IMF Policy Discussion Papers
1994
August 1, 1994
Currency Arrangements in Countries of the Former Ruble Area and Conditions for Sound Monetary Policy
Description: Currency Arrangements in Countries of the Former Ruble Area and Conditions for Sound Monetary Policy
August 1, 1994
Measuring the Progress of Economic Reform in the Countries of the former Soviet Union
Description: Measuring the Progress of Economic Reform in the Countries of the former Soviet Union
July 1, 1994
Macroeconomic Management with Informal Financial Markets
Description: Macroeconomic Management with Informal Financial Markets
July 1, 1994
Recent Fiscal Developments in the European Countries of the G-7
Description: Recent Fiscal Developments in the European Countries of the G-7
July 1, 1994
Use of Central Bank Credit Auctions in Economies in Transition
Description: Use of Central Bank Credit Auctions in Economies in Transition
Notes: Also published in Staff Papers, Vol. 42, No. 1, March 1995.
July 1, 1994
Establishing Monetary Control in Financial Systems With Insolvent Institutions
Description: Establishing Monetary Control in Financial Systems With Insolvent Institutions
Notes: Also published in Staff Papers, Vol. 42, No. 1, March 1995.
May 1, 1994
Energy Taxes and Macroeconomic Policy Objectives
Description: Energy Taxes and Macroeconomic Policy Objectives
March 1, 1994
Emerging Equity Markets: Growth, Benefits, and Policy Concerns
Description: Since the mid-1980s, there has been a very substantial increase in stock market activity in many developing countries. This paper first examines the main characteristics of the emerging stock markets, and illustrates the evolution of equity prices in these markets over the last decade. It then discusses the reasons for the markets’ growth and assesses the extent to which domestic policies, as well as external factors, have played a role. This is followed by a discussion of the likely benefits of these markets; the effects which any abrupt correction in stock prices could have for the economy; and the ways in which these markets can be made more efficient.
March 1, 1994
The United States: Japan Current Account Imbalance: A Review
Description: This paper reviews the macroeconomic and microeconomic dimensions of the United States-Japan conflict over trade. From a macroeconomic perspective, there is nothing surprising about Japan’s surpluses, given global trends in saving and investment. The current accounts of the United States and Japan have both responded to exchange rate changes in a normal fashion with about a two-year lag. Although not the source of the Japanese current-account surplus, a key issue in the debate is the nature of Japanese trade policy and its possible effects on trade patterns. Empirical studies attempting to determine whether Japan’s trade prices and quantities are abnormal have arrived at conflicting conclusions. This is a Paper on Policy Analysis and Assessment and the author(s) would welcome any comments on the present text. Citations should refer to a Paper on Policy Analysis and Assessment of the International Monetary Fund, mentioning the authors) and the date of issuance. The views expressed are those of the author(s) and do not necessarily represent those of the Fund.