informal Safety Nets, and Social Expenditures in Uganda Author/Editor: McDonald, Calvin A. ; Schiller, Christian ; Ueda, Kenichi Series: Working Paper No. 99/163 Date: December 1, 1999 Subject(s): Income distribution \| Uganda \| Social safety nets \| Government expenditures \| Structural adjustment \| Social policy

Title: The Suitability of ASEAN for a Regional Currency Arrangement Author/Editor: Bayoumi, Tamim A. ; Mauro, Paolo Series: Working Paper No. 99/162 Date: December 1, 1999 Subject(s): Association of Southeast Asian Nations \| European Economic and Monetary Union \| Exchange rates

Title: The Disappearing Openness-Inflation Relationship - A Cross-Country Analysis of Inflation Rates Author/Editor: Bleaney, M. F. Series: Working Paper No. 99/161 Date: December 1, 1999 Subject(s): Inflation \| Exchange market rates \| Exchange rate regimes \| Economic models

Title: The 1994 Mexican Economic Crisis - The Role of Government Expenditure and Relative Prices Author/Editor: Kalter, Eliot ; Ribas, Armando P. Series: Working Paper No. 99/160 Date: December 1, 1999 Subject(s): Financial crisis \| Mexico \| Government expenditures \| Prices

Title: Discriminating Contagion - An Alternative Explanation of Contagious Currency Crises in Emerging Markets Author/Editor: Ahluwalia, Pavan Series: Working Paper No. 00/14 Date: December 1, 1999 Subject(s): Financial crisis \| Emerging markets \| Exchange rates \| Balance of payments \| Economic models

November 1999

Title: Linkages Among Asset Markets in the United States - Tests in a Bivariate GARCH Framework Author/Editor: Darbar, Salim M. ; Deb, Parha Series: Working Paper No. 99/158 Date: November 1, 1999 Subject(s): Capital markets \| United States \| Stock markets \| Bonds \| Economic models

Title: Suriname - A Case Study of High Inflation Author/Editor: Braumann, Benedikt ; Shah, Sukhdev Series: Working Paper No. 99/157 Date: November 1, 1999 Subject(s): Economic stabilization \| Suriname \| Inflation \| Economic models

Title: On the Fast Track to EU Accession - Macroeconomic Effects and Policy Challenges for Estonia Author/Editor: Weber, René ; Taube, Günther Series: Working Paper No. 99/156 Date: November 1, 1999 Subject(s): Fiscal policy \| Estonia \| European Economic and Monetary Union \| Euro \| Markets

Title: Booms and Slumps in World Commodity Prices Author/Editor: Cashin, Paul ; McDermott, C. John ; Scott, Alasdair Series: Working Paper No. 99/155 Date: November 1, 1999 Subject(s): Commodity prices

Title: Identifying the Common Component in International Economic Fluctuations - A New Approach Author/Editor: Lumsdaine, Robin L. ; Prasad, Eswar Series: Working Paper No. 99/154 Date: November 1, 1999 Subject(s): Economic growth \| Business cycles \| Economic models

Title: Regulation of Withdrawals in Individual Account Systems Author/Editor: Walliser, Jan Series: Working Paper No. 99/153 Date: November 1, 1999 Subject(s): Pensions \| Savings \| Economic models

Title: Has the Nature of Crises Changed? A Quarter Century of Currency Crises in Argentina Author/Editor: Choueiri, Nada ; Kaminsky, Graciela Laura Series: Working Paper No. 99/152 Date: November 1, 1999 Subject(s): Financial crisis \| Argentina \| Exchange rate regimes \| Monetary policy \| Economic models

Title: Bank Rating Changes and Bank Stock Returns - Puzzling Evidence from the Emerging Markets Author/Editor: Richards, Anthony J. ; Deddouche, David Series: Working Paper No. 99/151 Date: November 1, 1999 Subject(s): Emerging markets \| Bank rates \| Stock markets \| United States \| Bond markets \| Economic models

Title: Foreign Investment in Colombia's Financial Sector Author/Editor: Barajas, Adolfo ; Steiner, Roberto ; Salazar, Natalia Series: Working Paper No. 99/150 Date: November 1, 1999 Subject(s): Foreign investment \| Colombia \| Banking systems

Title: Why Has Inflation in the United States Remained So Low? Reassessing the Importance of Labor Costs and the Price of Imports Author/Editor: Chan-Lau, Jorge A. ; Tokarick, Stephen Series: Working Paper No. 99/149 Date: November 1, 1999 Subject(s): Inflation \| United States \| Labor costs \| Unemployment \| Economic models

Title: Idiosyncratic Risk - An Empirical Analysis, with Implications for the Risk of Relative-Value Trading Strategies Author/Editor: Richards, Anthony J. Series: Working Paper No. 99/148 Date: November 1, 1999 Subject(s): Fiscal management \| Capital markets \| Hedge funds \| Economic models

October 1999

Title: Corporate Insolvency Procedures and Bank Behavior - A Study of Selected Asian Economies Author/Editor: Hussain, Qaizar ; Wihlborg, Clas Series: Working Paper No. 99/135 Date: October 15, 1999 Subject(s): Banking \| Asia \| Capital \| Financial crisis \| Insolvency

Title: Monitoring Banking Sector Fragility - A Multivariate Logit Approach Author/Editor: Demirgüç-Kunt, Asli ; Detragiache, Enrica Series: Working Paper No. 99/147 Date: October 1, 1999 Subject(s): Banking systems \| Financial crisis \| Asia \| Jamaica \| Mexico \| Philippines \| Malaysia \| Indonesia \| Thailand \| Korea, Republic of \| Economic models

