IMF Working Papers

IMF Working Papers by Date

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December 1998

Title: The Dynamic Macroeconomic Effects of Tax Policy in an Overlapping Generations Model Author/Editor: Heijdra, Ben J. ; Ligthart, Johanna Elisabeth Series: Working Paper No. 98/182 Date: December 1, 1998 Subject(s): Tax policy \| Labor supply \| Economic models

Title: Why Do Countries Use Capital Controls? Author/Editor: Johnston, R. B. ; Tamirisa, Natalia T. Series: Working Paper No. 98/181 Date: December 1, 1998 Subject(s): Capital controls \| Development

Title: The Intragenerational Redistributive Effects of Unfunded Pension Programs Author/Editor: Cubeddu, Luis M. Series: Working Paper No. 98/180 Date: December 1, 1998 Subject(s): Pensions \| Social security \| Economic models

Title: Correlations Between Real Interest Rates and Output in a Dynamic International Model-Evidence from G-7 Countries Author/Editor: Begum, Jahanara Series: Working Paper No. 98/179 Date: December 1, 1998 Subject(s): Interest rates \| Group of Seven \| Interest rate differential \| Economic models

Title: Fundamental Determinants of Inequality and the Role of Government Author/Editor: Tanzi, Vito Series: Working Paper No. 98/178 Date: December 1, 1998 Subject(s): Public sector \| Development \| Social policy

Title: Terms of Trade Shocks and the Current Account Author/Editor: Cashin, Paul ; McDermott, C. John Series: Working Paper No. 98/177 Date: December 1, 1998 Subject(s): Trade \| Terms of trade \| Current account

Title: Will Fiscal Policy Be Effective Under EMU? Author/Editor: Cangiano, M. ; Mottu, Eric Series: Working Paper No. 98/176 Date: December 1, 1998 Subject(s): European Economic and Monetary Union \| Fiscal policy

Title: Export Credit Agencies, Trade Finance and South East Asia Author/Editor: Stephens, Malcolm Series: Working Paper No. 98/175 Date: December 1, 1998 Subject(s): Export credits \| Asia \| Trade

Title: The Wage Bargaining Structure in Norway and Sweden and its Influence on Real Wage Developments Author/Editor: Thomas, Alun H. Series: Working Paper No. 98/174 Date: December 1, 1998 Subject(s): Wages \| Norway \| Sweden

Title: Fixed-Income Markets in the United States, Europe, and Japan-Some Lessons for Emerging Markets Author/Editor: Schinasi, Garry J. ; Smith, T. Todd Series: Working Paper No. 98/173 Date: December 1, 1998 Subject(s): Bond markets \| Europe \| Japan \| United States \| Emerging markets

Title: International Capital Flows and National Creditworthiness-Do the Fundamental Things Apply as Time Goes By? Author/Editor: Cashin, Paul ; McDermott, C. John Series: Working Paper No. 98/172 Date: December 1, 1998 Subject(s): Capital flows \| Australia \| Consumption \| Economic models

Title: Private Saving in Colombia Author/Editor: López Mejía, Alejando ; Ortega, Juan Ricardo Series: Working Paper No. 98/171 Date: December 1, 1998 Subject(s): Private savings \| Colombia \| Consumption \| Economic models

Title: Monetary Policy in the Aftermath of Currency Crisis:The Case of Asia Author/Editor: Goldfajn, Ilan ; Baig, Taimur Series: Working Paper No. 98/170 Notes: This paper is schedule to be presented at the University of Washington conference on the Asian crisis on December 29-30, 1998. Date: December 1, 1998 Subject(s): Monetary policy \| Asia \| Interest rates \| Inflation

Title: Do IMF-Supported Programs Work? A Survey of the Cross-Country Empirical Evidence Author/Editor: Ul Haque, Nadeem ; Khan, Mohsin S. Series: Working Paper No. 98/169 Date: December 1, 1998 Subject(s): Fund-supported adjustment programs \| Economic models

Title: Managing Capital Flows-Lessons from the Experience of Chile Author/Editor: Laurens, Bernard ; Cardoso, Jaime Series: Working Paper No. 98/168 Date: December 1, 1998 Subject(s): Capital controls \| Chile \| Capital inflows \| Economic models

Title: The Decline of Traditional Sectors in Israel- The Role of the Exchange Rate and the Minimum Wage Author/Editor: Clifton, Eric V. Series: Working Paper No. 98/167 Date: December 1, 1998 Subject(s): Exchange rates \| Israel \| Minimum wage

Title: Economic Determinants of Government Subsidies Author/Editor: Clements, Benedict J. ; Rodríguez, Hugo ; Schwartz, Gerd Series: Working Paper No. 98/166 Date: December 1, 1998 Subject(s): Subsidies \| Government expenditures \| Economic models

Title: Migration and Pension Author/Editor: Razin, Assaf ; Sadka, Efraim Series: Working Paper No. 98/165 Date: December 1, 1998 Subject(s): Immigration \| Pensions \| Economic models

Title: The Volatility of the Relative Price of Commodities In Terms of Manufactures Across Exchange Regimes: A Theoretical Model Author/Editor: Liang, Hong Series: Working Paper No. 98/163 Date: December 1, 1998 Subject(s): Commodity prices \| Exchange rate regimes \| Economic models

November 1998

Title: The Quality of Governance: "Second-Generation" Civil Service Reform in Africa Author/Editor: Ul Haque, Nadeem ; Aziz, Jahangir Series: Working Paper No. 98/164 Date: November 1, 1998 Subject(s): Governance \| Africa \| Public sector \| Economic growth \| Economic models

Title: The Impact of Human Capital on Growth - Evidence from West Africa Author/Editor: Sacerdoti, Emilio ; Brunschwig, Sonia ; Tang, Jon Series: Working Paper No. 98/162 Date: November 1, 1998 Subject(s): Economic growth \| Africa \| Human capital \| Economic models

Title: Inflation, Uncertainty, and Growth in Colombia Author/Editor: Ma, Henry Series: Working Paper No. 98/161 Date: November 1, 1998 Subject(s): Inflation \| Colombia \| Exchange rate variability \| Economic growth

