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Introduction

A summary outline of the 11 major areas of research and correlated Journal of Economic Literature (JEL) classification numbers for the 1991-99 research output are provided below. The research cited is on a selective rather than an exhaustive basis. For simplicity, entries are organized by classification field, alphabetically by the last name of the first author, and in ascending date order, rather than by all authors' names. A long dash (------) at the beginning of an entry represents the preceding author or authors' entry in full.
Selected JEL Classification Numbers
I.	International Monetary System		[E61, F00, F01, F02, F3, F33, F34, O19]
1.	Design of the international monetary system		[E61, F02, F15, F42, O11]
	•	Stable exchange rate system--promotes price stability and competitiveness	[D5]
	•	Unstable exchange rate systems--arising primarily from inappropriate macroeconomic policies	[D5]
2.	Interaction between financial systems and macroeconomic policy		[E44, E50, E52, E60, F02, F40, N1]
	•	Asset price inflation	[E31, G12]
3.	Policy coordination		[D7, E5, E52, E6, E61, E62, F42]
	•	Policy rules--design	[E58, E59, E61]
	•	Especially fiscal consolidation	[E62]
4.	Economic and monetary integration		[E42, E44, F02, F15, F36, F41, F47]
	•	Issues in European exchange rate mechanism (ERM)	[F31, F33, G21]
	•	European Monetary Union--convergence and single-currency issues	[E42, E50, E52, F02, F4, F41]
	•	Effect of EMU on interest rates in Europe	[F36, F42, G1, G15, G18]
5.	Global surveillance (World Economic Outlook)		[F01, F17]
	•	Forecasts of world economy	[C5, E37, F17]
	•	Developments in international capital markets	[F3]
6.	Role of indicators in the surveillance process		[G15, G24, G28, Q19]
	•	Price and real exchange rate indicators (and relationship with other important macroeconomic variables)	[E6, F31]
II.	International Capital Markets and Official Financing		[D4, E3, E4, E5, F4, G1, G15, N2]
1.	Integration of world capital markets		[D4, E44, F15, F36]
	•	Linkages between national capital markets--significant growth over past decade	[F21, F31, F32, F43, N10]
2.	Financial liberalization and innovation		[G1, G15, G18, G24]
	•	Financial market development	[G00, G1, G2]
	•	Derivatives	[G12, G13, G24]
3.	Market access and capital inflows		[F21, F32]
	•	Commercial bank restructurings, private market financing, and market re-entry for developing countries	[D4, O16]
	•	Effects of capital account liberalization	[F32]
4.	Exchange markets		[F30]
	•	ERM issues	[E5, E6, F33, F36, F41, G15]
	•	Effects of cross-border capital flows	[F21, F31, F32]
5.	Official capital flows		[F33, F35]
6.	External debt issues		[F34]
	•	Debt and debt strategy	[F34, F42]
	•	Official external debt	[F33, F34, F35]
	•	Regional debt issues, including the Initiative for Highly Indebted Poor Countries	[F33, F35]
7.	Banking sector issues		[F34, G28]
	•	Causes of banking difficulties in industrial and developing countries	[G21, G24]
	•	Prudential regulation and supervision	[E58, G18]
8.	Trading mechanisms in securities markets		[D4, F13, F40, G1]
	•	Trading systems in different countries	[D40, F14]
	•	Auction techniques	[D44]
9.	Clearing and settlement		[F13, G33, G35]