Title: Sources of Contagion: Finance or Trade? Author/Editor: van Rijckeghem, Caroline ; Weder, Beatrice Series: Working Paper No. 99/146 Date: October 1, 1999 Subject(s): Banks \| Banking \| Trade \| Mexico \| Thailand \| Russian Federation \| Financial crisis \| Economic models

Title: Trade and Industrialization in Developing Agricultural Economies Author/Editor: Dodzin, Sergei ; Vamvakidis, Athanasios Series: Working Paper No. 99/145 Date: October 1, 1999 Subject(s): Trade \| Industrialization \| Developing countries

Title: Can a Shorter Workweek Induce Higher Employment? Mandatory Reductions in the Workweek and Employment Subsidies Author/Editor: Erbas, S. Nuri ; Sayers, Chera L. Series: Working Paper No. 99/144 Date: October 1, 1999 Subject(s): Labor \| Labor supply \| Economic models \| Unemployment

Title: Corporate Leverage, Bankruptcy, and Output Adjustment in Post-Crisis East Asia Author/Editor: Kim, Se-Jik ; Stone, Mark R. Series: Working Paper No. 99/143 Date: October 1, 1999 Subject(s): Capital inflows \| Asia \| Financial crisis \| Economic models

Title: From Toronto Terms to the HIPC Initiative - A Brief History of Debt Relief for Low-Income Countries Author/Editor: Daseking, Christina ; Powell, Robert Series: Working Paper No. 99/142 Date: October 1, 1999 Subject(s): Debt relief \| Developing countries \| Heavily indebted poor countries \| External debt

Title: Nominal Exchange Rates and Nominal Interest Rate Differentials Author/Editor: Nadal-De Simone, Francisco ; Razzak, Weshah Series: Working Paper No. 99/141 Date: October 1, 1999 Subject(s): Exchange rates \| Interest rate differential \| Bond markets \| Economic models

Title: Central Bank Participation in Currency Options Markets Author/Editor: Breuer, Peter Series: Working Paper No. 99/140 Date: October 1, 1999 Subject(s): Central banks \| Currencies \| Intervention

Title: Recapitalizing Banks with Public Funds - Selected Issues Author/Editor: Enoch, Charles ; Garcia, G. G. ; Sundararajan, Vasudevan Series: Working Paper No. 99/139 Date: October 1, 1999 Subject(s): Banks \| Banking systems \| Public finance

Title: The Asia Crisis - Causes, Policy Responses and Outcomes Author/Editor: Berg, Andrew Series: Working Paper No. 99/138 Date: October 1, 1999 Subject(s): Financial crisis \| Asia \| Interest rates \| Balance of payments

Title: A Peek Inside the Black Box: The Monetary Transmission Mechanism in Japan Author/Editor: Morsink, James ; Bayoumi, Tamim Series: Working Paper No. 99/137 Date: October 1, 1999 Subject(s): Banking \| Japan \| Private sector \| Demand

Title: Portfolio Diversification, Leverage, and Financial Contagion Author/Editor: Schinasi, Garry J. ; Smith, T. Todd Series: Working Paper No. 99/136 Date: October 1, 1999 Subject(s): Markets

Title: Macroeconomic and Sectoral Effects of Terms-of-Trade Shocks - The Experience of the Oil-Exporting Developing Countries Author/Editor: Spatafora, Nikola ; Warner, Andrew M. Series: Working Paper No. 99/134 Date: October 1, 1999 Subject(s): Terms of trade \| Oil exports \| Developing countries

Title: Country Risks and the Investment Activity of U.S. Multinationals in Developing Countries Author/Editor: Lehmann, Alexander Series: Working Paper No. 99/133 Date: October 1, 1999 Subject(s): Foreign investment \| Exchange risk

Title: Exchange-Rate-Based Stabilization - A Critical Look at the Stylized Facts Author/Editor: Hamann, A. Javier Series: Working Paper No. 99/132 Date: October 1, 1999 Subject(s): Exchange rate stability \| Inflation

Title: The Domestic and Foreign Price Gaps in the P-Star Model - Evidence from Spain Author/Editor: García-Herrero, Alicia ; Pradhan, Manoj Vasant Series: Working Paper No. 98/64 Date: October 1, 1999 Subject(s): Prices \| Spain \| Inflation \| Economic models

September 1999

Title: EMU Challenges European Labor Markets Author/Editor: Soltwedel, Rüdiger ; Dohse, Dirk ; Krieger-Boden, Christiane Series: Working Paper No. 99/131 Date: September 1, 1999 Subject(s): European Economic and Monetary Union \| Labor markets

Title: Skill Acquisition and Firm Creation in Transition Economies Author/Editor: Brixiova, Zuzana ; Li, Wenli ; Yousef, Tarik Series: Working Paper No. 99/130 Date: September 1, 1999 Subject(s): Economic growth \| Transition economies \| Employment \| Labor \| Economic models

Title: Emerging Markets Crisis - An Asset Markets Perspective Author/Editor: Caballero, Ricardo J. ; Krishnamurthy, Arvind Series: Working Paper No. 99/129 Date: September 1, 1999 Subject(s): Capital flows \| Governance \| Banks \| Emerging markets \| Economic models

Title: Neglected Heterogeneity and Dynamics in Cross-Country Savings Regressions Author/Editor: Ul Haque, Nadeem ; Pesaran, M. Hashem ; Sharma, Sunil Series: Working Paper No. 99/128 Date: September 1, 1999 Subject(s): Savings \| OECD \| Economic models

Title: The Enforcement of Property Rights and Underdevelopment Author/Editor: Dabla-Norris, Era ; Freeman, Scott Series: Working Paper No. 99/127 Date: September 1, 1999 Subject(s): Development \| Economic models

Title: Long-Term International Capital Movements and Technology - A Review Author/Editor: Zebregs, Harm Series: Working Paper No. 99/126 Date: September 1, 1999 Subject(s): Capital flows \| Economic growth \| Economic models