Title: Determinants of Inflation, Exchange Rate, and Output in Nigeria Author/Editor: Kuijs, Louis Series: Working Paper No. 98/160 Date: November 1, 1998 Subject(s): Development \| Nigeria \| Real effective exchange rates \| Inflation \| Economic models

Title: Capital Flows with Debt- and Equity-Financed Investment-Equilibrium Structure and Efficiency Implications Author/Editor: Razin, Assaf ; Sadka, Efraim ; Yuen, Chi-Wa Series: Working Paper No. 98/159 Date: November 1, 1998 Subject(s): Capital flows \| Debt \| Investment \| Economic models

Title: Fiscal Effects of the 1993 Colombian Pension Reform Author/Editor: Clavijo, Sergio Series: Working Paper No. 98/158 Date: November 1, 1998 Subject(s): Pensions \| Colombia \| Social Security

Title: Demand for Money in Mozambique-Was There a Structural Break? Author/Editor: Piñón-Farah, Marco A. Series: Working Paper No. 98/157 Date: November 1, 1998 Subject(s): Money \| Mozambique \| Demand for money \| Economic models

Title: Soft Exchange Rate Bands and Speculative Attacks: Theory, and Evidence from the ERM since August 1993 Author/Editor: Bartolini, Leonardo ; Prati, Alessandro Series: Working Paper No. 98/156 Date: November 1, 1998 Subject(s): Exchange rates \| Target zones \| Economic models

Title: Financial Market Contagion in the Asian Crisis Author/Editor: Baig, Taimur ; Goldfajn, Ilan Series: Working Paper No. 98/155 Date: November 1, 1998 Subject(s): Financial crisis \| Indonesia \| Korea, Republic of \| Malaysia \| Philippines \| Thailand \| Economic models

Title: Are Currency Crises Predictable? A Test Author/Editor: Berg, Andrew ; Pattillo, Catherine A. Series: Working Paper No. 98/154 Date: November 1, 1998 Subject(s): Financial crisis \| Asia \| Balance of payments \| Economic models

October 1998

Title: Monetary Policy in a Small Open Economy with Credit Goods Production Author/Editor: Chan-Lau, Jorge A. Series: Working Paper No. 98/153 Date: October 1, 1998 Subject(s): Monetary policy \| Inflation \| Credit

Title: The Effects of Tax Wedges on Hours Worked and Unemployment in Sweden Author/Editor: Thomas, Alun H. Series: Working Paper No. 98/152 Date: October 1, 1998 Subject(s): Taxes \| Sweden \| Labor costs \| Employment \| Unemployment

Title: Pension Developments and Reforms in Transition Economies Author/Editor: Cangiano, M. ; Cottarelli, Carlo ; Cubeddu, Luis M. Series: Working Paper No. 98/151 Date: October 1, 1998 Subject(s): Pensions \| Transition economies \| Social policy

Title: European Trade and Foreign Direct Investment U-Shaping Industrial Output in Central and Eastern Europe - Theory and Evidence Author/Editor: Repkine, Alexander ; Walsh, Patrick P. Series: Working Paper No. 98/150 Date: October 1, 1998 Subject(s): Foreign direct investment \| Central and Eastern Europe \| Production \| Transition economies \| Industry

Title: Time Series Analysis of Export Demand Equations - A Cross-Country Analysis Author/Editor: Senhadji Semlali, A. ; Montenegro, Claudio Series: Working Paper No. 98/149 Date: October 1, 1998 Subject(s): Exports \| Demand \| Income \| Price elasticity

Title: Purchasing Power Parities in Five East African Countries - Burundi, Kenya, Rwanda, Tanzania, and Uganda Author/Editor: Krichene, Noureddine Series: Working Paper No. 98/148 Date: October 1, 1998 Subject(s): Purchasing power parity \| Burundi \| Kenya \| Rwanda \| Tanzania \| Uganda \| Export competitiveness

Title: Real Exchange Rate Volatility-Does the Nominal Exchange Rate Regime Matter? Author/Editor: Liang, Hong Series: Working Paper No. 98/147 Date: October 1, 1998 Subject(s): Real effective exchange rates \| Exchange rate regimes

September 1998

Title: Optimal Fiscal Policy and the Environment Author/Editor: Ligthart, Johanna Elisabeth Series: Working Paper No. 98/146 Date: September 1, 1998 Subject(s): Fiscal policy \| Environment \| Taxation

Title: Explaining the Recent Behavior of Inflation and Unemployment in the United States Author/Editor: Hogan, Vincent Series: Working Paper No. 98/145 Date: September 1, 1998 Subject(s): Inflation \| United States \| Unemployment

Title: Monetary Operations and Government Debt Management Under Islamic Banking Author/Editor: Sundararajan, Vasudevan ; Marston, David ; Shabsigh, Ghiath Series: Working Paper No. 98/144 Date: September 1, 1998 Subject(s): Monetary operations \| Islamic banking \| Debt management

Title: Crises, Contagion, and the Closed-End Country Fund Puzzle Author/Editor: Levy Yeyati, Eduardo ; Ubide, Angel J. Series: Working Paper No. 98/143 Date: September 1, 1998 Subject(s): Markets \| Investment

Title: Contagion-Monsoonal Effects, Spillovers, and Jumps Between Multiple Equilibria Author/Editor: Masson, Paul R. Series: Working Paper No. 98/142 Date: September 1, 1998 Subject(s): Balance of payments \| Economic models

Title: Recovery and Growth in Transition Economies 1990-97--A Stylized Regression Analysis Author/Editor: Havrylyshyn, Oli ; Izvorski, Ivailo ; van Rooden, Ron Series: Working Paper No. 98/141 Date: September 1, 1998 Subject(s): Economic growth \| Transition economies \| Economic models

Title: From Autarky to Integration-Imitation, Foreign Borrowing, and Growth Author/Editor: van Elkan, Rachel Series: Working Paper No. 98/140 Date: September 1, 1998 Subject(s): External borrowing \| Economic growth

Title: Can the Neoclassical Model Explain the Distribution of Foreign Direct Investment Across Developing Countries? Author/Editor: Zebregs, Harm Series: Working Paper No. 98/139 Date: September 1, 1998 Subject(s): Foreign direct investment \| Developing countries \| Economic models

