Working Papers
1992
December 1, 1992
Fund Transactions and Reserve Creation
Description: This paper describes the effects of Fund transactions on members’ external reserves, estimates the net reserve creation or absorption by the Fund in the 1980s, and compares the role of the Fund in this respect with that of other sources of international reserves.
Notes: Describes the effects of Fund transactions on members' external reserves and estimates the net reserve creation or absorption by the Fund in the 1980s.
December 1, 1992
International Environmental Taxation in the Absence of Sovereignty
Description: Traditional public finance theory may be applied to the internalization of international environmental externalities. The policy constraint imposed by the absence of sovereign international government may be partially overcome through international environmental agreements. Instruments such as cost sharing, found in existing agreements, are generally unsophisticated. Two proposals entailing improved instruments are considered: (a) an international carbon tax, and (b) a global commons trust fund financed by earmarked excise taxes or charges. Political realities appear to preclude the early adoption of sophisticated international environmental taxes, but modest improvements in the design and implementation of existing instruments may be feasible.
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1992
November 1, 1992
The Terms of Trade and Economic Fluctuations
Description: A three-good, stochastic intertemporal equilibrium model of a small open economy is used to examine the link between terms of trade and business cycles. Equilibrium co-movements of model economies representing industrial and developing countries are computed and compared with the stylized facts of 30 countries. The results show that terms-of-trade shocks account for half of observed output variability and that the model mimics the Harberger-Laursen-Metzler effect and produces large deviations from purchasing power parity. The elasticity of substitution between tradable and nontradable goods and the persistence of the shocks play a key role in producing these results.
Notes: A three-good, stochastic intertemporal equilibrium model of a small open economy is used to examine the link between terms of trade and business cycles.
November 1, 1992
The European Community's Trade and Trade-Related Industrial Policies
Description: This paper examines the objectives and instruments of trade policy in the European Community (EC) from 1987 until mid-1992. It reviews the Community’s institutional setting and policy environment as background to recent trends in EC trade policies and trading arrangements. A discussion of key issues and developments in the internal market program and its interactions with the Uruguay Round of multilateral trade negotiations is followed by a review of the main issues underlying trade disputes with third countries and trade-related industrial policies.
November 1, 1992
China: An Evolving Market Economy: A Review of Reform Experience
Description: This paper examines China’s reform experience since 1978, reviewing major initiatives taken and assessing their impact on economic structure and their implications for macroeconomic management and stability. It identifies some of the special conditions before and during the reform process that impinged on China’s capacity to implement reforms, and, in particular, those where China may differ from other countries undertaking reform, including former CPEs. A further consideration is the choice of the sequence and pace of reform and the structural and institutional changes that are needed to reorient the economy towards the market.
Notes: Examines China's reform experience since 1978.