Title: Technology and Epidemics Author/Editor: Chong, Alberto ; Zanforlin, L. Series: Working Paper No. 99/125 Date: September 1, 1999 Subject(s): Economic growth \| Economic models

Title: Three Million Foreigners, Three Million Unemployed? Immigration and the French Labor Market Author/Editor: Gross, Dominique M. Series: Working Paper No. 99/124 Date: September 1, 1999 Subject(s): Labor markets \| France \| Immigration \| Unemployment \| Economic models

Title: Regional Income Redistribuiton and Risk Sharing - How Does Italy Compare in Europe? Author/Editor: Decressin, Jörg Series: Working Paper No. 99/123 Date: September 1, 1999 Subject(s): Income distribution \| Italy \| Fiscal policy \| Economic models

Title: Inflation, Money Demand, and Purchasing Power Parity in South Africa Author/Editor: Jonsson, Gunnar Series: Working Paper No. 99/122 Date: September 1, 1999 Subject(s): Inflation \| South Africa \| Demand for money \| Purchasing power parity \| Economic models

Title: Determinants of Argentina's External Trade Author/Editor: Catão, Luis ; Falcetti, Elisabetta Series: Working Paper No. 99/121 Date: September 1, 1999 Subject(s): Trade \| Argentina \| International trade \| Economic models

Title: Measuring Misalignment - Purchasing Power Parity and East Asian Currencies in the 1990s Author/Editor: Chinn, Menzie David Series: Working Paper No. 99/120 Date: September 1, 1999 Subject(s): Purchasing power parity \| Asia \| Currencies \| Exchange rates

Title: Modeling and Forecasting Inflation in India Author/Editor: Callen, Tim ; Chang, Dongkoo Series: Working Paper No. 99/119 Date: September 1, 1999 Subject(s): Inflation \| India \| Forecasting models

August 1999

Title: Inflation and Growth in Transition: Are the Asian Economies Different? Author/Editor: Kalra, Sanja ; Sløk, Torsten Series: Working Paper No. 99/118 Date: August 1, 1999 Subject(s): Inflation \| Economic growth \| Asia \| Transition economies

Title: Investment, Capital Accumulation, and Growth - Some Evidence from The Gambia 1964-98 Author/Editor: Beddies, Christian H. Series: Working Paper No. 99/117 Date: August 1, 1999 Subject(s): Investment \| Capital accumulation \| Economic growth

Title: The Relative Merits and Implications of Inflation Targeting for South Africa Author/Editor: Jonsson, Gunnar Series: Working Paper No. 99/116 Date: August 1, 1999 Subject(s): Inflation targeting \| South Africa

Title: The External Wealth of Nations - Measures of Foreign Assets and Liabilities for Industrial and Developing Countries Author/Editor: Lane, Philip R. ; Milesi-Ferretti, Gian Maria Series: Working Paper No. 99/115 Notes: Link to the data set and documentation for this Working Paper. Date: August 1, 1999 Subject(s): External debt \| Foreign investment

Title: Exchange market Pressure and Monetary Policy - Asia and Latin America in the 1990s Author/Editor: Tanner, Evan Series: Working Paper No. 99/114 Date: August 1, 1999 Subject(s): Exchange markets \| Monetary policy \| Asia \| Latin America \| Credit \| Reserves \| Exchange rates

Title: Bank Fragility and International Capital Mobility Author/Editor: Detragiache, Enrica Series: Working Paper No. 99/113 Date: August 1, 1999 Subject(s): Capital flows \| Financial crisis \| Banking

Title: Private Sector Consumption Behavior and Non-Keynesian Effects of Fiscal Policy Author/Editor: Bhattacharya, Rina Series: Working Paper No. 99/112 Date: August 1, 1999 Subject(s): Fiscal policy \| Debt \| Consumption

Title: Firm Investment and Balance-Sheet Problems in Japan Author/Editor: Sekine, Toshitaka Series: Working Paper No. 99/111 Date: August 1, 1999 Subject(s): Investment \| Japan \| Credit

Title: Foreign Exchange Queues, Informal Traders, and a Zero Premium in the Black Market - A Cape Verdean Puzzle Author/Editor: Olters, Jan-Peter Series: Working Paper No. 99/110 Date: August 1, 1999 Subject(s): Exchange markets \| Cape Verde \| Capital markets \| Economic models

Title: Deconstructing Job Creation Author/Editor: Garibaldi, Pietro ; Mauro, Paolo Series: Working Paper No. 99/109 Date: August 1, 1999 Subject(s): Unemployment \| Europe

Title: Bailout and Conglomeration Author/Editor: Kim, Se-Jik Series: Working Paper No. 99/108 Date: August 1, 1999 Subject(s): Banking

Title: Analysis of the U.S. Business Cycle with a Vector-Markov-Switching Model Author/Editor: Kontolemis G., Zenon Series: Working Paper No. 99/107 Date: August 1, 1999 Subject(s): Business cycles \| Economic models

Title: Bank Bailouts: Moral Hazard vs. Value Effect Author/Editor: Cordella, Tito ; Levy Yeyati, Eduardo Series: Working Paper No. 99/106 Date: August 1, 1999 Subject(s): Banking \| Central Bank role

Title: Measuring Financial Development in Sub-Saharan Africa Author/Editor: Gelbard, E. ; Leite, Sérgio Pereira. Series: Working Paper No. 99/105 Date: August 1, 1999 Subject(s): Development \| Sub-Saharan Africa

July 1999

Title: The IMF Approach to Economic Stabilization Author/Editor: Mussa, Michael ; Savastano, Miguel A. Series: Working Paper No. 99/104 Date: July 1, 1999 Subject(s): Economic stabilization \| Fund-supported adjustment programs