Title: Managing Corporate Distress in the Philippines-Some Policy Recommendations Author/Editor: Lim, G. C. ; Woodruff, Charles Series: Working Paper No. 98/138 Date: September 1, 1998 Subject(s): Debt restructuring \| Philippines

Title: East Asian Growth Before and After the Crisis Author/Editor: Crafts, N. F. R. Series: Working Paper No. 98/137 Date: September 1, 1998 Subject(s): Economic growth \| Asia \| Financial systems \| Financial crisis

Title: Is the United States CPI Biased Across Income and Age Groups? Author/Editor: Erbas, S. Nuri ; Sayers, Chera L. Series: Working Paper No. 98/136 Date: September 1, 1998 Subject(s): Consumer price indexes \| United States \| Income \| Cost of living

Title: Tax Revenue in Sub-Saharan Africa - Effects of Economic Policies and Corruption Author/Editor: Ghura, Dhaneshwar Series: Working Paper No. 98/135 Date: September 1, 1998 Subject(s): Tax revenues \| Sub-Saharan Africa \| Corruption

Title: The Role of Allocation in a Globalized Corporate Income Tax Author/Editor: Mintz, Jack M. Series: Working Paper No. 98/134 Date: September 1, 1998 Subject(s): Income taxes \| Taxation

Title: The Uzbek Growth Puzzle Author/Editor: Zettelmeyer, Jeromin Series: Working Paper No. 98/133 Date: September 1, 1998 Subject(s): Economic growth \| Uzbekistan \| Transition economies \| Public investment \| Cotton \| Energy \| Economic models

Title: Output Decline and Recovery in Uzbekistan - Past Performance and Future Prospects Author/Editor: Taube, Günther ; Zettelmeyer, Jeromin Series: Working Paper No. 98/132 Date: September 1, 1998 Subject(s): Economic growth \| Uzbekistan \| Transition economies \| Public investment \| Economic models

Title: Can short-Term Capital Controls Promote Capital Inflows? Author/Editor: Cordella, Tito Series: Working Paper No. 98/131 Date: September 1, 1998 Subject(s): Capital controls \| Capital inflows

Title: Perspectives on the Recent Currency Crisis Literature Author/Editor: Flood, Robert P. ; Marion, Nancy Peregrim Series: Working Paper No. 98/130 Date: September 1, 1998 Subject(s): Currencies \| Economic models

Title: Increasing Dependency Ratios, Pensions, and Tax Smoothing Author/Editor: Sadka, Efraim ; Tanzi, Vito Series: Working Paper No. 98/129 Date: September 1, 1998 Subject(s): Pensions \| Taxation \| Exchange risk

Title: The East Asian Crisis - Macroeconomic Developments and Policy Lessons Author/Editor: Kochhar, Kalpana ; Loungani, Prakash ; Stone, Mark R. Series: Working Paper No. 98/128 Date: September 1, 1998 Subject(s): Economic policy \| Asia \| Interest rates \| Exchange rates \| Financial crisis

Title: Financial Crisis and Credit Crunch as a Result of Inefficient Financial Intermediation - with Reference to the Asian Financial Crisis Author/Editor: Chan-Lau, Jorge A. ; Chen, Zhaohui Series: Working Paper No. 98/127 Date: September 1, 1998 Subject(s): Capital flows \| Asia \| Debt \| Credit \| Financial intermediation \| Financial crisis \| Economic models

August 1998

Title: Central Banking in Transition Countries Author/Editor: Wagner, Helmut Series: Working Paper No. 98/126 Date: August 1, 1998 Subject(s): Central bank policy \| Transition economies \| Economic models

Title: Fixed Investment and Capital Flows - A Real Options Approach Author/Editor: Chan-Lau, Jorge A. ; Clark, Peter B. Series: Working Paper No. 98/125 Date: August 1, 1998 Subject(s): Investment \| Capital Flows \| Interest rates \| Economic models

Title: Self-Fulfilling Risk Predictions - An Application to Speculative Attacks Author/Editor: Flood, Robert P. ; Marion, Nancy Peregrim Series: Working Paper No. 98/124 Date: August 1, 1998 Subject(s): Exchange risk \| Currencies \| Mexico \| Devaluation \| Economic models

Title: Does the Long-Run PPP Hypothesis Hold for Africa? Evidence from Panel Co-Integration Study Author/Editor: Nagayasu, Jun Series: Working Paper No. 98/123 Date: August 1, 1998 Subject(s): Purchasing power parity \| Africa \| Economic models

Title: Tax Smoothing in a Financially Repressed Economy - Evidence from India Author/Editor: Cashin, Paul ; Olekalns, Nilss ; Sahay, Ratna Series: Working Paper No. 98/122 Date: August 1, 1998 Subject(s): Fiscal policy \| India \| Taxation

Title: Capital Structures and Portfolio Composition During Banking Crisis - Lessons from Argentina 1995 Author/Editor: Ramos, Alberto M. Series: Working Paper No. 98/121 Date: August 1, 1998 Subject(s): Banking systems \| Argentina \| Capital \| Economic models

Title: The Demise of the Nation State? Author/Editor: Tanzi, Vito Series: Working Paper No. 98/120 Date: August 1, 1998 Subject(s): Economic growth \| Fiscal policy \| International cooperation

Title: Search Unemployment with Advance Notice Author/Editor: Garibaldi, Pietro Series: Working Paper No. 98/119 Date: August 1, 1998 Subject(s): Unemployment \| Labor markets \| Economic models

Title: Macroeconomic Performance Under Alternative Exchange Rate Regimes - Does Wage Indexation Matter? Author/Editor: Jadresic, Esteban Series: Working Paper No. 98/118 Date: August 1, 1998 Subject(s): Exchange rate regimes \| Wage indexation \| Economic models

Title: Deviations from Uncovered Interest Parity - A Global Guide to Where the Action Is Author/Editor: Tanner, Evan Series: Working Paper No. 98/117 Date: August 1, 1998 Subject(s): Interest rates \| Developed countries \| Developing countries \| Real effective exchange rates \| Economic models

Title: Impact of European Union Association Agreements on Mediterranean Countries Author/Editor: Ghesquière, Henri C. Series: Working Paper No. 98/116 Date: August 1, 1998 Subject(s): European union \| Trade liberalization \| Egypt \| Jordan \| Lebanon \| Morocco \| Tunisia \| Economic growth

