IMF Working Papers

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1999/043: Unemployment, Capital-Labor Substitution, and Economic Growth

Bob Rowthorn

1999/042: Does Monetary Policy Stabilize the Exchange Rate Following a Currency Crisis?

Ilan Goldfajn and Poonam Gupta

1999/041: Is Poland Ready for Inflation Targeting?

Peter Christoffersen and Robert Westcott

1999/040: Real Exchange Rate Behavior and Economic Growth: Evidence from Egypt, Jordan, Morocco, and Tunisia

Ghiath Shabsigh and Ilker Domac

1999/039: A Model of the Lender of Last Resort

Haizhou Huang and C. Goodhart

1999/038: East Asia in the Aftermath: Was there a Crunch?

Atish Ghosh and Swart Ghosh

1999/037: The Long-Run Relationship Between Real Exchange Rates and Real Interest Rate Differentials: A Panel Study

Jun Nagayasu and Ronald MacDonald

1999/036: Explaining the Behavior of Financial Intermediation: Evidence from Transition Economies

Philipp Rother

1999/035: Macroeconomic Fluctuations in Developing Countries: Some Stylized Facts

Christopher McDermott, Eswar Prasad and Pierre-Richard Agénor

1999/034: Institutions, innovations, and Growth

Chenggang Xu and Haizhou Huang

1999/033: Determinants of Ex-Ante Banking System Distress: A Macro-Micro Empirical Exploration of Some Recent Episodes

Brenda Gonzalez-Hermosillo

1999/032: How Intensive Is Competition in the Emerging Markets? An Analysis of Corporate Rates of Return from Nine Emerging Markets

Ajit Singh, Rudolph Matthias and Jack Glen

1999/031: Exchange Rate Movements and Tradable Goods Prices in East Asia: An Analysis Based on Japanese Customs Data, 1988-98

Yushi Yoshida and Shinji Takagi

1999/030: The Length and Cost of Banking Crises

Edward Frydl

1999/029: A Model of Contagious Currency Crises with Application to Argentina

Nada Choueiri

1999/028: The Korean Financial Crisis of 1997—A Strategy of Financial Sector Reform

Angel Ubide and Tomás Baliño

1999/027: Explaining Foreign Exchange Market Puzzles

Norman Miller

1999/026: Monetary Policy and Public Finances: Inflation Targets in a New Perspective

Christian Beddies

1999/025: Financial Liberalization, Credit Constraints, and Collateral: Investment in the Mexican Manufacturing Sector

R. Gaston Gelos and Alejandro Werner

1999/024: Capital Controls and Trade Liberalization in a Monetary Economy

B. Jang

1999/023: Growth Gains from Trade and Education

Yong-jin Kim and Se-Jik Kim

1999/022: The Stock Market Channel of Monetary Policy

Thomas Cosimano, Connel Fullenkamp and Ralph Chami

1999/021: Does Higher Government Spending Buy Better Results in Education and Health Care?

Marijn Verhoeven, Sanjeev Gupta and Erwin Tiongson

1999/020: Credit Allocation and Financial Crisis in Korea

Eduardo Borensztein and Jong-Wha Lee

1999/019: Taxation in Latin America: Structural Trends and Impact of Administration

Parthasarathi Shome

1999/018: Are There International R&D Spillovers Among Randomly Matched Trade Partners? A Response to Keller

David Coe and Alexander Hoffmaister

1999/017: Large Capital Flows: A Survey of the Causes, Consequences, and Policy Responses

Alejandro Lopez Mejia

1999/016: Interest Rate Arbitrage in Currency Baskets: Forecasting Weights and Measuring Risk

Peter Christoffersen and Lorenzo Giorgianni

1999/015: Exchange Rate Unification, the Equilibrium Real Exchange Rate, and Choice of Exchange Rate Regime: The Case of the Islamic Republic of Iran

International Monetary Fund

1999/014: Consumption and Income Inequality in Poland During the Economic Transition

Eswar Prasad and Michael Keane

1999/013: The Morning After: Explaining the Slowdown in Japanese Growth in the 1990's

Tamim Bayoumi

1999/012: The Euro and the Production Structure and Export Performance of Middle East and North African Countries

