IMF Working Papers

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1998/125: Fixed Investment and Capital Flows: A Real Options Approach

Jorge Chan-Lau and Peter Clark

1998/124: Self-Fulfilling Risk Predictions: An Application to Speculative Attacks

Robert Flood and Nancy Marion

1998/123: Does the Long-Run Ppp Hypothesis Hold for Africa? Evidence From Panel Co-Integration Study

Jun Nagayasu

1998/122: Tax Smoothing in a Financially Repressed Economy: Evidence from India

Paul Cashin, Nilss Olekalns and Ratna Sahay

1998/121: Capital Structures and Portfolio Composition During Banking Crisis: Lessons from Argentina 1995

Alberto Ramos

1998/120: The Demise of the Nation State?

Vito Tanzi

1998/119: Search Unemployment with Advance Notice

Pietro Garibaldi

1998/118: Macroeconomic Performance Under Alternative Exchange Rate Regimes: Does Wage Indexation Matter?

Esteban Jadresic

1998/117: Deviations From Uncovered Interest Parity: A Global Guide to Where the Action Is

Evan Tanner

1998/116: Impact of European Union Assocation Agreements on Mediterranean Countries

Henri Ghesquière

1998/115: Consequences of the Economic and Monetary Union for the Coordination of Tax Systems in the European Union: Lessons from the U.S. Experience

Howell Zee and Vito Tanzi

1998/114: The Transmission of Monetary Policy in Israel

Fiorella De Fiore

1998/113: Market-Based Policy Instruments for Systemic Bank Restructuring

Tamim Bayoumi and Paul Masson

1998/112: Liability-Creating Versus Non-Liability-Creating Fiscal Stabilization Policies: Ricardian Equivalence, Fiscal Stabilization, and EMU

Paul Masson and Tamim Bayoumi

1998/111: Welfare Cost of (Low) Inflation: A General Equilibrium Perspective

Howell Zee

1998/110: Interest Spreads in Banking: Costs, Financial Taxation, Market Power, and Loan Quality in the Colombian Case 1974–96

Adolfo Barajas, Natalia Salazar and Roberto Steiner

1998/109: Considerations in Reducing Inflation From Low to Lower Levels

Stephen Tokarick and Michael Leidy

1998/108: Structural Reforms in Government Bond Markets

International Monetary Fund

1998/107: Exchange Rate Fluctuations and Trade Flows: Evidence From the European Union

Giovanni Dell'ariccia

1998/106: Disinflation in Spain: The Recent Experience

Nicolas Sobczak

1998/105: Developing Countries and the Globalization of Financial Markets

Malcolm Knight

1998/104: Determinants of Growth in an Error: Correction Model for El Salvador

Armando Méndez Morales

1998/103: Policy Responses to External Imbalances in Emerging Market Economies: Further Empirical Results

Luis Carranza and Chorng-Huey Wong

1998/102: How Big is the Brain Drain?

William Carrington and Enrica Detragiache

1998/101: Inflation and Money Demand in Albania

Sanja Kalra

1998/100: From Inflation to Growth: Eight Years of Transition

Peter Doyle and Peter Christoffersen

1998/099: Explaining Investment in the WAEMU

Athanasios Vamvakidis

1998/098: The Impact of Economic Securityon Bank Deposits and Investment

Michael Fabricius

1998/097: Financial Opening, Deposit Insurance, and Risk in a Model of Banking Competition

Tito Cordella and Eduardo Levy Yeyati

1998/096: Banking System Restructuring in Kazakhstan

David Hoelscher

1998/095: Liberating Supply-Fiscal Policy and Technological innovation in a Multicountry Model

Douglas Laxton, Tamim Bayoumi and David Coe

1998/094: North-South Trade: Is Africa Unusual?

David Coe and Alexander Hoffmaister

1998/093: Bank Lending and Interest Rate Changes in a Dynamic Matching Model

Giovanni Dell'ariccia and Pietro Garibaldi

1998/092: Asymmetric Information and the Market Structure of the Banking Industry

Giovanni Dell'ariccia

1998/091: Leading Indicators of Banking Crises: Was Asia Different?