III.	Inflation and Inflation Stabilization		[D3, E31]
1.	Origins of high inflation		[E31, E42, E63, F32, F33, F34]
	•	Primarily fiscal factors	[E31, E61, E62]
2.	Characteristics of high inflation		[E30, E31]
	•	Chronic inflation and hyperinflations	[E5]
	•	Dollarization and currency substitution	[E41, E52, F36, F41, G11]
	•	Income inequality	[D63, E31]
3.	Stabilization measures (nominal anchors)		[E31]
	•	Exchange rate-based stabilization (inflation targeting)	[E3, E52, E58, E65]
	•	Money-based stabilization	[E4]
	•	Price and wage controls	[E3, E31, E32, E4, J3, J31, J38]
IV.	Growth, Equity, and Structural Issues		[D3, D6, F42, O0, O1]
1.	Policies for sustained growth		[O0, O1, O16, O20, O23, O29, O40]
	•	Macroeconomic policies	[F40, F43, F49]
	•	Government expenditures	[E62]
	•	Trade regimes	[F1, F02]
	•	Growth, productivity, and technical change	[O1]
	•	Saving and investment	[E2, E21, E22]
2.	Governance and corruption		[E6, E62, H1, H3, H5, K4, N4, O17]
3.	Labor markets and unemployment		[J21, J23, J24, J64]
	•	Cyclical behavior of unemployment	[E24, E32]
	•	Labor market institutions	[J5]
	•	Income inequality	[D31, D63, E64, O15]
4.	Trade policy and reforms		[F1, F13]
	•	Tariff reforms	[F13]
	•	Volatile export earnings	[F13]
	•	Regional trade arrangements	[F13, F14]
5.	Current account determination		[F32, F41]
6.	Development aid and technical assistance		[F35, O19]
7.	Empirical studies of growth		[O4]
V.	Development Economics		[O1, O2, O3, O4]
1.	Developing country issues		[O1, O2, O3, O4]
	•	Political economy of development	[D72, D74, H11, H56]
	•	Trade, regionalism, and trade policy	[F1]
	•	Exchange rate and competitiveness issues	[F13, F41]
	•	Fiscal policy issues	[O11, O12, O23]
	•	Monetary policy and financial market issues	[O11, O12, O16, O17, O23]
	•	Agriculture and natural resources	[Q00]
2.	Reform and liberalization		[O1, O2, O3]
	•	Exchange and trade system reforms	[F1, F3]
	•	Monetary and fiscal reform	[O11, O12]
	•	Financial market reform	[O16, O17]
	•	Structural reform	[O1, O3]
VI.	Economies in Transition		[F41, F43, O1, O2, O3, O4, O5, P2, P3]
1.	General strategy		[L1, L16]
	•	Overall approach and sequencing	[P21]
	•	Trade policy	[F15, F17]
2.	Price liberalization		[E3, P22]
	•	Measurement of price indices	[O57, P27, P52]
	•	Gradual or staged liberalization	[F13]
3.	Exchange market liberalization		[O16]
	•	Preconditions for current account convertibility	[F13, F14, F15]
	•	Alternative exchange rate regimes	[F31, F33, F47]
	•	Currency boards	[E58, F30, F31, F33, G21]
4.	Monetary policy		[E5, O42]
	•	Constraints on monetary policy in reforming economies	[E42, E50]
	•	Bad loan portfolios	[G4]
5.	Fiscal issues		[E6, H1, H3, H87]
	•	Fiscal policy	[E61, E62, F32, H3, H62]
	•	Reforms of fiscal institutions	[H87]
6.	Output declines		[D2, D24]
	•	Factors underlying output collapse	[D57, R15]
	•	Longer-term prospects	[E2, E27, E66]
7.	Privatization		[L1, L2, L3, L32, L33, L4, P3, P31]
8.	Reform of state enterprises		[L16, L41, P27, P31, P33]
	•	Role of government in hardening budget constraints	[H11, H21, H5, H6, H63, L5, L51, L52]
	•	Interenterprise arrears problem	[H32, H4, H43, H61, L32, L33, P31, P33]
	•	Pension reform	[H55, O57]
9.	Case studies		[O57, P5, P51, P52]
	•	Experience with reforms in various countries	[O57, P27, P52]
