Working Papers
1991
November 1, 1991
Dollarization in Latin America: Gresham's Law in Reverse?
Description: The IMF Working Papers series is designed to make IMF staff research available to a wide audience. Almost 300 Working Papers are released each year, covering a wide range of theoretical and analytical topics, including balance of payments, monetary and fiscal issues, global liquidity, and national and international economic developments.
Notes: Also published in Staff Papers, Vol. 39, No. 3, September 1992.
November 1, 1991
Dynamic Capital Mobility in Pacific Basin Developing Countries: Estimation and Policy Implications
Description: This paper estimates empirically the changing degree of capital mobility in several Pacific Basin countries that have pursued financial liberalization in recent years. Tracing the impact of the liberalization process on the capital account, the paper also examines the implications for monetary policy operating in this changing economic environment. Empirical estimates support an overall finding of increased capital mobility in the region over the past decade. However, country experiences, with the exception of Singapore, have been more episodic--oscillating between periods of high and low financial openness--rather than uniform in regards to changing capital mobility.
Notes: Also published in Staff Papers, Vol. 39, No. 3, September 1992.
November 1, 1991
Establishing Incentive Structures and Planning Agencies That Support Market-Oriented Transformations
Description: This note addresses various types of incentives that must be established before a market economy can function effectively. It also argues that the enormous challenge of restructuring large industrial enterprises or reabsorbing their workers, while appropriately based on market signals, cannot be accomplished by the market alone. Some type of planning will eventually be required. Ideally, such planning should receive high priority from the outset with clear recognition that durable macroeconomic stabilization will be very difficult to achieve in a democratic political system until the large state enterprises have been successfully transformed or their workers reabsorbed.
November 1, 1991
Assessing the Impact of Structural Adjustmenton the Poor: The Case of Malawi
Description: This paper applies, through a case study on Malawi, a simple methodology indicating the first-round (i.e., price) effects of macroeconomic policies on real earnings of the poor. As the economic program in Malawi has not involved substantial exchange rate action or cuts in subsidies, the real incomes of the poor have been most clearly affected by the pricing policies of the agricultural parastatal and the overall anti-inflationary measures incorporated in the program; developments in minimum wages have also been important. The study suggests that, on balance, these various factors have led to an increase in real incomes of the poor over the program period.
November 1, 1991
Wage Controls and Employment in a Socialist Economy
Description: Wage controls have been an important element of several of the stabilization programs recently introduced in reforming socialist economies. In some cases, the controls have been placed on each state enterprise’s total wage bill, rather than on the wage rate paid. Such an incomes policy would be expected to have a dampening effect on employment, but this has not generally occurred; on the contrary, declines in employment in state enterprises have typically been much less than the associated declines in output. This paper presents a simple model of a labor-managed enterprise which offers an explanation of the behavior of wages and employment under such an incomes policy.
November 1, 1991
Testing for Credibility Effects
Description: This paper examines some recent techniques designed to draw inferences about the credibility of changes in macroeconomic policy regimes. An alternative two-step approach, based on the decomposition between permanent and transitory components of a "credibility variable" is proposed. The methodology is then used to test for the existence of a credibility effect in the Cruzado stabilization plan implemented in Brazil in 1986.
Notes: Also published in Staff Papers, Vol. 39, No. 3, September 1992.
November 1, 1991
Intervention, Interest Rates, and Charts: Three Essays in International Finance
Description: This paper contains essays on sterilized intervention, on covered interest rate parity, and on chartist analysis in financial markets. Each essay contains a definition, brief survey of the empirical evidence and overall assessment of each topic.
0001
January 1, 0001
$name
January 1, 0001
$name
January 1, 0001