IMF Working Papers

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2000/003: Does Deposit Insurance Increase Banking System Stability?

Asli Demirguc-Kunt and Enrica Detragiache

2000/002: Property Prices and Speculative Bubbles: Evidence From Hong Kong SAR

Christoph Duenwald

2000/001: Improving Governance and Fighting Corruption in the Baltic and CIS Countries: The Role of the IMF

Emine Gürgen and Thomas Wolf

1999/181: Assessing External Sustainability in India

Tim Callen and Paul Cashin

1999/180: The Political Economy of Redistributive Social Security

Pierre Pestieau

1999/179: The Efficiency of Education Expenditure in Portugal

Benedict Clements

1999/178: Currency and Banking Crises: The Early Warnings of Distress

Graciela Kaminsky

1999/177: Redistribution Through Public Employment: The Case of Italy

Stephan Danninger, Alberto Alesina and Massimo Rostagno

1999/176: Fiscal Federalism and Government Size in Transition Economies: The Case of Moldova

International Monetary Fund

1999/175: Global Equilibrium Exchange Rates: Euro, Dollar, “Ins,” “Outs,” and Other Major Currencies in a Panel Cointegration Framework

Susana Garcia Cervero, Humberto Lopez, Enrique Alberola Ila and Angel Ubide

1999/174: Risk, Resources, and Education—Public Versus Private Financing of Higher Education

International Monetary Fund

1999/173: Demand for M2 in an Emerging-Market Economy: An Error-Correction Model for Malaysia

Subramanian Sriram

1999/172: Dominance Testing of Social Sector Expenditures and Taxes in Africa

David Sahn and Stephen Younger

1999/171: Flight Capital as a Portfolio Choice

Anke Hoeffler, Catherine Pattillo and Paul Collier

1999/170: Central Bank Independence and the Conduct of Monetary Policy in the United Kingdom

Hossein Samiei and Jan Martijn

1999/169: The Myth of Comoving Commodity Prices

Christopher McDermott, Alasdair Scott and Paul Cashin

1999/168: Global Liquidity and Asset Prices: Measurement, Implications, and Spillovers

Klaas Baks and Charles Kramer

1999/167: Ownership of Capital in Monetary Economies and the Inflation Tax on Equity

Thomas Cosimano, Ralph Chami and Connel Fullenkamp

1999/166: Why Do Firms Pay Antidumping Duty?

Poonam Gupta

1999/165: Rethinking Subnational Taxes: A New Look At Tax Assignment

Richard Bird

1999/164: Multiple Equilibria, Contagion, and the Emerging Market Crises

Paul Masson

1999/163: Income Distribution, Informal Safety Nets, and Social Expenditures in Uganda

Calvin McDonald, Christian Schiller and Kenichi Ueda

1999/162: The Suitability of ASEAN for a Regional Currency Arrangement

Paolo Mauro and Tamim Bayoumi

1999/161: The Disappearing Openness-Inflation Relationship: A Cross-Country Analysis of Inflation Rates

Michael Bleaney

1999/160: The 1994 Mexican Economic Crisis: The Role of Government Expenditure and Relative Prices

Eliot Kalter and Armando Ribas

1999/159: Political Economy Aspects of Trade and Financial Liberalization: Implications for Sequencing

Rina Bhattacharya

1999/158: Linkages Among Asset Markets in the United States: Tests in a Bivariate GARCH Framework

Parha Deb and Salim Darbar

1999/157: Suriname: A Case Study of High Inflation

Sukhdev Shah and Benedikt Braumann

1999/156: On the Fast Track to EU Accession: Macroeconomic Effects and Policy Challenges for Estonia

Günther Taube and Rene Weber

1999/155: Booms and Slumps in World Commodity Prices

Christopher McDermott, Paul Cashin and Alasdair Scott

1999/154: Identifying the Common Component in International Economic Fluctuations: A New Approach

Robin Lumsdaine and Eswar Prasad

1999/153: Regulation of Withdrawals in Individual Account Systems

Jan Walliser

1999/152: Has the Nature of Crises Changed? A Quarter Century of Currency Crises in Argentina