Title: Public Debt Management and Bailouts Author/Editor: Becker, Törbjörn I. Series: Working Paper No. 99/103 Date: July 1, 1999 Subject(s): Public debt \| Taxes \| Economic models

Title: Rachet Effects in Currency Substitution - An Application to the Kyrgyz Republic Author/Editor: Mongardini, Joannes ; Mueller, Johannes Series: Working Paper No. 99/102 Date: July 1, 1999 Subject(s): Currency substitution \| Kyrgyz Republic \| Monetary policy

Title: We Just Averaged over Two Trillion Cross-Country Growth Regressions Author/Editor: Ley, Eduardo ; Steel, Mark F. J. Series: Working Paper No. 99/101 Date: July 1, 1999 Subject(s): Economic growth \| Economic models

Title: Global Moral Hazard, Capital Account Liberalization and the "Overlending Syndrome" Author/Editor: Levy Yeyati, Eduardo Series: Working Paper No. 99/100 Date: July 1, 1999 Subject(s): Financial crisis \| Capital account liberalization

Title: Adjustment Costs, Irreversibility, and Investment Patterns in African Manufacturing Author/Editor: Bigsten, Arne Series: Working Paper No. 99/99 Notes: This paper was written by multiple authors (12). Date: July 1, 1999 Subject(s): Investment \| Africa \| Manufacturing \| Cameroon \| Ghana \| Kenya \| Zambia \| Zimbabwe \| Economic models

Title: The Rise and Fall of the Pyramid Schemes in Albania Author/Editor: Jarvis, Christopher J. Series: Working Paper No. 99/98 Date: July 1, 1999 Subject(s): Financial systems \| Albania \| Financial crisis

Title: A Dynamic Model of Inflation for Kenya, 1974-1996 Author/Editor: Durevall, Dick ; Ndung'u, Njuguna S. Series: Working Paper No. 99/97 Date: July 1, 1999 Subject(s): Inflation \| Kenya \| Real effective exchange rates \| Terms of trade \| Demand for money \| Economic models

Title: Measures of Potential Output - An Application to Israel Author/Editor: Scacciavillani, Fabio ; Swagel, Phillip Series: Working Paper No. 99/96 Date: July 1, 1999 Subject(s): Economic growth \| Israel \| Production \| Economic models

Title: The Structural Budget Balance - The IMF's Methodology Author/Editor: Hagemann, Robert P. Series: Working Paper No. 99/95 Date: July 1, 1999 Subject(s): Fiscal policy \| Budgets \| Economic models

Title: Managerial Entrenchment and the Choice of Debt Financing Author/Editor: Sy, Amadou N. R. Series: Working Paper No. 99/94 Date: July 1, 1999 Subject(s): Debt \| Public debt \| Credit \| Economic models

Title: Coordinating Tariff Reduction and Domestic Tax Reform Author/Editor: Keen, Michael ; Ligthart, Johanna Elisabeth Series: Working Paper No. 99/93 Date: July 1, 1999 Subject(s): Tariff reforms \| Tax reforms \| Economic models

Title: Central Banking Without Central Bank Money Author/Editor: Henckel, Timo ; Ize, Alain ; Kovanen, Arto Series: Working Paper No. 99/92 Date: July 1, 1999 Subject(s): Central bank policy \| Payments arrangements \| Inflation \| Economic models

Title: Institutionalized Corruption and the Kleptocratic State Author/Editor: Charap, Joshua ; Harm, Christian Series: Working Paper No. 99/91 Date: July 1, 1999 Subject(s): Governance \| Corruption

Title: Determinants of Angola's Parallel Market Real Exchange Rate Author/Editor: Gelbard, E. ; Nagayasu, Jun Series: Working Paper No. 99/90 Date: July 1, 1999 Subject(s): Real effective exchange rates \| Angola

Title: Trade in Financial Services and Capital Movements Author/Editor: Tamirisa, Natalia T. Series: Working Paper No. 99/89 Date: July 1, 1999 Subject(s): Trade \| Capital flows \| OECD

Title: External Vulnerability in Emerging Market Economies - How High Liquidity Can Offset Weak Fundamentals and the Effects of Contagion Author/Editor: Bussière, Matthieu ; Mulder, Christian B. Series: Working Paper No. 99/88 Date: July 1, 1999 Subject(s): Emerging markets \| Financial crisis \| Liquidity

Title: Military Spending, the Peace Dividend, and Fiscal Adjustment Author/Editor: Davoodi, Hamid Reza ; Clements, Benedict J. ; Schiff, Jerald Alan ; Debaere, Peter Series: Working Paper No. 99/87 Date: July 1, 1999 Subject(s): Military expenditures \| Fiscal policy \| Economic models

Title: Signaling Fiscal Regime Sustainability Author/Editor: Drudi, Francesco ; Prati, Alessandro Series: Working Paper No. 99/86 Date: July 1, 1999 Subject(s): Fiscal policy \| Taxation \| Debt \| Credit \| Economic models

Title: Does Mother Nature Corrupt - Natural Resources, Corruption, and Economic Growth Author/Editor: Leite, Carlos ; Weidmann, Jens Series: Working Paper No. 99/85 Date: July 1, 1999 Subject(s): Economic growth \| Corruption \| Economic models

June 1999

Title: Explaining International Comovements of Output and Asset Returns: The Role of Money and Nominal Rigidities Author/Editor: Kollman, Robert Miguel W. K. Series: Working Paper No. 99/84 Date: June 1, 1999 Subject(s): Money \| United States \| Production \| Business cycles \| Economic models

Title: Real Wage Rigidities, Fiscal Policy, and the Stability of EMU in the Transition Phase Author/Editor: Berthold, Norbert ; Fehn, Rainer ; Thode, Eric Series: Working Paper No. 99/83 Date: June 1, 1999 Subject(s): Wages \| Fiscal policy \| European Economic and Monetary Union \| Labor markets \| Monetary policy