International Monetary Fund

1998/090: Intermediation Spreads in a Dual Currency Economy: Argentina in the 1990s

Luis Catão

1998/089: Current Account Reversals and Currency Crises: Empirical Regularities

Gian Maria Milesi-Ferretti and Assaf Razin

1998/088: The Price Incentive to Smuggle and the Cocoa Supply in Ghana, 1950-96

Ales Bulir

1998/087: The United Kingdom's Experience with Inflation Targeting

International Monetary Fund

1998/086: Japanese Effective Exchange Rates and Determinants: Prices, Real Interest Rates, and Actual and Optimal Current Accounts

Jun Nagayasu

1998/085: The Effects of European Economic Integration on the Profitability of Industries

Dalia Hakura

1998/084: Trading Blocs and Welfare: How Trading Bloc Members Are Affected by New Entrants

R. Hacker and Qaizar Hussain

1998/083: Financial Liberalization and Financial Fragility

Enrica Detragiache and Asli Demirguc-Kunt

1998/082: Selected Transition and Mediterranean Countries: An Institutional Primer on EMU and EU Relations

Robert Feldman and Heliodoro Temprano-Arroyo

1998/081: Exchange and Capital Controls as Barriers to Trade

Natalia Tamirisa

1998/080: A Model for Financial Programming

Jan Mikkelsen

1998/079: Responses of the Stock Market to Macroeconomic Announcements Across Economic States

Zuliu Hu and Li Li

1998/078: Reducing Inflation: Lessons From Albania's Early Success

C. McNeilly and Doris Schiesser-Gachnang

1998/077: How Do the Skilled and the Unskilled Respond to Regional Shocks? the Case of Spain

Paolo Mauro and Antonio Spilimbergo

1998/076: Does Corruption Affect Income Inequality and Poverty?

Sanjeev Gupta

1998/075: The Macroeconomic Effects of Environmental Taxes: A Closer Look at the Feasibility of “Win-Win” Outcomes

Jenny Ligthart

1998/074: The Italian Social Protection System: The Poverty of Welfare

Massimo Rostagno and Francesca Utili

1998/073: Carbon Taxes: Their Macroeconomic Effects and Prospects for Global Adoption: A Survey of the Literature

Ved Gandhi and Javier Cuervo

1998/072: External Debt Histories of Ten Low-Income Developing Countries: Lessons from Their Experience

Kevin Ross, R. Brooks, Robert Powell, Ydahlia Metzgen Quemarez, Doris Ross, Mariano Cortes, Saqib Rizavi, Benoit Ketchekmen and Francesca Fornasari

1998/071: Current Accounts: What Is Their Relevance for Economic Policymaking?

Fabio Scacciavillani and Malcolm Knight

1998/070: Government Expenditure Arrears: Securitization and Other Solutions

Alberto Ramos

1998/069: Deviations of Exchange Rates from Purchasing Power Parity: A Story Featuring Two Monetary Unions

Ronald MacDonald and Tamim Bayoumi

1998/068: Inflation, Disinflation, and Growth

Atish Ghosh and Steven Phillips

1998/067: Exchange Rates and Economic Fundamentals: A Methodological Comparison of BEERs and FEERs

Ronald MacDonald and Peter Clark

1998/066: The Fiscal Effects of Monetary Policy

Momi Dahan

1998/065: Central Bank Vulnerability and the Credibility of Commitments: A Value-at-Risk Approach to Currency Crises

Liliana Schumacher and Mario Bléjer

1998/064: The Domestic and Foreign Price Gaps in the P-STAR Model: Evidence from Spain