Jean-François Ruhashyankiko

1999/011: Sectorial Macroeconomic Interdependencies: Evidence for Latin America, East Asia and Europe

Norman Loayza, Humberto Lopez and Angel Ubide

1999/010: Enemy of None But a Common Friend of All? An International Perspectiveon the Lender-Of-Last-Resort Function

Curzio Giannini

1999/009: Implications of EMU for Exchange Rate Policy in Central and Eastern Europe

George Kopits

1999/008: Repmod: A Smaller Sibling for Multimod

Guy Meredith

1999/007: Inflation Targeting in Korea: An Empirical Exploration

Alexander Hoffmaister

1999/006: Privatization in Transition Countries: A Sampling of the Literature

Oleh Havrylyshyn and Donal McGettigan

1999/005: Offshore Banking: An Analysis of Micro- and Macro-Prudential Issues

Luca Errico and Alberto Musalem Borrero

1999/004: Central Bank Autonomy, and Inflation and Output Performance in the Baltic States, Russia, and Other Countries of the Former Soviet Union, 1995-1997

Tonny Lybek

1999/003: In Search of "Capital Crunch": Supply Factors Behind the Credit Slowdown in Japan

David Woo

1999/002: Credibility of Central Bank Independence Revisited

Timo Valila

1999/001: China's Trade Flows: Changing Price Sensitivies and the Reform Process

Anuradha Dayal-Gulati and Valerie Cerra

1998/182: The Dynamic Macroeconomic Effects of Tax Policy in an Overlapping Generations Model

Ben Heijdra and Jenny Ligthart

1998/181: Why Do Countries Use Capital Controls?

Natalia Tamirisa and R. Johnston

1998/180: The Intragenerational Redistributive Effects of Unfunded Pension Programs

Luis Cubeddu

1998/179: Correlations Between Real Interest Rates and Output in a Dynamic International Model: Evidence from G-7 Countries

Jahanara Zaman

1998/178: Fundamental Determinants of Inequality and the Role of Government

Vito Tanzi

1998/177: Terms of Trade Shocks and the Current Account

Paul Cashin and Christopher McDermott

1998/176: Will Fiscal Policy Be Effective Under EMU?

M. Cangiano and Eric Mottu

1998/175: Export Credit Agencies, Trade Finance and South East Asia

Malcolm Stephens

1998/174: The Wage Bargaining Structure in Norway and Sweden and its Influenceon Real Wage Developments

Alun Thomas

1998/173: Fixed-Income Markets in the United States, Europe, and Japan-Some Lessons for Emerging Markets

Garry Schinasi and T. Smith

1998/172: International Capital Flows and National Creditworthiness: Do the Fundamental Things Apply As Time Goes By?

Paul Cashin and Christopher McDermott

1998/171: Private Saving in Colombia

Juan Ortega and Alejandro Lopez Mejia

1998/170: Monetary Policy in the Aftermath of Currency Crises: The Case of Asia

Taimur Baig and Ilan Goldfajn

1998/169: Do IMF-Supported Programs Work? A Survey of the Cross-Country Empirical Evidence

International Monetary Fund

1998/168: Managing Capital Flows: Lessons From the Experience of Chile

Bernard Laurens and Jaime Cardoso

1998/167: The Decline of Traditional Sectors in Israel: The Role of the Exchange Rate and the Minimum Wage

Eric Clifton

1998/166: Economic Determinants of Government Subsidies

Benedict Clements, Hugo Rodríguez and Gerd Schwartz

1998/165: Migration and Pension

Efraim Sadka and Assaf Razin

1998/164: The Quality of Governance: “Second-Generation” Civil Service Reform in Africa

International Monetary Fund

1998/163: The Volatility of the Relative Price of Commodities In Terms of Manufactures Across Exchange Regimes: A Theoretical Model

Hong Liang

1998/162: The Impact of Human Capital on Growth: Evidence from West Africa

Sonia Brunschwig, Emilio Sacerdoti and Jon Tang

1998/161: Inflation, Uncertainty, and Growth in Colombia

Henry Ma

1998/160: Determinants of Inflation, Exchange Rate, and Output in Nigeria

Louis Kuijs

1998/159: Capital Flows with Debt- and Equity-Financed Investment-Equilibrium Structure and Efficiency Implications

Assaf Razin, Chi-Wa Yuen and Efraim Sadka

1998/158: Fiscal Effects of the 1993 Colombian Pension Reform

Sergio Clavijo

1998/157: Demand for Money in Mozambique: Was There a Structural Break?