Title: Consequences of the Economic and Monetary Union for the Coordination of Tax Systems in the European Union - Lessons from the U.S. Experience Author/Editor: Tanzi, Vito ; Zee, Howell H. Series: Working Paper No. 98/115 Date: August 1, 1998 Subject(s): Tax systems \| United States \| European Economic and Monetary Union

Title: The Transmission of Monetary Policy in Israel Author/Editor: De Fiore, Fiorella Series: Working Paper No. 98/114 Date: August 1, 1998 Subject(s): Monetary policy \| Israel \| Economic models

Title: Market-Based Policy Instruments for Systemic Bank Restructuring Author/Editor: Bayoumi, Tamim A. ; Masson, Paul R. Series: Working Paper No. 98/113 Date: August 1, 1998 Subject(s): Monetary policy instruments \| Financial systems \| Central bank policy \| Bank restructuring

Title: Liability-Creating Versus Non-Liability-Creating Fiscal Stabilization Policies - Ricardian Equivalence, Fiscal Stabilization, and EMU Author/Editor: Bayoumi, Tamim A. ; Masson, Paul R. Series: Working Paper No. 98/112 Date: August 1, 1998 Subject(s): Fiscal policy \| Stabilization measures \| European Economic and Monetary Union \| Economic models

Title: Welfare Cost of (Low) Inflation - A General Equilibrium Perspective Author/Editor: Zee, Howell H. Series: Working Paper No. 98/111 Date: August 1, 1998 Subject(s): Inflation \| Taxation \| Economic models

Title: Interest Spreads in Banking - Costs, Financial Taxation, Market Power, and Loan Quality in the Colombian Case 1974-96 Author/Editor: Barajas, Adolfo ; Steiner, Roberto ; Salazar, Natalia Series: Working Paper No. 98/110 Date: August 1, 1998 Subject(s): Banking systems \| Colombia \| Interest rates \| Loans \| Taxation \| Economic models

Title: Considerations in Reducing Inflation From Low to Lower Levels Author/Editor: Leidy, Michael P. ; Tokarick, Stephen Series: Working Paper No. 98/109 Date: August 1, 1998 Subject(s): Inflation \| Wages

Title: Structural Reforms in Government Bond Markets Author/Editor: Guillaume, Dominique M. ; de Broeck, Mark ; van der Stichele, Emmanuel Series: Working Paper No. 98/108 Date: August 1, 1998 Subject(s): Public debt \| Bond markets \| Economic models

Title: Exchange Rate Fluctuations and Trade Flows - Evidence from the European Union Author/Editor: Dell'Ariccia, Giovanni Series: Working Paper No. 98/107 Date: August 1, 1998 Subject(s): Exchange rates \| Bilateral trade \| European Economic and Monetary Union

Title: Disinflation in Spain - The Recent Experience Author/Editor: Sobczak, Nicolas Series: Working Paper No. 98/106 Date: August 1, 1998 Subject(s): Disinflation \| Spain \| Economic models

July 1998

Title: Developing Countries and the Globalization of Financial Markets Author/Editor: Knight, Malcolm D. Series: Working Paper No. 98/105 Date: July 1, 1998 Subject(s): Capital flows \| Developing countries \| Globalization \| Transition economies \| Banking \| Capital markets \| International cooperation \| Bank supervision

Title: Determinants of Growth in an Error-Correction Model for El Salvador Author/Editor: Méndez Morales, Armando Series: Working Paper No. 98/104 Date: July 1, 1998 Subject(s): Economic growth \| El Salvador \| Economic models

Title: Policy Responses to External Imbalances in Emerging Market Economies - Further Empirical Results Author/Editor: Wong, Chorng-Huey ; Carranza, Luis Series: Working Paper No. 98/103 Date: July 1, 1998 Subject(s): Capital inflows \| Argentina \| Mexico \| Philippines \| Thailand \| Exchange rate policy \| Emerging markets \| Economic models

Title: How Big is the Brain Drain? Author/Editor: Carrington, William ; Detragiache, Enrica Series: Working Paper No. 98/102 Date: July 1, 1998 Subject(s): Labor \| Developing countries \| Foreign labor

Title: Inflation and Money Demand in Albania Author/Editor: Kalra, Sanja Series: Working Paper No. 98/101 Date: July 1, 1998 Subject(s): Inflation \| Albania \| Demand for money \| Economic models

Title: From Inflation to Growth - Eight Years of Transition Author/Editor: Christoffersen, Peter F. ; Doyle, Peter Series: Working Paper No. 98/100 Date: July 1, 1998 Subject(s): Economic growth \| Inflation

Title: Explaining Investment in the WAEMU Author/Editor: Vamvakidis, Athanasios Series: Working Paper No. 98/99 Date: July 1, 1998 Subject(s): Investment \| Africa \| West African Economic and Monetary Union

Title: The Impact of Economic Security on Bank Deposits and Investment Author/Editor: Fabricius, Michael Series: Working Paper No. 98/98 Date: July 1, 1998 Subject(s): Investment \| Banking

June 1998

Title: Banking System Restructuring in Kazakhstan Author/Editor: Hoelscher, David S. Series: Working Paper No. 98/96 Date: June 1, 1998 Subject(s): Banking systems \| Kazakhstan \| Bank reforms

Title: Liberating Supply-Fiscal Policy and Technological Innovation in a Multicountry Model Author/Editor: Bayoumi, Tamim ; Coe, David T. ; Laxton, Douglas Series: Working Paper No. 98/95 Date: June 1, 1998 Subject(s): Fiscal policy \| Economic models

Title: North-South Trade-Is Africa Unusual? Author/Editor: Coe, David T. ; Hoffmaister, Alexander W. Series: Working Paper No. 98/94 Date: June 1, 1998 Subject(s): Trade \| Africa \| Economic models

Title: Bank Lending and Interest Rate Changes in a Dynamic Matching Model Author/Editor: Dell'Ariccia, Giovanni ; Garibaldi, Pietro Series: Working Paper No. 98/93 Date: June 1, 1998 Subject(s): Bank rates \| Mexico \| United States \| Interest rates \| Economic models