Title: Common Trends and Structural Change: A Dynamic Macro Model for the Pre- and Postrevolution Islamic Republic of Iran Author/Editor: Becker, Törbjörn I. Series: Working Paper No. 99/82 Date: June 1, 1999 Subject(s): Inflation \| Iran, Islamic Republic of \| Exchange rates \| Production \| Economic models

Title: Co-Movements in Long-Term Interest Rates and the Role of PPP-Based Exchange Rate Expectations Author/Editor: Berk, Jan Marc ; Knot, Klaas Series: Working Paper No. 99/81 Date: June 1, 1999 Subject(s): Interest rates \| Exchange rates \| Economic models

Title: How Persistent Are Shocks to World Commodity Prices? Author/Editor: Cashin, Paul ; Liang, Hong ; McDermott, C. John Series: Working Paper No. 99/80 Date: June 1, 1999 Subject(s): Commodity prices \| Price stabilization \| Economic models

Title: Do Hong Kong SAR and China Constitute An Optimal Currency Area? An Empirical Test of the Generalized Purchasing Power Parity Hypothesis Author/Editor: Liang, Hong Series: Working Paper No. 99/79 Date: June 1, 1999 Subject(s): Currencies \| China \| Hong Kong SAR \| Real effective exchange rates \| Purchasing power parity \| Monetary unions \| Economic models

Title: Price Imputation and Other Techniques for Dealing with Missing Observations, Seasonality and Quality Change in Price Indices Author/Editor: Armknecht, Paul A. ; Maitland-Smith, Fenella Series: Working Paper No. 99/78 Date: June 1, 1999 Subject(s): Commodity price indexes \| Prices \| Economic models

Title: Sources of Economic Growth - An Extensive Growth Accounting Exercise Author/Editor: Senhadji Semlali, A. Series: Working Paper No. 99/77 Date: June 1, 1999 Subject(s): Economic growth \| Productivity \| Economic models

Title: Price Liberalization, Money Growth, and Inflation During the Transition to a Market Economy Author/Editor: Hernández-Catá, Ernesto Series: Working Paper No. 99/76 Date: June 1, 1999 Subject(s): Price decontrols \| Money \| Inflation \| Transition economies \| Economic models

May 1999

Title: Simple Monetary Policy Rules Under Model Uncertainty Author/Editor: Isard, Peter ; Laxton, Douglas ; Eliasson, Ann-Charlotte Series: Working Paper No. 99/75 Date: May 1, 1999 Subject(s): Monetary policy \| Economic models

Title: Estimating Trade Equations from Aggregate Bilateral Data Author/Editor: Bayoumi, Tamim A. Series: Working Paper No. 99/74 Date: May 1, 1999 Subject(s): Trade \| Trade models

Title: The Evolution of Output in Transition Economies - Explaining the Differences Author/Editor: Berg, Andrew ; Borensztein, Eduardo ; Sahay, Ratna ; Zettelmeyer, Jeromin Series: Working Paper No. 99/73 Date: May 1, 1999 Subject(s): Economic growth \| Transition economies \| Economic models

Title: Sticky Prices - An Empirical Assessment of Alternative Models Author/Editor: Jadresic, Esteban Series: Working Paper No. 99/72 Date: May 1, 1999 Subject(s): Prices \| United States \| Inflation \| Economic models

Title: Excess Volatility and the Asset-Pricing Exchange Rate Model with Unobservable Fundamentals Author/Editor: Bartolini, Leonardo ; Giorgianni, Lorenzo Series: Working Paper No. 99/71 Date: May 1, 1999 Subject(s): Exchange rates \| Economic models

Title: A Test of the General Validity of the Heckscher-Ohlin Theorem for Trade in the European Community Author/Editor: Hakura, Dalia Series: Working Paper No. 99/70 Date: May 1, 1999 Subject(s): Trade \| European Community

Title: Economic and Legal Considerations of Optimal Privatization - Case Studies of Mortgage Firms (DePfa Group and Fannie Mae) Author/Editor: Beyer, Hans-Joachim ; Dziobek, Claudia Helene ; Garrett, John R. Series: Working Paper No. 99/69 Date: May 1, 1999 Subject(s): Privatization \| Financial programs \| Banks

Title: Privatization, Social Impact, and Social Safety Nets Author/Editor: Gupta, Sanjeev ; Schiller, Christian ; Ma, Henry Series: Working Paper No. 99/68 Date: May 1, 1999 Subject(s): Economic growth \| Privatization \| Social safety nets \| Public enterprises \| Social policy

Title: Price and Monetary Dynamics Under Alternative Exchange Rate Regimes Author/Editor: Bleaney, M. F. Series: Working Paper No. 99/67 Date: May 1, 1999 Subject(s): Prices \| Exchange rate regimes \| Money \| Inflation

Title: Financial Fragility and Economic Performance in Developing Economies - Do Capital Controls, Prudential Regulation and Supervision Matter? Author/Editor: Rossi, Marco Series: Working Paper No. 99/66 Date: May 1, 1999 Subject(s): Capital account \| Financial crisis \| Capital controls \| Developing countries \| Bank supervision

Title: The Georgian Hyperinflation and Stabilization Author/Editor: Wang, Jian-Ye Series: Working Paper No. 99/65 Date: May 1, 1999 Subject(s): Inflation \| Exchange rates \| Economic growth

Title: Survey of Literature on Demand for Money: Theoretical and Empirical Work with Special Reference to Error-Correction Models Author/Editor: Sriram, Subramanian S. Series: Working Paper No. 99/64 Date: May 1, 1999 Subject(s): Demand for money \| Economic models

