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Volume 56, Number 3, 2009
Last updated: August 2009
IMF Staff Papers

In 2010, IMF Staff Papers will publish its last issue. IMF Staff Papers will process no new submissions. In its place, a new journal will soon be launched. For inquiries about IMF Staff Papers, please send an e-mail to

IMF Staff Papers is now available only online at
Free online access to the journal is available only for IMF staff. Non-Fund readers may obtain subscription information at


Trade Openness and Growth: Pursuing Empirical Glasnost
Andreas Billmeier, and Tommaso Nannicini

Public Debt, Money Supply, and Inflation: A Cross-Country Study
Goohoon Kwon, Lavern McFarlane, and Wayne Robinson

Net Capital Flows, Financial Integration, and International Reserve Holdings: The Recent Experience of Emerging Markets and Advanced Economies
Woon Gyu Choi, Sunil Sharma, and Maria Strömqvist

Special Section: Current Account Sustainability in Major Advanced Economies

Akito Matsumoto

Expected Consumption Growth from Cross-Country Surveys: Implications for Assessing International Capital Markets
Charles Engel and John H Rogers

Global Dispersion of Current Accounts: Is the Universe Expanding?
Hamid Faruqee and Jaewoo Lee

How Long Can the Unsustainable U.S. Current Account Deficit Be Sustained?
Carol C. Bertaut, Steven B. Kamin, and Charles P. Thomas

Asset Prices and Current Account Fluctuations in G-7 Economies
Marcel Fratzscher and Roland Straub

Global Imbalances, Productivity Differentials, and Financial Integration
Suparna Chakraborty and Robert Dekle