Title: Asymmetric Information and the Market Structure of the Banking Industry Author/Editor: Dell'Ariccia, Giovanni Series: Working Paper No. 98/92 Date: June 1, 1998 Subject(s): Banking \| Economic models

Title: Leading Indicators of Banking Crises-Was Asia Different? Author/Editor: Hardy, Daniel C. L. ; Pazarbasioglu, Ceyla Series: Working Paper No. 98/91 Date: June 1, 1998 Subject(s): Banking \| Asia \| Economic indicators \| Financial crisis

Title: Intermediation Spreads in a Dual Currency Economy-Argentina in the 1990s Author/Editor: Catão, Luis Series: Working Paper No. 98/90 Date: June 1, 1998 Subject(s): Interest rates \| Argentina \| Money \| Banking \| Economic models

Title: Current Account Reversals and Currency Crisis-Empirical Regularities Author/Editor: Milesi-Ferretti, Gian Maria ; Razin, Assaf Series: Working Paper No. 98/89 Date: June 1, 1998 Subject(s): Economic growth \| Currencies \| Current account \| Real effective exchange rates

Title: The Price Incentive to Smuggle and the Cocoa Supply in Ghana, 1950-96 Author/Editor: Bulir, Aleš Series: Working Paper No. 98/88 Date: June 1, 1998 Subject(s): Prices \| Ghana \| Cocoa \| Commodities \| Taxation

Title: The United Kingdom's Experience with Inflation Targeting Author/Editor: Lane, Timothy D. ; van den Heuvel, Skander Series: Working Paper No. 98/87 Date: June 1, 1998 Subject(s): Inflation targeting \| United Kingdom \| Monetary policy \| Economic models

Title: Japanese Effective Exchange Rates and Determinants-Prices, Real Interest Rates, and Actual and Optimal Current Accounts Author/Editor: Nagayasu, Jun Series: Working Paper No. 98/86 Date: June 1, 1998 Subject(s): Real effective exchange rates \| Japan \| Prices \| Interest rates \| Economic models

Title: The Effects of European Economic Integration on the Profitability of Industries Author/Editor: Hakura, Dalia Series: Working Paper No. 98/85 Date: June 1, 1998 Subject(s): Trade \| Prices \| Economic models

Title: Trading Blocs and Welfare-How Trading Bloc Members are Affected by New Entrants Author/Editor: Hacker, R. Scott ; Hussain, Qaizar Series: Working Paper No. 98/84 Date: June 1, 1998 Subject(s): Trade \| Tariffs

Title: Financial Liberalization and Financial Fragility Author/Editor: Demirgüç-Kunt, Asli ; Detragiache, Enrica Series: Working Paper No. 98/83 Date: June 1, 1998 Subject(s): Financial systems \| Development \| Banking

Title: Selected Transition and Mediterranean Countries-An Institutional Primer on EMU and EU Relations Author/Editor: Temprano-Arroyo, Heliodoro ; Feldman, Robert Alan Series: Working Paper No. 98/82 Date: June 1, 1998 Subject(s): European Economic and Monetary Union \| Transition economies \| European Union \| Cyprus \| Malta \| Turkey

Title: Exchange and Capital Controls as Barriers to Trade Author/Editor: Tamirisa, Natalia T. Series: Working Paper No. 98/81 Notes: Also published in Staff Papers, Vol. 46, No. 1, March 1999. Date: June 1, 1998 Subject(s): Exchange restrictions \| Capital controls \| Trade \| Development \| Economic models

Title: A Model for Financial Programming Author/Editor: Mikkelsen, Jan Giehm Series: Working Paper No. 98/80 Date: June 1, 1998 Subject(s): Economic growth \| El Salvador \| Financial systems \| Economic models

May 1998

Title: Responses of the Stock Market to Macroeconomic Announcements Across Economic States Author/Editor: Li, Li ; Hu, Zuliu Series: Working Paper No. 98/79 Date: May 1, 1998 Subject(s): Stock markets

Title: Reducing Inflation - Lessons from Albania's Early Success Author/Editor: McNeilly, C. ; Schiesser-Gachnang, Doris Series: Working Paper No. 98/78 Date: May 1, 1998 Subject(s): Inflation \| Albania \| Price decontrols

Title: How Do the Skilled and the Unskilled Respond to Regional Shocks? The Case of Spain Author/Editor: Mauro, Paolo ; Spilimbergo, Antonio Series: Working Paper No. 98/77 Notes: Also published in Staff Papers, Vol. 46, No. 1, March 1999. Date: May 1, 1998 Subject(s): Unemployment \| Spain \| Labor policy \| Wages

Title: Does Corruption Affect Income Inequality and Poverty? Author/Editor: Gupta, Sanjeev Series: Working Paper No. 98/76 Date: May 1, 1998 Subject(s): Corruption \| Income distribution \| Poverty

Title: The Macroeconomic Effects of Environmental Taxes - A Closer Look at the Feasibility of "Win-Win" Outcomes Author/Editor: Ligthart, Johanna Elisabeth Series: Working Paper No. 98/75 Date: May 1, 1998 Subject(s): Economic growth \| Taxation \| Environment

Title: The Italian Social Protection System - The Poverty of Welfare Author/Editor: Rostagno, Massimo V. ; Utili, Francesca Series: Working Paper No. 98/74 Date: May 1, 1998 Subject(s): Social security \| Italy \| Poverty

Title: Carbon Taxes - Their Macroeconomic Effects and Prospects for Global Adoption - A Survey of the Literature Author/Editor: Cuervo, Javier ; Gandhi, Ved P. Series: Working Paper No. 98/73 Date: May 1, 1998 Subject(s): Economic growth \| Energy taxes \| Income distribution

Title: External Debt Histories of Ten Low-Income Developing Countries - Lessons from Their Experience Author/Editor: Brooks, R. ; Cortes, Mariano ; Fornasari, Francesca ; Ketchekmen, Benoit ; Metzgen Quemarez, Ydahlia A. ; Powell, Robert ; Rizavi, Saqib ; Ross, Doris C. ; Ross, Kevin Series: Working Paper No. 98/72 Date: May 1, 1998 Subject(s): External debt \| Heavily indebted poor countries \| Developing countries