Title: Spend Now, Pay Later? Tax Smoothing and Fiscal Sustainability in South Asia Author/Editor: Cashin, Paul ; Ul Haque, Nadeem ; Olekalns, Nilss Series: Working Paper No. 99/63 Date: May 1, 1999 Subject(s): Taxation \| Pakistan \| Sri Lanka \| Fiscal policy

Title: Macroeconomic Conditions and Import Surcharges in Selected Transition Economies Author/Editor: Sorsa, Piritta Series: Working Paper No. 99/62 Date: May 1, 1999 Subject(s): Trade liberalization \| Import surcharges \| Exchange rates

April 1999

Title: Inflation Targeting and Output Stability Author/Editor: Jadresic, Esteban Series: Working Paper No. 99/61 Date: April 1, 1999 Subject(s): Inflation targeting \| Monetary policy \| Prices

Title: Inequality and Optimal Redistributive Tax and Transfer Policies Author/Editor: Zee, Howell H. Series: Working Paper No. 99/60 Date: April 1, 1999 Subject(s): Taxation \| Tax policy \| Revenues

Title: Fixed Capital Adjustment - Is Latin America Different? Evidence from the Colombian and Mexican Manufacturing Sectors Author/Editor: Gelos, Gaston ; Isgut, Alberto Series: Working Paper No. 99/59 Date: April 1, 1999 Subject(s): Investment \| Colombia \| Mexico \| Manufacturing

Title: The Role of Inter- and Intraindustry Trade in Technology Diffusion Author/Editor: Hakura, Dalia ; Jaumotte, Florence Series: Working Paper No. 99/58 Date: April 1, 1999 Subject(s): Trade \| Industrial trade

Title: Copper and the Chilean Economy, 1960-98 Author/Editor: Spilimbergo, Antonio Series: Working Paper No. 99/57 Date: April 1, 1999 Subject(s): Economic growth \| Chile \| Copper \| Prices

Title: International Trade and the Business Cycle Author/Editor: Prasad, Eswar Series: Working Paper No. 99/56 Date: April 1, 1999 Subject(s): International trade \| Business cycles \| Balance of trade

Title: Government Employment and Wages and Labor Market Performance Author/Editor: Demekas, Dimitri G. ; Kontolemis G., Zenon Series: Working Paper No. 99/55 Date: April 1, 1999 Subject(s): Unemployment \| Labor markets \| Public sector \| Public sector wages

Title: Deposit Insurance - A Survey of Actual and Best Practices Author/Editor: Garcia, G. G. Series: Working Paper No. 99/54 Date: April 1, 1999 Subject(s): Deposit insurance \| Banking

Title: Can Currency Demand be Stable Under a Financial Crisis? - The Case of Mexico Author/Editor: Khamis, May Y. ; Leone, Alfredo Mario Series: Working Paper No. 99/53 Date: April 1, 1999 Subject(s): Currencies \| Mexico \| Financial crisis

Title: A Review of Capital Account Restrictions in Chile in the 1990s Author/Editor: Nadal-De Simone, Francisco ; Sorsa, Piritta Series: Working Paper No. 99/52 Date: April 1, 1999 Subject(s): Capital controls \| Chile \| Interest rates \| Exchange rates \| Monetary policy

Title: Adjustment and Growth in Sub-Saharan Africa Author/Editor: Calamitsis, Evangelos A. ; Basu, Anupam ; Ghura, Dhaneshwar Series: Working Paper No. 99/51 Date: April 1, 1999 Subject(s): Economic growth \| Sub-Saharan Africa \| Adjustment policy

Title: Long-Run Exchange Rate Dynamics - A Panel Data Study Author/Editor: Habermeier, Karl Friedrich ; Mesquita, Mario Series: Working Paper No. 99/50 Date: April 1, 1999 Subject(s): Exchange rates \| Economic models \| Purchasing power parity \| Terms of trade

Title: Algeria - The Real Exchange Rate, Export Diversification, and Trade Protection Author/Editor: Sorsa, Piritta Series: Working Paper No. 99/49 Date: April 1, 1999 Subject(s): Exchange rates \| Portugal \| Export diversification \| Protectionism

Title: The Egyptian Stock Market - Efficiency Tests and Volatility Effects Author/Editor: Mecagni, Mauro ; Sawky Sourial, Maged Series: Working Paper No. 99/48 Date: April 1, 1999 Subject(s): Stock markets \| Egypt \| Economic models

Title: Exchange Rate Pass-Through and Dynamic Oligopoly - An Empirical Investigation Author/Editor: Gross, Dominique M. ; Schmitt, Nicolas Series: Working Paper No. 99/47 Date: April 1, 1999 Subject(s): Exchange rates \| Switzerland \| International trade \| Economic models

Title: Political Instability and Economic Vulnerability Author/Editor: Bussière, Matthieu ; Mulder, Christian B. Series: Working Paper No. 99/46 Date: April 1, 1999 Subject(s): Economic conditions \| Financial crisis

Title: Japan's Stagnant Nineties - A Vector Autoregression Retrospective Author/Editor: Ramaswamy, Ramana ; Rendu, Christel Series: Working Paper No. 99/45 Date: April 1, 1999 Subject(s): Economic growth \| Japan \| Fiscal policy \| Economic models

Title: Nonrenewable Resources - A Case for Persistent Fiscal Surpluses Author/Editor: Alier, M. ; Kaufman, Martin David Series: Working Paper No. 99/44 Date: April 1, 1999 Subject(s): Fiscal policy \| Chile

March 1999

Title: Unemployment, Capital-Labor Substitution, and Economic Growth Author/Editor: Rowthorn, Bob Series: Working Paper No. 99/43 Date: March 1, 1999 Subject(s): Unemployment \| Capital \| Labor \| Economic growth \| Wages \| Economic models