Marco Piñón-Farah

1998/156: Soft Exchange Rate Bands and Speculative Attacks: Theory, and Evidence from the ERM since August 1993

Leonardo Bartolini and Alessandro Prati

1998/155: Financial Market Contagion in the Asian Crisis

Taimur Baig and Ilan Goldfajn

1998/154: Are Currency Crises Predictable? A Test

Catherine Pattillo and Andrew Berg

1998/153: Monetary Policy in a Small Open Economy with Credit Goods Production

Jorge Chan-Lau

1998/152: The Effects of Tax Wedges on Hours Worked and Unemployment in Sweden

Alun Thomas

1998/151: Pension Developments and Reforms in Transition Economies

Carlo Cottarelli, Luis Cubeddu and M. Cangiano

1998/150: European Trade and Foreign Direct Investment U-Shaping Industrial Output in Central and Eastern Europe: Theory and Evidence

Patrick Walsh and Alexander Repkine

1998/149: Time Series Analysis of Export Demand Equations: A Cross-Country Analysis

Claudio Montenegro and Abdelhak Senhadji

1998/148: Purchasing Power Parities in Five East African Countries: Burundi, Kenya, Rwanda, Tanzania, and Uganda

Noureddine Krichene

1998/147: Real Exchange Rate Volatility: Does the Nominal Exchange Rate Regime Matter?

Hong Liang

1998/146: Optimal Fiscal Policy and the Environment

Jenny Ligthart

1998/145: Explaining the Recent Behavior of Inflation and Unemployment in the United States

Vincent Hogan

1998/144: Monetary Operations and Government Debt Management Under Islamic Banking

International Monetary Fund

1998/143: Crises, Contagion, and the Closed: End Country Fund Puzzle

Eduardo Levy Yeyati and Angel Ubide

1998/142: Contagion: Monsoonal Effects, Spillovers, and Jumps Between Multiple Equilibria

Paul Masson

1998/141: Recovery and Growth in Transition Economies 1990–97: A Stylized Regression Analysis

International Monetary Fund

1998/140: From Autarky to Integration: Imitation, Foreign Borrowing, and Growth

International Monetary Fund

1998/139: Can the Neoclassical Model Explain the Distribution of Foreign Direct Investment Across Developing Countries?

Harm Zebregs

1998/138: Managing Corporate Distress in the Philippines: Some Policy Recommendations

Charles Woodruff and G. Lim

1998/137: East Asian Growth Before and After the Crisis

Nicholas Crafts

1998/136: Is the United States CPI Biased Across Income and Age Groups?

S. Erbas and Chera Sayers

1998/135: Tax Revenue in Sub-Saharan Africa: Effects of Economic Policies and Corruption

Dhaneshwar Ghura

1998/134: The Role of Allocation in a Globalized Corporate Income Tax

Jack Mintz

1998/133: The Uzbek Growth Puzzle

Jeromin Zettelmeyer

1998/132: Output Decline and Recovery in Uzbekistan: Past Performance and Future Prospects

Jeromin Zettelmeyer and Günther Taube

1998/131: Can Short-Term Capital Controls Promote Capital Inflows?

Tito Cordella

1998/130: Perspectiveson the Recent Currency Crisis Literature

Nancy Marion and Robert Flood

1998/129: Increasing Dependency Ratios, Pensions, and Tax Smoothing

Vito Tanzi and Efraim Sadka

1998/128: The East Asian Crisis: Macroeconomic Developments and Policy Lessons

Kalpana Kochhar, Prakash Loungani and Mark Stone

1998/127: Financial Crisis and Credit Crunch as a Result of Inefficient Financial Intermediation—with Reference to the Asian Financial Crisis

Zhaohui Chen and Jorge Chan-Lau

1998/126: Central Banking in Transition Countries

Helmut Wagner