Title: Current Accounts - What is Their Relevance for Economic Policymaking? Author/Editor: Knight, Malcolm D. ; Scacciavillani, Fabio Series: Working Paper No. 98/71 Date: May 1, 1998 Subject(s): Current account \| Israel \| Italy \| Pakistan

Title: Government Expenditure Arrears - Securitization and Other Solutions Author/Editor: Ramos, Alberto M. Series: Working Paper No. 98/70 Date: May 1, 1998 Subject(s): Payments arrears \| Argentina \| Armenia \| Azerbaijan \| Belarus \| Georgia \| Kazakhstan \| Kyrgyz Republic \| Latvia \| Cameroon \| Moldova \| Russian Federation \| Tajikistan \| Turkmenistan \| Ukraine \| Uzbekistan \| Venezuela, Republica Bolivariana de

Title: Deviations of Exchange Rates from Purchasing Power Parity - A Story Featuring Two Monetary Unions Author/Editor: Bayoumi, Tamim A. ; MacDonald, Ronald Series: Working Paper No. 98/69 Notes: Also published in Staff Papers, Vol. 46, No. 1, March 1999. Date: May 1, 1998 Subject(s): Exchange rates \| Real effective exchange rates \| Purchasing power parity \| Monetary unions \| Economic models

Title: Inflation, Disinflation, and Growth Author/Editor: Ghosh, Atish R. ; Phillips, Steven Series: Working Paper No. 98/68 Notes: Also published in Staff Papers, Vol. 45, No. 4, December 1998. Date: May 1, 1998 Subject(s): Economic growth \| Inflation \| Disinflation

Title: Exchange Rates and Economic Fundamentals - A Methodological Comparison of BEERs and FEERs Author/Editor: Clark, Peter B. ; MacDonald, Ronald Series: Working Paper No. 98/67 Date: May 1, 1998 Subject(s): Real effective exchange rates \| Economic models

Title: The Fiscal Effects of Monetary Policy Author/Editor: Dahan, Momi Series: Working Paper No. 98/66 Date: May 1, 1998 Subject(s): Monetary policy \| Budget deficits \| Fiscal policy

Title: Central Bank Vulnerability and the Credibility of Commitments - A Value-at-Risk Approach to Currency Crises Author/Editor: Bléjer, Mario I. ; Schumacher, Liliana Series: Working Paper No. 98/65 Date: May 1, 1998 Subject(s): Central banks \| Economic models

Title: Corruption Around the World - Causes, Consequences, Scope, and Cures Author/Editor: Tanzi, Vito Series: Working Paper No. 98/63 Notes: Also published in Staff Papers, Vol. 45, No. 4, December 1998. Date: May 1, 1998 Subject(s): Corruption

April 1998

Title: Multiple Equilibrium, Variability, and the Development Process Author/Editor: Carranza, Luis ; Galdón-Sánchez, José Enrique Series: Working Paper No. 98/62 Date: April 1, 1998 Subject(s): Development \| Markets \| Economic models

Title: Rethinking Public Pension Reform Initiatives Author/Editor: Heller, Peter S. Series: Working Paper No. 98/61 Date: April 1, 1998 Subject(s): Pensions \| Social security

Title: Growth, Trade, and Deindustrialization Author/Editor: Rowthorn, Bob ; Ramaswamy, Ramana Series: Working Paper No. 98/60 Notes: Also published in Staff Papers, Vol. 46, No. 1, March 1999. Date: April 1, 1998 Subject(s): Economic growth \| Trade \| Industrialization

Title: Interest Rate Spreads in the Eastern Caribbean Author/Editor: Randall, Ruby Series: Working Paper No. 98/59 Date: April 1, 1998 Subject(s): Interest rates \| Commercial banks \| Eastern Caribbean Central Bank

Title: Competitiveness and the Evolution of the Real Exchange Rate in Chile Author/Editor: Guerguil, Martine ; Kaufman, Martin David Series: Working Paper No. 98/58 Date: April 1, 1998 Subject(s): Exchange rates \| Chile \| Productivity

Title: Money Demand and Regional Monetary Policy in the West African Economic and Monetary Union Author/Editor: Rother, Philipp C. Series: Working Paper No. 98/57 Date: April 1, 1998 Subject(s): Monetary policy \| Demand for money \| West African Economic and Monetary Union \| Central Bank of West African States \| CFA franc

Title: Public Sector Efficiency and Fiscal Austerity Author/Editor: Ul Haque, Nadeem ; Montiel, Peter ; Sheppard, Stephen Series: Working Paper No. 98/56 Date: April 1, 1998 Subject(s): Governance \| Public sector \| Labor markets \| Fiscal policy \| Economic models

Title: Fiscal Discipline and the Cost of Public Debt Service: Some Estimates for OECD Countries Author/Editor: Caselli, Francesco Series: Working Paper No. 98/55 Date: April 1, 1998 Subject(s): Fiscal policy \| Public debt

Title: The Design of Instruments for Government Finance in an Islamic Economy Author/Editor: Ul Haque, Nadeem ; Mirakhor, Abbas Series: Working Paper No. 98/54 Date: April 1, 1998 Subject(s): Islamic banking \| Monetary policy instruments

Title: How Far is Eastern Europe from Brussels? Author/Editor: Fischer, Stanley ; Sahay, Ratna ; Végh Gramont, Carlos A. Series: Working Paper No. 98/53 Notes: This paper was presented at the Kiel Week Conference held in Kiel, June 26-27, 1996, and at a conference on "The European Union and Central and Eastern Europe" held in Liechtenstein on July 4-6, 1996. Date: April 1, 1998 Subject(s): Eastern Europe \| European Community \| Economic growth \| Income

Title: From Transition to Market - Evidence and Growth Prospects Author/Editor: Fischer, Stanley ; Sahay, Ratna ; Végh Gramont, Carlos A. Series: Working Paper No. 98/52 Notes: This paper was prepared for an OECD Volume on Lessons from the Economic Transition: Central and Eastern Europe in the 1990s and presented at the OECD colloquium, held in Paris on May 29-30, 1996. Date: April 1, 1998 Subject(s): Economic growth \| Transition economies

Title: The Canadian Agreement on Internal Trade: Developments and Prospects Author/Editor: Leidy, Michael P. Series: Working Paper No. 98/51 Date: April 1, 1998 Subject(s): International trade agreements \| Canada \| Trade restrictions