Title: Does Monetary Policy Stabilize the Exchange Rate Following a Currency Crisis? Author/Editor: Goldfajn, Ilan ; Gupta, Poonam Series: Working Paper No. 99/42 Date: March 1, 1999 Subject(s): Monetary policy \| Financial crisis \| Exchange rates \| Interest rates \| Inflation

Title: Is Poland Ready for Inflation Targeting? Author/Editor: Christoffersen, Peter F. ; Westcott, Robert F. Series: Working Paper No. 99/41 Date: March 1, 1999 Subject(s): Inflation targeting \| Poland \| Monetary policy \| Price controls \| Statistics

Title: Real Exchange Rate Behavior and Economic Growth - Evidence from Egypt, Jordan, Morocco, and Tunisia Author/Editor: Domaç, Ilker ; Shabsigh, Ghiath Series: Working Paper No. 99/40 Date: March 1, 1999 Subject(s): Real effective exchange rates \| Egypt \| Jordan \| Morocco \| Tunisia \| Economic growth \| Exchange rate policy

Title: A Model of the Lender of Last Resort Author/Editor: Goodhart, C. A. E. ; Huang, Haizhou Series: Working Paper No. 99/39 Date: March 1, 1999 Subject(s): Financial crisis \| Economic models

Title: East Asia in the Aftermath - Was There a Crunch? Author/Editor: Ghosh, Atish R. ; Ghosh, Swart R. Series: Working Paper No. 99/38 Date: March 1, 1999 Subject(s): Financial crisis \| Asia \| Credit

Title: The Long-Run Relationship Between Real Exchange Rates and Real Interest Rate Differentials - A Panel Study Author/Editor: MacDonald, Ronald ; Nagayasu, Jun Series: Working Paper No. 99/37 Date: March 1, 1999 Subject(s): Real effective exchange rates \| Real interest rates \| Economic models

Title: Explaining the Behavior of Financial Intermediation - Evidence from Transition Economies Author/Editor: Rother, Philipp C. Series: Working Paper No. 99/36 Date: March 1, 1999 Subject(s): Financial intermediation \| Transition economies

Title: Macroeconomic Fluctuations in Developing Countries - Some Stylized Facts Author/Editor: Agénor, Pierre-Richard ; McDermott, C. John ; Prasad, Eswar Series: Working Paper No. 99/35 Date: March 1, 1999 Subject(s): Business cycles \| Developing countries

Title: Institutions, Innovations, and Growth Author/Editor: Huang, Haizhou ; Xu, Chenggang Series: Working Paper No. 99/34 Date: March 1, 1999 Subject(s): Financial institutions \| Economic growth

Title: Determinants of Ex-Ante Banking System Distress: A Macro-Micro Empirical Exploration of Some Recent Episodes Author/Editor: González-Hermosillo, Brenda Series: Working Paper No. 99/33 Date: March 1, 1999 Subject(s): Banking systems \| Financial crisis

Title: Exchange Rate Movements and Tradable Goods Prices in East Asia - An Analysis Based on Japanese Customs Data, 1988-98 Author/Editor: Takagi, Shinji ; Yoshida, Yushi Series: Working Paper No. 99/31 Date: March 1, 1999 Subject(s): Exchange rates \| Asia \| Japan \| Prices \| Trade

Title: The Length and Cost of Banking Crises Author/Editor: Frydl, Edward J. Series: Working Paper No. 99/30 Date: March 1, 1999 Subject(s): Financial crisis \| Bank supervision

Title: A Model of Contagious Currency Crises with Application to Argentina Author/Editor: Choueiri, Nada Series: Working Paper No. 99/29 Date: March 1, 1999 Subject(s): Financial crisis \| Argentina \| Currencies

Title: The Korean Financial Crisis of 1997 - A Strategy of Financial Sector Reform Author/Editor: Baliño, Tomás J. T. ; Ubide, Angel J. Series: Working Paper No. 99/28 Date: March 1, 1999 Subject(s): Financial crisis \| Korea, Republic of \| Bank supervision \| Financial sector \| Bank reforms

Title: Explaining Foreign Exchange Market Puzzles Author/Editor: Miller, Norman C. Series: Working Paper No. 99/27 Date: March 1, 1999 Subject(s): Exchange markets \| Exchange rates \| Economic models

Title: Monetary Policy and Public Finances - Inflation Targets in a New Perspective Author/Editor: Beddies, Christian H. Series: Working Paper No. 99/26 Date: March 1, 1999 Subject(s): Monetary policy \| Public finance \| Inflation \| Private sector

Title: Financial Liberalization, Credit Constraints, and Collateral - Investment in the Mexican Manufacturing Sector Author/Editor: Gelos, Gaston ; Werner, Alejandro M. Series: Working Paper No. 99/25 Date: March 1, 1999 Subject(s): Financial systems \| Credit restraint \| Mexico \| Investment \| Manufacturing sector

Title: Capital Controls and Trade Liberalization in a Monetary Economy Author/Editor: Jang, B. Series: Working Paper No. 99/24 Date: March 1, 1999 Subject(s): Capital controls \| Trade liberalization \| Economic models

Title: Growth Gains from Trade and Education Author/Editor: Kim, Se-Jik ; Kim, Yong-jin Series: Working Paper No. 99/23 Date: March 1, 1999 Subject(s): Economic growth \| International trade \| Education \| Economic models

February 1999

Title: Does Higher Government Spending Buy Better Results in Education and Health Care? Author/Editor: Gupta, Sanjeev ; Verhoeven, Marijn ; Tiongson, Erwin Series: Working Paper No. 99/21 Date: February 25, 1999 Subject(s): Government expenditures \| Education \| Health care

