IMF Working Papers

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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

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