Nada Choueiri and Graciela Kaminsky

1999/151: Bank Rating Changes and Bank Stock Returns—Puzzling Evidence from the Emerging Markets

Anthony Richards and David Deddouche

1999/150: Foreign Investment in Colombia’s Financial Sector

Adolfo Barajas, Natalia Salazar and Roberto Steiner

1999/149: Why Has Inflation in the United States Remained So Low? Reassessing the Importance of Labor Costs and the Price of Imports

Jorge Chan-Lau and Stephen Tokarick

1999/148: Idiosyncratic Risk: An Empirical Analysis, with Implications for the Risk of Relative-Value Trading Strategies

Anthony Richards

1999/147: Monitoring Banking Sector Fragility: A Multivariate Logit Approach

Enrica Detragiache and Asli Demirguc-Kunt

1999/146: Sources of Contagion: Finance or Trade?

International Monetary Fund

1999/145: Trade and Industrialization in Developing Agricultural Economies

Athanasios Vamvakidis and Sergei Dodzin

1999/144: Can a Shorter Workweek Induce Higher Employment? Mandatory Reductions in the Workweek and Employment Subsidies

S. Erbas and Chera Sayers

1999/143: Corporate Leverage, Bankruptcy, and Output Adjustment in Post-Crisis East Asia

Se-Jik Kim and Mark Stone

1999/142: From Toronto Terms to the HIPC Initiative: A Brief History of Debt Relief for Low-Income Countries

Christina Daseking and Robert Powell

1999/141: Nominal Exchange Rates and Nominal Interest Rate Differentials

Francisco Nadal De Simone and Weshah Razzak

1999/140: Central Bank Participation in Currency Options Markets

Peter Breuer

1999/139: Recapitalizing Banks with Public Funds: Selected Issues

International Monetary Fund

1999/138: The Asia Crisis: Causes, Policy Responses, and Outcomes

Andrew Berg

1999/137: A Peek Inside the Black Box: The Monetary Transmission Mechanism in Japan

Tamim Bayoumi and James Morsink

1999/136: Portfolio Diversification, Leverage, and Financial Contagion

T. Smith and Garry Schinasi

1999/135: Corporate Insolvency Procedures and Bank Behavior: A Study of Selected Asian Economies

Qaizar Hussain and Clas Wihlborg

1999/134: Macroeconomic and Sectoral Effects of Terms-of-Trade Shocks: The Experience of the Oil-Exporting Developing Countries

International Monetary Fund

1999/133: Country Risks and the Investment Activity of U.S. Multinationals in Developing Countries

Alexander Lehmann

1999/132: Exchange-Rate-Based Stabilization: A Critical Look at the Stylized Facts

A. Javier Hamann

1999/131: EMU Challenges European Labor Markets

Christiane Krieger-Boden, Dirk Dohse and Rüdiger Soltwedel

1999/130: Skill Acquisition and Firm Creation in Transition Economies

Wenli Li, Zuzana Brixiová Schwidrowski and Tarik Yousef

1999/129: Emerging Markets Crisis: An Asset Markets Perspective

Arvind Krishnamurthy and Ricardo Caballero

1999/128: Neglected Heterogeneity and Dynamics in Cross-Country Savings Regressions

International Monetary Fund

1999/127: The Enforcement of Property Rights and Underdevelopment

Era Dabla-Norris and Scott Freeman

1999/126: Long-Term International Capital Movements and Technology: A Review

Harm Zebregs

1999/125: Technology and Epidemics

Alberto Chong and Luisa Zanforlin

1999/124: Three Million Foreigners, Three Million Unemployed? Immigration and the French Labor Market

Dominique Gross

1999/123: Regional Income Redistribution and Risk Sharing: How Does Italy Compare in Europe?

Jörg Decressin

1999/122: Inflation, Money Demand, and Purchasing Power Parity in South Africa

Gunnar Jonsson

1999/121: Determinants of Argentina’s External Trade

Elisabetta Falcetti and Luis Catão

1999/120: Measuring Misalignment: Purchasing Power Parity and East Asian Currencies in the 1990s

Menzie Chinn

1999/119: Modeling and Forecasting Inflation in India

Tim Callen and Dongkoo Chang

1999/118: Inflation and Growth in Transition: Are the Asian Economies Different?

