IMF Working Papers

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1996/050: Estimation of the Near Unit Root Model of Real Exchange Rates

Christopher McDermott

1996/049: Infrequent Large Nominal Devaluations and their Impacton the Futures Prices for Foreign Exchange in Brazil

International Monetary Fund

1996/048: Wage Indexation and the Cost of Disinflation

Esteban Jadresic

1996/047: R&D Spillovers and Global Growth

Tamim Bayoumi, Elhanan Helpman and David Coe

1996/046: The Output-Inflation Nexus in Ukraine: Is there a Trade-Off?

Atish Ghosh

1996/045: Taxation and Unemployment

Howell Zee

1996/044: Inflation Targeting in the United Kingdom: Information Content of Financial and Monetary Variables

Josef Baumgartner and Ramana Ramaswamy

1996/043: German Unification: What Have We Learned From Multi-Country Models?

Joseph Gagnon, Paul Masson and Warwick McKibbin

1996/042: Long-Term Trends in the Saving-Investment Balance and Persistent Current Account Surpluses in a Small Open Economy: The Case of the Netherlands

Ioannis Halikias

1996/041: Mexico'S Currency Risk Premia in 1992-1994: A Closer Look At the Interest Rate Differentials

Alejandro Werner

1996/040: Transfers, Social Safety Nets, and Economic Growth

Xavier Sala-i-Martin

1996/039: Currency Convertibility and the Fund: Review and Prognosis

Vicente Galbis

1996/038: Rational Liquidity Crises in the Sovereign Debt Market: In Search of a Theory

Enrica Detragiache

1996/037: The Reform of Wholesale Payment Systems and its Impacton Financial Markets

Dirk Schoenmaker, Peter Garber and D. Folkerts-Landau

1996/036: Italian Unemployment 1975-1995: An Analysis of Macroeconomic Shocks and Policies Using Evidence From a Structural Vector Autoregression

Charalambos Christofides

1996/035: A Destination VAT for CIS Trade

Victoria Perry, Katherine Baer and Emil Sunley

1996/034: Have Institutional Investors Destabilized Emerging Markets?

Brian Aitken

1996/033: Fiscal Balance During Inflation, Disinflation, and Immigration: Policy Lessons

Assaf Razin and Efraim Sadka

1996/032: Working Paper Summaries (WP/95/62 - 95/146)

International Monetary Fund

1996/031: Stabilization and Growth in Transition Economies: The Early Experience

Stanley Fischer, Carlos Végh Gramont and Ratna Sahay

1996/030: Is MENA a Region? The Scope for Regional Integration

Stanley Fischer and Mohamed El-Erian

1996/029: Volatility and Predictability in National Stock Markets: How Do Emerging and Mature Markets Differ?

Anthony Richards

1996/028: Comovements in National Stock Market Returns: Evidence of Predictability But Not Cointegration

Anthony Richards

1996/027: Real Exchange Rates and Commodity Prices

Dominique Dupont and V. Juan-Ramon

1996/026: A Pecking Order Theory of Capital Inflows and International Tax Principles

Chi-Wa Yuen, Assaf Razin and Efraim Sadka

1996/025: Capital Inflows and Policy Responses in the AsEAN Region

Linda Koenig

1996/024: The 1987 Mexican Disinflation Program: An Exchange-Rate-Based Stabilization?

Julio Santaella and Abraham Vela

1996/023: Selected WTO Rules and Some Implications for Fund Policy Advice

Thierry Buchs

1996/022: Capital Inflows in the Baltic Countries, Russia, and Other Countries of the Former Soviet Union: Monetary and Prudential Issues

Alain Ize

1996/021: Jumps, Martingales, and Foreign Exchange Futures Prices

Zuliu Hu

1996/020: The Sources of Macroeconomic Fluctuations in Developing Countries: Brazil and Korea

Jorge Roldos and Alexander Hoffmaister

1996/019: Do Government Wage Cuts Close Budget Deficits? a Conceptual Framework for Developing Countries and Transition Economies

International Monetary Fund

1996/018: The Role of Credit Markets in a Transition Economy with Incomplete Public Information

Jorge Roldos and Kenneth Kletzer

1996/017: Should the IMF Become More Adaptive?

