IMF Working Papers

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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

1999/084: Explaining International Comovements of Output and Asset Returns: The Role of Money and Nominal Rigidities

Robert Kollman

1999/083: Real Wage Rigidities, Fiscal Policy, and the Stability of EMU in the Transition Phase

Eric Thode, Norbert Berthold and Rainer Fehn

1999/082: Common Trends and Structural Change: A Dynamic Macro Model for the Pre- and Postrevolution Islamic Republic of Iran

Torbjorn Becker

1999/081: Co-Movements in Long-Term Interest Rates and the Role of PPP-Based Exchange Rate Expectations

Klaas Knot and Jan Berk

1999/080: How Persistent Are Shocks to World Commodity Prices?

Hong Liang, Christopher McDermott and Paul Cashin

1999/079: Do Hong Kong SAR and China Constitute An Optimal Currency Area? An Empirical Test of the Generalized Purchasing Power Parity Hypothesis

Hong Liang

1999/078: Price Imputation and Other Techniques for Dealing with Missing Observations, Seasonality and Quality Change in Price Indices

Paul Armknecht Jr. and Fenella Maitland-Smith

1999/077: Sources of Economic Growth: An Extensive Growth Accounting Exercise

Abdelhak Senhadji

1999/076: Price Liberalization, Money Growth, and Inflation During the Transition to a Market Economy

Ernesto Hernández-Catá

1999/075: Simple Monetary Policy Rules Under Model Uncertainty

Ann-Charlotte Eliasson, Peter Isard and Douglas Laxton

1999/074: Estimating Trade Equations from Aggregate Bilateral Data

Tamim Bayoumi

1999/073: The Evolution of Output in Transition Economies: Explaining the Differences

Ratna Sahay, Jeromin Zettelmeyer, Eduardo Borensztein and Andrew Berg

1999/072: Sticky Prices: An Empirical Assessment of Alternative Models

Esteban Jadresic

1999/071: Excess Volatility and the Asset-Pricing Exchange Rate Model with Unobservable Fundamentals

Lorenzo Giorgianni and Leonardo Bartolini

1999/070: A Test of the General Validity of the Heckscher-Ohlin Theorem for Trade in the European Community

Dalia Hakura

1999/069: Economic and Legal Considerations of Optimal Privatization: Case Studies of Mortgage Firms (DePfa Group and Fannie Mae)

John Garrett, Hans-Joachim Beyer and Claudia Dziobek

1999/068: Privatization, Social Impact, and Social Safety Nets

Sanjeev Gupta, Henry Ma and Christian Schiller

1999/067: Price and Monetary Dynamics Under Alternative Exchange Rate Regimes

M. Bleaney

1999/066: Financial Fragility and Economic Performance in Developing Economies: Do Capital Controls, Prudential Regulation and Supervision Matter?

Marco Rossi

1999/065: The Georgian Hyperinflation and Stabilization

Jian-Ye Wang

1999/064: Survey of Literature on Demand for Money: Theoretical and Empirical Work with Special Reference to Error-Correction Models

Subramanian Sriram

1999/063: Spend Now, Pay Later? Tax Smoothing and Fiscal Sustainability in South Asia

International Monetary Fund

1999/062: Macroeconomic Conditions and Import Surcharges in Selected Transition Economies

Piritta Sorsa

1999/061: Inflation Targeting and Output Stability

Esteban Jadresic

1999/060: Inequality and Optimal Redistributive Tax and Transfer Policies

Howell Zee

1999/059: Fixed Capital Adjustment: Is Latin America Different? Evidence from the Colombian and Mexican Manufacturing Sectors

R. Gaston Gelos and Alberto Isgut

1999/058: The Role of Inter- and Intraindustry Trade in Technology Diffusion

Dalia Hakura and Florence Jaumotte

1999/057: Copper and the Chilean Economy, 1960–98

Antonio Spilimbergo

1999/056: International Trade and the Business Cycle

Eswar Prasad

1999/055: Government Employment and Wages and Labor Market Performance

Zenon Kontolemis and Dimitri Demekas

1999/054: Deposit Insurance: A Survey of Actual and Best Practices

G. Garcia

1999/053: Can Currency Demand Be Stable Under a Financial Crisis? the Case of Mexico

May Khamis and Alfredo Leone

1999/052: A Review of Capital Account Restrictions in Chile in the 1990s

Francisco Nadal De Simone and Piritta Sorsa

1999/051: Adjustment and Growth in Sub-Saharan Africa

Dhaneshwar Ghura, Anupam Basu and Anthony Calamitsis

1999/050: Long-Run Exchange Rate Dynamics: A Panel Data Study

Karl Habermeier and Mario Mesquita