IMF Policy Discussion Papers
1993
October 1, 1993
Aspects of the Design of Financial Programs with the Adoption of Indirect Monetary Controls
Description: Aspects of the Design of Financial Programs with the Adoption of Indirect Monetary Controls
October 1, 1993
The World Market for Natural Gas - Macroeconomic and Financial Implications
Description: The World Market for Natural Gas - Macroeconomic and Financial Implications
September 1, 1993
Institutional and Operational Aspects of Central Bank Losses
Description: Institutional and Operational Aspects of Central Bank Losses
September 1, 1993
Real Wage Adjustment in the Former Soviet Union
Description: Since 1991, the economies of the former Soviet Union have experienced sizeable shocks that have pushed equilibrium real wages far from pre-transition levels. This paper sets out a framework in which to assess the degree of real wage adjustment needed to restore equilibrium, and discusses practical problems in applying wage targets and monitoring real wage developments. A key policy conclusion is that because the accuracy of real wage targets is inevitably suspect, observable indicators should be identified to evaluate the adequacy of actual movements in real wages and of the wage targets; rigid indexation rules should be avoided in nominal incomes policies. 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 author(s) and the date of issuance. The views expressed are those of the author(s) and do not necessarily represent those of the Fund.
September 1, 1993
Options for Monetary and Exchange Arrangements in Transition Economies
Description: Options for Monetary and Exchange Arrangements in Transition Economies
August 1, 1993
The Capital Inflows Problem: Concepts and Issues
Description: Since 1990 capital has started to move from industrial countries to developing regions like Latin America, the Middle East and parts of Asia. Reentry into international capital markets is a welcome turn of events for most countries. However, capital inflows are often associated with inflationary pressures, a real exchange rate appreciation, a deterioration in the current account, and a boom in bank lending. This paper briefly examines how these inflows have altered the macroeconomic environment in a number of Asian and Latin American countries. The pros and cons of a menu of policy options are discussed.
Notes: Study based on data from ten Latin American countries and eight Asian countries.
July 1, 1993
Restructuring of Commercial Bank Debt by Developing Countries: Lessons from Recent Experience
Description: A number of developing countries, including some of the largest debtors, have recently completed comprehensive debt and debt service restructuring packages with their commercial bank creditors. The experience of these countries provides important lessons for other countries that are just embarking on discussions to normalize their external payments situation. Following a brief description of the framework of the international debt strategy, this paper discusses the main lessons, distinguishing between those that are relevant to the process of negotiation and those relevant to the structure of the package being negotiated. This is a Paper on Policy Analysis and Assessment and the authors) 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.
July 1, 1993
The State of Tax Policy in the Central Asian and Transcaucasian Newly Independent States (NIS)
Description: Two possible tax policy strategies for the NIS are: (1) an optimal nondistortionary tax structure as a one-shot action; and (2) a structure with identifiable and clearly understood distortionary elements as a temporary phenomenon to close the fiscal gap. An assessment of NIS tax structures reveals that they conform to neither. They are rapidly acquiring complex features comprising multiple rates, exemptions, and other difficult-to administer properties, with uncertain ramifications for efficiency, equity, and the fiscal deficit. Steady--and perhaps prolonged--effort needs to be made if simple, broad-based, and revenue-productive tax structures are to be achieved. 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 author(s) and the date of issuance. The views expressed are those of the author(s) and do not necessarily represent those of the Fund.
March 1, 1993
Adjusting to Development: The IMF and the Poor
Description: Adjusting to Development: The IMF and the Poor