Ian Clark

1996/016: Employment Protection, International Specialization, and innovation

Gilles Saint-Paul

1996/015: Financial Development and Economic Growth: An Economic Analysis for Singapore

Lamin Leigh

1996/014: Economic Transformation and Income Distribution: Some Evidence From the Baltic Countries

Beatrice Weder and Peter Cornelius

1996/013: An Analysis of the Optimal Provision of Public Infrastructure: A Computational Model Using Mexican Data

Andrew Feltenstein and Jiming Ha

1996/012: Banking Sector Fragility and Systemic Sources of Fragility

Brenda Gonzalez-Hermosillo

1996/011: Private Bond Restructurings: Lessons for the Case of Sovereign Debtors

Marco Piñón-Farah

1996/010: Internal Currency Convertibility - Survey of Issues and Practice

Alexander Kyei and Takashi Yoshimura

1996/009: The Economic Content of Indicators of Developing Country Creditworthiness

International Monetary Fund

1996/008: Implications of the Uruguay Round for Kenya

Rupa Chandha

1996/007: Effects of the Uruguay Roundon Egypt and Morocco

Arvind Subramanian, Clinton Shiells and Peter Uimonen

1996/006: The Mexican Peso Crisis: Overview and Analysis of Credibility Factors

Paul Masson and Pierre-Richard Agénor

1996/005: Presumptive Taxation in Sub-Saharan Africa: Experiences and Prospects

Helaway Tadesse and Günther Taube

1996/004: Dollarization in Latin America: Recent Evidence and Some Policy Issues

Miguel Savastano

1996/003: Aspects of the Swiss Labor Market

Paula De Masi and S. Henry

1996/002: Institutional Investors and Asset Pricing in Emerging Markets

Elaine Buckberg

1996/001: Central Bank Independence: A Free Lunch?

Guy Debelle

1995/146: Transformation of Markets and Policy Instruments for Open Market Operations

S. Axilrod

1995/145: A General Equilibrium Approach to Interenterprise Arrears in Transition Economies with Application to Russia

Goohoon Kwon and Se-Jik Kim

1995/144: A Model of the Bimetallic System

Stefan Oppers

1995/143: The Uruguay Round and Net Food Importers

Uwe Eiteljörge and Clinton Shiells

1995/142: Macroeconomic Shocks and Trade Flows within Sub-Saharan Africa: Implications for Optimum Currency Arrangements

Tamim Bayoumi and Jonathan Ostry

1995/141: Financial Sector Reforms in Eight Countries: Issues and Results

Vicente Galbis

1995/140: Inflation Dynamics in Kazakstan

International Monetary Fund

1995/139: A Survey of Economic Policies and Macroeconomic Performance in Chile and Colombia, 1970-95

Sergio Clavijo

1995/138: Trade Policies and Lithuania's Reintegration Into the Global Economy

Peter Cornelius, Jonas Cicinskas and Dalia Treigiené

1995/137: Competitiveness and External Trade Performance of the French Manufacturing Industry

Pierre-Richard Agénor

1995/136: Growth in Sub-Saharan Africa

Dhaneshwar Ghura and Michael Hadjimichael

1995/135: On the Measurement of Horizontal Inequity

Peter Lambert

1995/134: Deposit Protection Arrangements: A Survey

Alexander Kyei

1995/133: Capital Market Integration in the Pacific Basin Region: An Analysis of Real Interest Rate Linkages

Kate Phylaktis

1995/132: The Mexican Financial Crisis: A Test of the Resilience of the Markets for Developing Country Securities

Shogo Ishii and David Andrew

1995/131: Capital Account Liberalization in Finland: Analysis of Structural Changes