Alicia García-Herrero and Manoj Pradhan

1998/063: Corruption Around the World: Causes, Consequences, Scope, and Cures

Vito Tanzi

1998/062: Multiple Equilibrium, Variability, and the Development Process

Luis Carranza and José Galdón-Sánchez

1998/061: Rethinking Public Pension Reform Initiatives

Peter Heller

1998/060: Growth, Trade, and Deindustrialization

Ramana Ramaswamy and Bob Rowthorn

1998/059: Interest Rate Spreads in the Eastern Caribbean

Ruby Randall

1998/058: Competitiveness and the Evolution of the Real Exchange Rate in Chile

Martine Guerguil and Martin Kaufman

1998/057: Money Demand and Regional Monetary Policy in the West African Economic and Monetary Union

Philipp Rother

1998/056: Public Sector Efficiency and Fiscal Austerity

International Monetary Fund

1998/055: Fiscal Discipline and the Cost of Public Debt Service: Some Estimates for OECD Countries

Francesco Caselli

1998/054: The Design of Instruments for Government Finance in an Islamic Economy

International Monetary Fund

1998/053: How Far Is Eastern Europe from Brussels?

Ratna Sahay, Carlos Végh Gramont and Stanley Fischer

1998/052: From Transition to Market: Evidence and Growth Prospects

Ratna Sahay, Stanley Fischer and Carlos Végh Gramont

1998/051: The Canadian Agreement on Internal Trade: Developments and Prospects

Michael Leidy

1998/050: EMU, Adjustment, and Exchange Rate Variability

Luca Ricci and Peter Isard

1998/049: Trade Liberalization and Tax Reform in the Southern Mediterranean Region

George Abed

1998/048: “Globalization” and Relocation in a Vertically Differentiated Industry

Isabel Grilo and Tito Cordella

1998/047: Immigration Flows and Regional Labor Market Dynamics

Dominique Gross

1998/046: The Relative Importance of Political and Economic Variables in Creditworthiness Ratings

International Monetary Fund

1998/045: Output Decline in Transition: The Case of Kazakhstan

International Monetary Fund

1998/044: Economic Announcements and the Timing of Public Debt Auctions

Marco Rossi

1998/043: Anticipation and Surprises in Central Bank Interest Rate Policy: The Case of the Bundesbank

International Monetary Fund

1998/042: The Italian Labor Market: Stylized Facts, Institutions, and Directions for Reform

Eswar Prasad and Francesca Utili

1998/041: Virtual Deficits and the Patinkin Effect

Eliane Cardoso

1998/040: Regional Trade Agreements Versus Broad Liberalization: Which Path Leads to Faster Growth? Time-Series Evidence

Athanasios Vamvakidis

1998/039: Preliminary Considerations of an Inflation Targeting Framework for the Philippines

G. Lim and Guy Debelle

1998/038: Achieving Stabilization in Armenia

Balázs Horváth

1998/037: The Prudential Regulation and Management of Foreign Exchange Risk

Richard Abrams and Paulina Beato

1998/036: Taxation and the Household Saving Rate: Evidence from OECD Countries

Howell Zee and Vito Tanzi

1998/035: Should Public Pensions be Funded?

Richard Hemming

1998/034: Evaluation of Taxes and Revenues From the Energy Sector in the Baltics, Russia, and Other Former Soviet Union Countries

Dale Gray

1998/033: The Security Factor in The Political Economy of Development

Martin McGuire

1998/032: An Econometric Analysis of Countries' Repayment Performance to the International Monetary Fund

Lynn Aylward and Rupert Thorne

1998/031: Financial Infusion and Exiting from a Money Rule

Mark Stone

1998/030: Islamic Banking: Issues in Prudential Regulations and Supervision

Luca Errico and Mitra Farahbaksh

1998/029: Parametric Distributional Flexibility and Conditional Variance Models with an Application to Hourly Exchange Rates

Jeanette Lye

1998/028: Dollarization of Financial Intermediation: Causes and Policy Implications

Eduardo Levy Yeyati and Alain Ize

1998/027: Post Stabilization Inflation Dynamics in Slovenia

Kevin Ross

1998/026: Fiscal Sustainability with Non-Renewable Resources

Nigel Chalk