Title: Trade Liberalization and Tax Reform in the Southern Mediterranean Region Author/Editor: Abed, George T. Series: Working Paper No. 98/49 Date: April 1, 1998 Subject(s): Trade liberalization \| Tax reforms \| Tariff reforms

Title: "Globalization" and Relocation in a Vertically Differentiated Industry Author/Editor: Cordella, Tito ; Grilo, Isabel Series: Working Paper No. 98/48 Date: April 1, 1998 Subject(s): Globalization \| Production \| Trade restrictions

Title: Immigration Flows and Regional Labor Market Dynamics Author/Editor: Gross, Dominique M. Series: Working Paper No. 98/47 Date: April 1, 1998 Subject(s): Immigration \| Labor markets

Title: The Relative Importance of Political and Economic Variables in Creditworthiness Ratings Author/Editor: Ul Haque, Nadeem ; Mark, Nelson C. ; Mathieson, Donald J. Series: Working Paper No. 98/46 Date: April 1, 1998 Subject(s): Credit \| Economic models

Title: Output Decline in Transition: The Case of Kazakhstan Author/Editor: de Broeck, Mark ; Kostial, Kristina Series: Working Paper No. 98/45 Date: April 1, 1998 Subject(s): Production \| Kazakhstan \| Transition economies

Title: Economic Announcements and the Timing of Public Debt Auctions Author/Editor: Rossi, Marco Series: Working Paper No. 98/44 Date: April 1, 1998 Subject(s): Debt management \| Public debt

Title: Anticipation and Surprises in Central Bank Interest Rate Policy: The Case of the Bundesbank Author/Editor: Hardy, Daniel C. L. Series: Working Paper No. 98/43 Notes: Also published in Staff Papers, Vol. 45, No. 4, December 1998. Date: April 1, 1998 Subject(s): Central bank role \| Germany \| Interest rate policy

Title: The Italian Labor Market: Stylized Facts, Institutions, and Directions for Reform Author/Editor: Prasad, Eswar ; Utili, Francesca Series: Working Paper No. 98/42 Date: April 1, 1998 Subject(s): Labor markets \| Italy \| Employment \| Wages

March 1998

Title: Virtual Deficits and the Patinkin Effect Author/Editor: Cardoso, Eliane A. Series: Working Paper No. 98/41 Notes: Also published in Staff Papers, Vol. 45, No. 4, December 1998. Date: March 1, 1998 Subject(s): Budget deficits \| Inflation \| Reserve requirements

Title: Regional Trade Agreements Versus Board Liberalization: Which Path Leads to Faster Growth? Time-Series Evidence Author/Editor: Vamvakidis, Athanasios Series: Working Paper No. 98/40 Notes: Also published in Staff Papers, Vol. 46, No. 1, March 1999. Date: March 1, 1998 Subject(s): International trade agreements \| Trade liberalization \| Economic growth

Title: Preliminary Considerations of an Inflation Targeting Framework for the Philippines Author/Editor: Debelle, Guy ; Lim, G. C. Series: Working Paper No. 98/39 Date: March 1, 1998 Subject(s): Inflation targeting \| Philippines \| Economic models

Title: Achieving Stabilization in Armenia Author/Editor: Horváth, Balázs Series: Working Paper No. 98/38 Date: March 1, 1998 Subject(s): Economic stabilization \| Armenia \| Currency substitution

Title: Taxation and the Household Saving Rate - Evidence from OECD Countries Author/Editor: Tanzi, Vito ; Zee, Howell H. Series: Working Paper No. 98/36 Date: March 1, 1998 Subject(s): Taxation \| Savings \| Income taxes \| OECD

Title: Should Public Pensions be Funded? Author/Editor: Hemming, Richard Series: Working Paper No. 98/35 Date: March 1, 1998 Subject(s): Pensions

Title: The Security Factor in the Political Economy of Development Author/Editor: McGuire, Martin C. Series: Working Paper No. 98/33 Date: March 1, 1998 Subject(s): Political economy \| Development \| Economic models

Title: An Econometric Analysis of Countries' Repayment Performance to the International Monetary Fund Author/Editor: Aylward, Lynn ; Thorne, Rupert Series: Working Paper No. 98/32 Notes: Also published in Staff Papers, Vol. 45, No. 4, December 1998. Date: March 1, 1998 Subject(s): Overdue obligations \| Fund \| Payments arrears \| Economic models

Title: Financial Infusion and Exiting from a Money Rule Author/Editor: Stone, Mark R. Series: Working Paper No. 98/31 Date: March 1, 1998 Subject(s): Monetary policy \| Demand for money \| Exchange rate policy \| Economic stabilization \| Economic models

Title: Islamic Banking - Issues in Prudential Regulations and Supervision Author/Editor: Errico, Luca ; Farahbaksh, Mitra Series: Working Paper No. 98/30 Date: March 1, 1998 Subject(s): Islamic banking \| Bank supervision

Title: Parametric Distributional Flexibility and Conditional Variance Models with an Application to Hourly Exchange Rates Author/Editor: Lye, Jenny N. Series: Working Paper No. 98/29 Date: March 1, 1998 Subject(s): Exchange rates \| Economic models

Title: Dollarization of Financial Intermediation: Causes and Policy Implications Author/Editor: Ize, Alain ; Levy Yeyati, Eduardo Series: Working Paper No. 98/28 Date: March 1, 1998 Subject(s): Dollarization

Title: Post Stabilization Inflation Dynamics in Slovenia Author/Editor: Ross, Kevin Series: Working Paper No. 98/27 Date: March 1, 1998 Subject(s): Inflation \| Slovenia \| Monetary policy

Title: Fiscal Sustainability with Non-Renewable Resources Author/Editor: Chalk, Nigel Andrew Series: Working Paper No. 98/26 Date: March 1, 1998 Subject(s): Fiscal policy \| Oil production \| Budget deficits \| Economic models

Title: Coordination of Monetary and Fiscal Policies Author/Editor: Laurens, Bernard ; de la Piedra, Enrique Series: Working Paper No. 98/25 Date: March 1, 1998 Subject(s): Monetary policy \| Fiscal policy