Torsten Sloek and Sanja Kalra

1999/117: Investment, Capital Accumulation, and Growth: Some Evidence from The Gambia 1964–98

Christian Beddies

1999/116: The Relative Merits and Implications of Inflation Targeting for South Africa

Gunnar Jonsson

1999/115: The External Wealth of Nations: Measures of Foreign Assets and Liabilities for Industrial and Developing Countries

Gian Maria Milesi-Ferretti and Philip Lane

1999/114: Exchange Market Pressure and Monetary Policy: Asia and Latin America in the 1990s

Evan Tanner

1999/113: Bank Fragility and International Capital Mobility

Enrica Detragiache

1999/112: Private Sector Consumption Behavior and Non-Keynesian Effects of Fiscal Policy

Rina Bhattacharya

1999/111: Firm Investment and Balance-Sheet Problems in Japan

Toshitaka Sekine

1999/110: Foreign Exchange Queues, Informal Traders, and a Zero Premium in the Black Market: A Cape Verdean Puzzle

Jan-Peter Olters

1999/109: Deconstructing Job Creation

Pietro Garibaldi and Paolo Mauro

1999/108: Bailout and Conglomeration

Se-Jik Kim

1999/107: Analysis of the U.S. Business Cycle with a Vector-Markov-Switching Model

Zenon Kontolemis

1999/106: Bank Bailouts: Moral Hazard vs. Value Effect

Eduardo Levy Yeyati and Tito Cordella

1999/105: Measuring Financial Development in Sub-Saharan Africa

Enrique Gelbard and Sérgio Leite

1999/104: The IMF Approach to Economic Stabilization

Miguel Savastano and Michael Mussa

1999/103: Public Debt Management and Bailouts

Torbjorn Becker

1999/102: Rachet Effects in Currency Substitution: An Application to the Kyrgyz Republic

Joannes Mongardini and Johannes Mueller

1999/101: We Just Averaged over Two Trillion Cross-Country Growth Regressions

Mark Steel and Eduardo Ley

1999/100: Global Moral Hazard, Capital Account Liberalization and the “Overlending Syndrome”

Eduardo Levy Yeyati

1999/099: Adjustment Costs, Irreversibility and Investment Patterns in African Manufacturing

Arne Bigsten

1999/098: The Rise and Fall of the Pyramid Schemes in Albania

Christopher Jarvis

1999/097: A Dynamic Model of Inflation for Kenya, 1974–1996

Njuguna Ndung'u and Dick Durevall

1999/096: Measures of Potential Output: An Application to Israel

Fabio Scacciavillani and Phillip Swagel

1999/095: The Structural Budget Balance The IMF’s Methodology

Robert Hagemann

1999/094: Managerial Entrenchment and the Choice of Debt Financing

Amadou Sy

1999/093: Coordinating Tariff Reduction and Domestic Tax Reform

Michael Keen and Jenny Ligthart

1999/092: Central Banking Without Central Bank Money

Alain Ize, Arto Kovanen and Timo Henckel

1999/091: Institutionalized Corruption and the Kleptocratic State

Christian Harm and Joshua Charap

1999/090: Determinants of Angola’s Parallel Market Real Exchange Rate

Jun Nagayasu and Enrique Gelbard

1999/089: Trade in Financial Services and Capital Movements

Natalia Tamirisa

1999/088: External Vulnerability in Emerging Market Economies: How High Liquidity Can Offset Weak Fundamentals and the Effects of Contagion

Christian Mulder and Matthieu Bussiere

1999/087: Military Spending, the Peace Dividend, and Fiscal Adjustment

Benedict Clements, Jerald Schiff, Peter Debaere and Hamid Davoodi

1999/086: Signaling Fiscal Regime Sustainability

Alessandro Prati and Francesco Drudi

1999/085: Does Mother Nature Corrupt? Natural Resources, Corruption, and Economic Growth

Carlos Leite and Jens Weidmann