IMF Working Papers

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1997/148: Policy Reform, Adjustment Costs, and Investment: With Activity of Local Investors as a Signal

Omotunde Johnson

1997/147: Nominal Income and the Inflation-Growth Divide

Sheetal Chand

1997/146: Sources of Debt Accumulation in a Small Open Economy

Abdelhak Senhadji

1997/145: Determinants of Inflation in Mozambique

Angel Ubide

1997/144: Liquid Asset Ratios and Financial Sector Reform

Anne Gulde

1997/143: Aging in the Asian “Tigers”: Challenges for Fiscal Policy

Peter Heller

1997/142: Stylized Facts of Government Finance in the G-7

Riccardo Fiorito

1997/141: Reform of the Canada Pension Plan: Analytical Considerations

Charles Kramer and Yutong Li

1997/140: Banking Crises in Latin America in the 1990's: Lessons From Argentina, Paraguay, and Venezuela

Alicia García-Herrero

1997/139: Corruption, Public Investment, and Growth

Vito Tanzi and Hamid Davoodi

1997/138: Transparency and Ambiguity in Central Bank Safety Net Operations

Charles Enoch

1997/137: Labor Market Institutions and Unemployment Dynamics in Transition Economies

Pietro Garibaldi and Zuzana Brixiová Schwidrowski

1997/136: Implications for Savings of Aging in the Asian “Tigers”

Steven Symansky and Peter Heller

1997/135: Macroeconomic Cycles in China

Stefan Oppers

1997/134: External Finance and Foreign Debt in Central and Eastern European Countries

Stefano Manzocchi

1997/133: Fiscal Policy and the Predictability of Exchange Rate Collapse

Betty Daniel

1997/132: Time-Series Estimation of Structural Import Demand Equations: A Cross-Country Analysis

Abdelhak Senhadji

1997/131: Can Switching Between Inflationary Regimes Explain Fluctuations in Real Interest Rates?

Michael Bleaney

1997/130: The Scope for Inflation Targeting in Developing Countries

Miguel Savastano, Paul Masson and Sunil Sharma

1997/129: Intergovernmental Fiscal Relations: The Chinese System in Perspective

Vivek Arora and John Norregaard

1997/128: Cyclical Fluctuations in Brazil's Real Exchange Rate: The Role of Domestic and External Factors

Alexander Hoffmaister, Carlos Medeiros and Pierre-Richard Agénor

1997/127: Contagion and Volatility with Imperfect Credit Markets

Joshua Aizenman and Pierre-Richard Agénor

1997/126: Exchange Rate Volatility, Pricing to Market and Trade Smoothing

Hamid Faruqee and Peter Clark

1997/125: Globalization and Growth Prospect in Arab Countries

Patricia Alonso-Gamo

1997/124: Monetary Impact of a Banking Crisis and the Conduct of Monetary Policy

Alicia García-Herrero

1997/123: Discrepancies Between Quarterly GDP Estimates

Adriaan Bloem

1997/122: Shock Versus Gradualism in Models of Rational Expectations: The Case of Trade Liberalization

Leonardo Auernheimer and Susan George

1997/121: Derivatives Effect on Monetary Policy Transmission

Coenraad Vrolijk

1997/120: Income Distribution and Social Expenditure in Brazil

Benedict Clements

1997/119: Exports, Inflation, and Growth

Thorvaldur Gylfason

1997/118: Policy Complementarities and the Washington Consensus

Jahangir Aziz and Robert Westcott

1997/117: Determinants of Stock Prices: The Case of Zimbabwe

T. Oyama

1997/116: The Impact of Trade Prices on Employment and Wages in the United States

Dalia Hakura

1997/115: Capital Flows to Brazil: The Endogeneity of Capital Controls

Eliane Cardoso and Ilan Goldfajn

1997/114: The Changing Role of the State in the Economy: A Historical Perspective

Vito Tanzi

1997/113: The Insurance Role of Social Security: Theory and Lessons for Policy Reform

Victor Valdivia

1997/112: Investing U.S. Social Security Trust Fund Assets in Private Securities

Michael Leidy

1997/111: Japan's Restrictive System of Trade and Payments: Operation, Effectiveness, and Liberalization, 1950-1964

Shinji Takagi

1997/110: Saving in Southeast Asia and Latin America Compared: Searching for Policy Lessons

Christian Thimann and Anuradha Dayal-Gulati

1997/109: Estimating the Equilibrium Real Exchange Rate: An Application to Finland

Tarhan Feyzioglu

1997/108: Explaining and Forecasting the Velocity of Money in Transition Economies, with Special Reference to the Baltics, Russia and other Countries of the Former Soviet Union

International Monetary Fund

1997/107: Tax Effort in Sub-Saharan Africa

Janet Stotsky and Asegedech WoldeMariam

1997/106: The Determinants of Banking Crises: Evidence From Developing and Developed Countries

Asli Demirguc-Kunt and Enrica Detragiache

1997/105: The Egyptian Stabilization Experience: An Analytical Retrospective

Arvind Subramanian

1997/104: Potential Output Growth in Emerging Market Countries: The Case of Chile

Jorge Roldos

1997/103: Japanese Foreign Direct Investment and Regional Trade

Gabrielle Lipworth and Tamim Bayoumi

1997/102: On the Speed of Transition in Central and Eastern Europe: Does On-the-Job Search Matter?