Title: The Statistical Measurement of Financial Derivatives Author/Editor: Heath, Robert M. Series: Working Paper No. 98/24 Date: March 1, 1998 Subject(s): Statistics \| National accounts

Title: The Nonmonetary Determinants of Inflation - A Panel Data Study Author/Editor: Cottarelli, Carlo Series: Working Paper No. 98/23 Date: March 1, 1998 Subject(s): Inflation \| Fiscal policy

February 1998

Title: Opening Up and Geographic Diversification of Trade in Transition Economies Author/Editor: Havrylyshyn, Oli ; Al-Atrash, Hassan Series: Working Paper No. 98/22 Date: February 1, 1998 Subject(s): Trade liberalization \| Export diversification

Title: Monetary Policy with a Convex Phillips Curve and Asymmetric Loss Author/Editor: Tambakis, Demosthenes N. Series: Working Paper No. 98/21 Date: February 1, 1998 Subject(s): Monetary policy \| Economic models

Title: Poverty, Income Distribution, and Economic Policy in the Philippines Author/Editor: Gerson, Philip R. Series: Working Paper No. 98/20 Date: February 1, 1998 Subject(s): Poverty \| Philippines \| Income distribution

Title: Financial Sector Reform and Monetary Policy in the Netherlands Author/Editor: Hilbers, Paul Louis Ceriel Series: Working Paper No. 98/19 Date: February 1, 1998 Subject(s): Economic reform \| Netherlands \| Monetary policy \| Financial sector

Title: Public Debt Indexation and Denomination - The Case of Brazil Author/Editor: Goldfajn, Ilan Series: Working Paper No. 98/18 Date: February 1, 1998 Subject(s): Public debt \| Brazil \| Indexation

Title: Why Do Different Countries Use Different Currencies? Author/Editor: Kocherlakota, Narayana Rao ; Krueger, Thomas Series: Working Paper No. 98/17 Date: February 1, 1998 Subject(s): Currencies \| Monetary unions \| European Economic and Monetary Union

Title: Brady Bonds and Default Probabilities Author/Editor: Izvorski, Ivailo Series: Working Paper No. 98/16 Date: February 1, 1998 Subject(s): Bonds

Title: The Macroeconomic Consequences of Wage Indexation Revisited Author/Editor: Jadresic, Esteban Series: Working Paper No. 98/15 Date: February 1, 1998 Subject(s): Wage indexation \| Inflation \| Exchange rate regimes \| Economic models

Title: Generational Accounting for France Author/Editor: Levy, Joaquim Vieira Ferreira ; Dore, Ousmane Series: Working Paper No. 98/14 Date: February 1, 1998 Subject(s): Government accounting \| France \| Taxes \| Tax burdens \| Public finance

Title: Does the Introduction of Futures on Emerging Market Currencies Destabilize the Underlying Currencies? Author/Editor: Jochum, Christian ; Kodres, Laura E. Series: Working Paper No. 98/13 Notes: Also published in Staff Papers, Vol. 45, No. 3, September 1998. Date: February 1, 1998 Subject(s): Stock markets \| Commodity markets \| Emerging markets

Title: French Public Finances: Modeling Long-Term Prospects and Reform Options Author/Editor: Habermeier, Karl Friedrich ; Lenseigne, Fabrice Series: Working Paper No. 98/12 Date: February 1, 1998 Subject(s): Public finance \| France \| Pensions \| Health care \| Economic models

Title: Open Regionalism in a World of Continental Trade Blocs Author/Editor: Frankel, Jeffrey A. ; Wei, Shang-Jin Series: Working Paper No. 98/10 Notes: Also published in Staff Papers, Vol. 45, No. 3, September 1998. Date: February 1, 1998 Subject(s): Trade \| Economic models

Title: Uncertainty, Flexible Exchange Rates, and Agglomeration Author/Editor: Ricci, Luca Antonio Series: Working Paper No. 98/9 Date: February 1, 1998 Subject(s): Flexible exchange rates \| European Economic and Monetary Union \| Economic models

January 1998

Title: EMU, Adjustment, and Exchange Rate Variability Author/Editor: Ricci, Luca Antonio ; Isard, Peter Series: Working Paper No. 98/50 Date: January 1, 1998 Subject(s): European Economic and Monetary Union \| Exchange rate variability

Title: Currency Boards: The Ultimate Fix? Author/Editor: Ghosh, Atish R. Series: Working Paper No. 98/8 Date: January 1, 1998 Subject(s): Currency Boards \| Exchange rates \| Inflation \| Economic growth

Title: Income Inequality - Does Inflation Matter? Author/Editor: Bulir, Aleš Series: Working Paper No. 98/7 Date: January 1, 1998 Subject(s): Income distribution \| Inflation \| Economic models

Title: How to Deal with Azerbaijan's Oil Boom? Policy Strategies in a Resource-Rich Transition Economy Author/Editor: Rosenberg, Christoph B. ; Saavalainen, Tapio Series: Working Paper No. 98/6 Date: January 1, 1998 Subject(s): Oil \| Azerbaijan \| Transition economies

Title: Estimating Egypt's Equilibrium Real Exchange Rate Author/Editor: Mongardini, Joannes Series: Working Paper No. 98/5 Date: January 1, 1998 Subject(s): Real effective exchange rates \| Egypt \| Debt rescheduling \| Economic models

Title: Economic Security, Private Investment, and Growth in Developing Countries Author/Editor: Poirson, Hélène Series: Working Paper No. 98/4 Date: January 1, 1998 Subject(s): Economic growth \| Developing countries \| Private investment

Title: Exchange Rate Uncertainty in Money-Based Stabilization Programs Author/Editor: Morales, R. Armando Series: Working Paper No. 98/3 Date: January 1, 1998 Subject(s): Exchange rates \| Stabilization programs \| Economic models

Title: Developing Countries and the Feldstein-Horioka Puzzle Author/Editor: Vamvakidis, Athanasios ; Wacziarg, Romain Series: Working Paper No. 98/2 Date: January 1, 1998 Subject(s): Developing countries \| Investment \| Savings \| Economic models

Title: The Impact of Fiscal Policy Variables on Output Growth Author/Editor: Gerson, Philip R. Series: Working Paper No. 98/1 Date: January 1, 1998 Subject(s): Economic growth \| Fiscal policy \| Government expenditures \| Taxation