VII.	Fiscal Issues		[E6, H1, H3, H87]
1.	Fiscal policy and institutions		[E61, E62, F32, H3, H62]
	•	Overall fiscal policy	[C81, C82]
	•	Fiscal sustainability	[E62, H6, H30]
	•	Tax policy	[D63, H20, H21, H24, H25, H26]
	•	Tax administration	[H21, H23]
	•	Public expenditure policy	[E62]
	•	Public expenditure management	[E62, H5, H54, H61, H62, H63]
2.	Special fiscal issues		[H5]
	•	Intergovernmental relations	[H7, H73, H77]
	•	Social safety nets and social security	[G23, H4, H55, H60, I32, I38, J10, O57]
	•	Generational accounting and demographic developments	[H1, H22, H56, J2, J14, O4]
	•	Environment	[Q2, Q28, Q32, Q38]
	•	Military expenditures	[H56, H57, O47]
VIII.	Monetary and Financial Sector Issues		[E5, E52, E6, E62, E63]
1.	Money demand		[E41, E47, E52, F36]
	•	Industrial countries (new econometric techniques)	[E4]
	•	Currency substitution	[E49, F33, F40]
2.	Design and implementation of monetary policy		[E5, E50, E52]
	•	Rules versus discretion	[E61]
	•	Transmission mechanism	[E52]
	•	Instruments and indicators of monetary policy	[E52]
	•	Assessment of soundness of banking and financial systems	[E42, E52, E58,E63]
3.	Financial sector reform		[D92, E2, E42, E52, E58, E61, G21]
	•	Relationship between financial development and growth	[E44, O1, O16]
	•	Process of financial reform	[O2]
4.	Interest rates and yield curve		[E43]
IX.	Exchange Rate Behavior		[E4, F2, F3, F31, F33, F4, F47]
1.	Empirical regularities		[F3]
	•	Short-term exchange rate movements	[F31, F32]
	•	Exchange rate regime and behavior of currencies (ERM)	[F1, F31, F33, F4, L16, R12]
	•	Long-run exchange rate movements	[F21, F31]
2.	Parity relationships, equilibrium exchange rates, and exchange rate modeling		[F15, F31, F34, F41]
	•	Purchasing power parity and uncovered interest parity	[F41, F47]
	•	Modeling of long-run behavior and short-run dynamics	[C15, C32, C42]
3.	Target zones		[F14, F15]
	•	Credibility and exchange rate policies of European countries	[F14, F15]
	•	Determinants of realignment expectations	[F14, F15]
4.	Developing country issues		[F30, O1]
	•	Equilibrium real exchange rates and shocks	[E60]
	•	Targeting real exchange rates	[F31]
	•	Nominal anchors	[E31, F31, F33]
	•	Dual exchange markets	[E60, F31, O17]
X.	IMF Financial Policies		[E4, E6, F01, F02, F3, F33, F34, F42, F47]
1.	IMF policies on its assets and liabilities		[E4, E6, F01, F02, F33, F34, F42, F47]
2.	IMF lending policies		[F33, F34 F42]
	•	Assessment of IMF policy advice	[E6, F01, F02, F3, F4]
3.	Overdue financial obligations		[F33, F34]
4.	International liquidity and the SDR		[E42, F33, F34, F42, F43]
	•	General functioning of the SDR as a reserve asset	[E42, F33]
	•	Monetary and economic effects of allocations	[F33]
	•	Prolonged use of the SDR	[F33]
	•	Post-allocation redistribution of SDRs	[F33]
XI.	Statistical Issues		[C80, C82]
1.	Methodological issues		[C80, C82]
	•	Statistical manuals and guides	[C80, C82]
	•	National accounts, balance of payments, government finance statistics	[C80, C82]
	•	Statistical measurement of financial derivatives	[B41, C82, E44, F00, G00]
2.	Other research		[C80, C82]
	•	Statistical development in the countries of the former Soviet Union and other transition economies	[C80, P24]
	•	Report on measurement of international capital flows	[F15, F21]