Zuzana Brixiová Schwidrowski

1997/101: Fiscal Policy and Growth in the Middle East and North Africa Region

Sena Eken

1997/100: Controlling Fiscal Corruption

Sheetal Chand and Karl Ove Moene

1997/099: The Design of EMU

David Begg

1997/098: Some Evidenceon Exchange Rate Determination in Major Industrial Countries

Yan Sun and R. Johnston

1997/097: Growth and Productivity in Asean Countries

Michael Sarel

1997/096: Public Disclosure and Bank Failures

Eduardo Levy Yeyati and Tito Cordella

1997/095: Debt Reduction and New Loans: A Contracting Perspective

Aasim Husain, John Carlson and Jeffrey Zimmerman

1997/094: The Role of Fiscal Policy in Sustainable Stabilization: Evidence From Latin America

Gerd Schwartz and Teresa Ter-Minassian

1997/093: Effects of the European Economic and Monetary Union (EMU) on Taxation and Interest Spending of National Governments

Francesco Mongelli

1997/092: Authorities' Roles and Organizational Issues in Systemic Bank Restructuring

Peter Nyberg

1997/091: Exogenous Shocks, Deposit Runs and Bank Soundness: A Macroeconomic Framework

Mario Bléjer

1997/090: From Suez to Tequila: The IMF As Crisis Manager

James Boughton

1997/089: Institutional Development: Skill Transference Through a Reversal of “Human Capital Flight” or Technical Assistance

International Monetary Fund

1997/088: Do Tax Rates Encourage Entrepreneurial Activity?

Roger Gordon

1997/087: Capital Flows and the Twin Crises: The Role of Liquidity

Ilan Goldfajn and Rodrigo Valdés

1997/086: Borrowing Risk and the Tequila Effect

Pierre-Richard Agénor

1997/085: Growth, Investment, and Savings in the Arab Economies

Amer Bisat

1997/084: Recovery Ratios and Survival Times for Corporate Bonds

Ivailo Izvorski

1997/083: Do Central Banks Need Capital?

Peter Stella

1997/082: Macroeconomic Fluctuations in Sub-Saharan Africa

Alexander Hoffmaister

1997/081: Financial Sector Reforms in Algeria, Morocco, and Tunisia: A Preliminary Assessment

Abdelali Jbili

1997/080: Inflation in Transition Economies: How Much? and Why?

Atish Ghosh

1997/079: Leading Indicators of Currency Crises

Graciela Kaminsky

1997/078: Tax Burden and Migration: A Political Economy Perspective

Efraim Sadka and Assaf Razin

1997/077: Unemployment Persistence and Capital Shortage: The Case of Trinidad and Tobago

Benedikt Braumann

1997/076: A Model of an Optimum Currency Area

Luca Ricci

1997/075: Exchange Rate-Based Stabilization in Western Europe: Greece, Ireland, Italy and Portugal

Enrica Detragiache and A. Javier Hamann

1997/074: How Long is the Long Run? A Dynamic Analysis of the Spanish Business Cycle

Humberto Lopez, Stefania Fabrizio and Angel Ubide

1997/073: Corruption and the Rate of Temptation: Do Low Wages in the Civil Service Cause Corruption?

International Monetary Fund

1997/072: External Borrowing by the Baltics, Russia and Other Countries of the Former Soviet Union: Developments and Policy Issues

International Monetary Fund

1997/071: A Primeron the IMF's Information Notice System

Dominique Desruelle and Alessandro Zanello

1997/070: World Commodity Prices as a Forecasting Tool for Retail Prices: Evidence From the United Kingdom

John Thornton and Alicia García-Herrero

1997/069: Exchange Rate Regimes and Location

Luca Ricci

1997/068: An Analysis of External Debt and Capital Flight in the Severely Indebted Low Income Countries in Sub-Saharan Africa

Simeon Ajayi

1997/067: What Type of Contracts Underlie Aggregate Wage Dynamics?

Esteban Jadresic

1997/066: Real Exchange Rate Levels, Productivity and Demand Shocks: Evidence from a Panel of 14 Countries

Louis Johnston and Menzie Chinn

1997/065: Experiences with Monetary Integration and Lessons for Korean Unification

Goohoon Kwon

1997/064: Contrasting Monetary Regimes in Africa

Patrick Honohan and Stephen O'Connell

1997/063: Does Public Disagreementon Monetary Policy Unsettle the Markets?

Hossein Samiei and Timothy Lane

1997/062: European Monetary Union and International Capital Markets: Structural Implications and Risks

Garry Schinasi and Alessandro Prati

1997/061: Cointegration and Long-Horizon Forecasting

Francis Diebold and Peter Christoffersen

1997/060: Investment Implications of Selected WTO Agreements and the Proposed Multilateral Agreementon Investment

Matthias Vocke

1997/059: Social Security Tax Reform and Unemployment: A General Equilibrium Analysis for France

International Monetary Fund

1997/058: Characteristics of the Euro, the Demand for Reserves, and Policy Coordination Under EMU

Paul Masson and Bart Turtelboom

1997/057: The Asymmetric Effects of Monetary Policy on Job Creation and Destruction

Pietro Garibaldi

1997/056: Explaining Consumption: A Simple Test of Alternative Hypotheses

Tamim Bayoumi

1997/055: The GATS Agreementon Financial Services: A Modest Start to Multilateral Liberalization

Piritta Sorsa

1997/054: Determinants of Korean Trade Flows and their Geographical Destination

Gian Maria Milesi-Ferretti and Lorenzo Giorgianni

1997/053: Liberalization and the Behavior of Output During the Transition From Plan to Market

Ernesto Hernández-Catá

1997/052: Fiscal Aspects of Bank Restructuring

James Daniel

1997/051: Current Account Imbalances in AsEAN Countries: Are they a Problem?

Jonathan Ostry

1997/050: Zaïre’s Hyperinflation, 1990-96

Philippe Beaugrand

1997/049: The IMF Monetary Model At Forty

J. Polak