Title: The Stock Market Channel of Monetary Policy Author/Editor: Chami, Ralph ; Cosimano, Thomas F. ; Fullenkamp, Connel Series: Working Paper No. 99/22 Date: February 1, 1999 Subject(s): Stock markets \| Monetary policy \| Inflation

Title: Credit Allocation and Financial Crisis in Korea Author/Editor: Borensztein, Eduardo ; Lee, Jong-Wha Series: Working Paper No. 99/20 Date: February 1, 1999 Subject(s): Financial crisis \| Korea, Republic of \| Capital markets \| Credit

Title: Taxation in Latin America - Structural Trends and Impact of Administration Author/Editor: Shome, Parthasrathi Series: Working Paper No. 99/19 Date: February 1, 1999 Subject(s): Taxation \| Latin America \| Tax policy \| Tax administration

Title: Are There International R&D Spillovers Among Randomly Matched Trade Partners?- A Response to Keller Author/Editor: Coe, David T. ; Hoffmaister, Alexander W. Series: Working Paper No. 99/18 Date: February 1, 1999 Subject(s): Capital \| Productivity \| Trade \| Economic models

Title: Large Capital Flows - A Survey of the Causes, Consequences, and Policy Responses Author/Editor: López Mejía, Alejando Series: Working Paper No. 99/17 Date: February 1, 1999 Subject(s): Capital flows \| Capital inflows \| Financial crisis \| Monetary policy \| Fiscal Policy \| Trade policy

January 1999

Title: Interest Rate Arbitrage in Currency Baskets--Forecasting Weights and Measuring Risk Author/Editor: Christoffersen, Peter F. ; Giorgianni, Lorenzo Series: Working Paper No. 99/16 Date: January 1, 1999 Subject(s): Interest rates \| Exchange rates \| Economic models

Title: Exchange Rate Unification, the Equilibrium Real Exchange Rate, and Choice of Exchange Rate Regime--The Case of the Islamic Republic of Iran Author/Editor: Sundararajan, Vasudevan ; Lazare, Michel ; Williams, Sherwyn Series: Working Paper No. 99/15 Date: January 1, 1999 Subject(s): Exchange rates \| Iran, Islamic Republic of \| Exchange rate unification \| Real effective exchange rates \| Exchange rate regimes

Title: Consumption and Income Inequality in Poland During the Economic Transition Author/Editor: Keane, Michael P. ; Prasad, Eswar Series: Working Paper No. 99/14 Date: January 1, 1999 Subject(s): Consumption \| Poland \| Income

Title: The Morning After--Explaining the Slowdown in Japanese Growth in the 1990s' Author/Editor: Bayoumi, Tamim A. Series: Working Paper No. 99/13 Date: January 1, 1999 Subject(s): Economic growth \| Japan \| Financial intermediation

Title: The Euro and the Production Structure and Export Performance of Middle East and North African Countries Author/Editor: Ruhashyankiko, Jean-François Series: Working Paper No. 99/12 Date: January 1, 1999 Subject(s): Exports \| Middle East \| Africa \| Euro \| Exchange rates

Title: Sectorial Macroeconomic Interdependencies - Evidence for Latin America, East Asia and Europe Author/Editor: Loayza, Norman ; Lopez, J. Humberto ; Ubide, Angel J. Series: Working Paper No. 99/11 Date: January 1, 1999 Subject(s): Monetary unions \| Latin America \| Asia \| Europe \| Economic models

Title: "Enemy of None but a Common Friend of All"? An International Perspective on the Lender-of-Last-Resort Function Author/Editor: Giannini, Curzio Series: Working Paper No. 99/10 Date: January 1, 1999 Subject(s): Central banks \| Fund role

Title: REPMOD - A Smaller Sibling for MULTIMOD Author/Editor: Meredith, Guy Series: Working Paper No. 99/8 Date: January 1, 1999 Subject(s): Economic models \| Fund

Title: Inflation Targeting in Korea - An Empirical Exploration Author/Editor: Hoffmaister, Alexander W. Series: Working Paper No. 99/7 Date: January 1, 1999 Subject(s): Inflation targeting \| Korea, Republic of \| Economic models

Title: Privatization in Transition Countries - A Sampling of the Literature Author/Editor: Havrylyshyn, Oli ; McGettigan, Donal Series: Working Paper No. 99/6 Date: January 1, 1999 Subject(s): Privatization \| Transition economies

Title: Offshore Banking-An Analysis of Micro- and Macro-Prudential Issues Author/Editor: Musalem Borrero, Alberto ; Errico, Luca Series: Working Paper No. 99/5 Date: January 1, 1999 Subject(s): Offshore financial centers \| Capital flows \| Financial crisis \| Bank supervision

Title: Central Bank Autonomy, and Inflation and Output Performance in the Baltic States, Russia, and Other Countries of the Former Soviet Union, 1995-97 Author/Editor: Lybek, Tonny Series: Working Paper No. 99/4 Date: January 1, 1999 Subject(s): Central bank role \| Transition economies \| Former Soviet Union \| Russian Federation \| Baltics

Title: In Search of "Capital Crunch" - Supply Factors Behind the Credit Slowdown in Japan Author/Editor: Woo, D. Series: Working Paper No. 99/3 Date: January 1, 1999 Subject(s): Banking \| Japan \| Credit

Title: Credibility of Central Bank Independence Revisited Author/Editor: Välilä, Timo Series: Working Paper No. 99/2 Date: January 1, 1999 Subject(s): Central bank role \| Monetary policy

Title: China's Trade Flows-Changing Price Sensitivies and the Reform Process Author/Editor: Cerra, Valerie ; Dayal-Gulati, Anuradha Series: Working Paper No. 99/1 Date: January 1, 1999 Subject(s): Trade policy \| China \| Exports \| Imports \| Price elasticity \| Economic models