Arto Kovanen

1995/130: The Growth of Government and the Reform of the State in Industrial Countries

Ludger Schuknecht and Vito Tanzi

1995/129: Real Interest Rates, Real Exchange Rates, and Net Foreign Assets in the Adjustment Process

Thomas Helbling and Bart Turtelboom

1995/128: Long-Term Tendencies in Budget Deficits and Debt

Michael Mussa and Paul Masson

1995/127: A Survey of Academic Literatureon Controls Over International Capital Transactions

Michael Dooley

1995/126: Health Care Cost Containment

Ellen Nedde

1995/125: The Labor Market and Economic Adjustment

Pierre-Richard Agénor

1995/124: Welfare Reform in the United States

Ellen Nedde

1995/123: Financial Indicators and Financial Change in Africa and Asia

Huw Pill and Mahmood Pradhan

1995/122: Skill Heterogeneity and Aggregation Bias Over the Business Cycle

Eswar Prasad

1995/121: Does the Nominal Exchange Rate Regime Matter?

Jonathan Ostry, Anne Gulde, Atish Ghosh and Holger Wolf

1995/120: Effective Taxation for Recipients of Social Assistance in Germany and the Consequences of the 1996 Tax Reform

Christian Thimann

1995/119: Consumption Smoothing and the Current Account: Evidence for France, 1970-1994

Claude Bismut, Paul Cashin, Christopher McDermott and Pierre-Richard Agénor

1995/118: The Fisher Hypothesis and Inflation Persistence: Evidence From Five Major Industrial Countries

Wensheng Peng

1995/117: The Microstructure of Government Securities Markets

Peter Dattels

1995/116: Flexible Estimation of Demand Schedules and Revenue Under Different Auction Formats

Robert Feldman and Vincent Reinhart

1995/115: Monetary Policy and Inflation Indicators for Finland

Martin Mühleisen

1995/114: Target Zones and Realignment Expectations: The Israeli and Mexican Experience

Alejandro Werner

1995/113: Relative Prices, Economic Growth and Tax Policy

Michael Sarel

1995/112: Speculative Attacks and Currency Crises: The Mexican Experience

Inci Ötker-Robe and Ceyla Pazarbasioglu

1995/111: Exchange Rate Movements, Inflation Expectations, and Currency Substitution in Turkey

Fabio Scacciavillani

1995/110: International Integration of Equity Markets and Contagion Effects

Paul Cashin, Manmohan Kumar and Christopher McDermott

1995/109: Is Regionalism Simply a Diversion? Evidence from the Evolution of the EC and EFTA

Tamim Bayoumi and Barry Eichengreen

1995/108: Consumption Smoothing and Exchange Rate Volatility

Bart Turtelboom

1995/107: Spain: Unemployment, Debt Management, and Interest Rate Differentials

Gustavo Cañonero

1995/106: Methodologies of Price Indices in Transition Countries

Kimberly Zieschang

1995/105: The Fiscal Stance in Sweden: A Generational Accounting Perspective

Christoph John and Robert Hagemann

1995/104: Discretionary Trading and Asset Price Volatility

Jahangir Aziz

1995/103: Linkages Between Financial Variables, Financial Sector Reform and Economic Growth and Efficiency

R. Johnston and Ceyla Pazarbasioglu

1995/102: Stock Market Volatility and Corporate Investment

Zuliu Hu

1995/101: The Underground Economy: Estimation, and Economic and Policy Implications: The Case of Pakistan

Ghiath Shabsigh

1995/100: Government Role and the Efficiency of Policy Instruments

Vito Tanzi

1995/099: Disinflation and the Recession-Now-Versus-Recession-Later Hypothesis: Evidence From Uruguay

Carlos Végh Gramont and Alexander Hoffmaister

1995/098: Growth in East Asia: What We Can and What We Cannot Infer From it

Michael Sarel

1995/097: Imports Under a Foreign Exchange Constraint: The Case of the Islamic Republic of Iran

Adnan Mazarei