IMF Working Papers

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1994/155: Human Capital Flight: Impact of Migrationon Income and Growth

International Monetary Fund

1994/154: How Large Was the the Output Collapse in Russia? Alternative Estimates and Welfare Implications

Evgeny Gavrilenkov and Vincent Koen

1994/153: Asset Prices, Financial Liberalization, and the Process of Inflation in Japan

Garry Schinasi and Willy Hoffmaister

1994/152: Shocks and Structural Breaks: Labor Market Reforms in the United Kingdom

Eswar Prasad and Ramana Ramaswamy

1994/151: Foreign Exchange Hedging with Synthetic Options and the Interest Rate Defense of a Fixed Exchange Rate Regime

Peter Garber and Michael Spencer

1994/150: Unemployment Hysteresis, Wage Determination, and Labor Market Flexibility: The Case of Belgium

International Monetary Fund

1994/149: Toward a Framework for a Budget Law for Economies in Transition

Bill Allan

1994/148: The Coordination of Domestic Public Debt and Monetary Management in Economies in Transition: Issues and Lessons From Experience

International Monetary Fund

1994/147: The Credibility of the United Kingdom's Commitment to the Erm: Intentions Versus Actions

Paul Masson

1994/146: A Monetary Impulse Measure for Medium-Term Policy Analysis

Bennett McCallum and Monica Hargraves

1994/145: China'S Imports: An Empirical Analysis Using Johansen'S Cointegration Approach

Mingwei Yuan and Kalpana Kochhar

1994/144: North-South RandD Spillovers

Elhanan Helpman, David Coe and Willy Hoffmaister

1994/143: Demographic Dynamics and the Empirics of Economic Growth

Michael Sarel

1994/142: Improving the Estimation Methodology of Monthly Data in Direction of Trade Statistics

Xiaoning Gong

1994/141: Foreign Exchange Risk Regulation: Issues for Industrial and Developing Countries

Philipp Hartmann

1994/140: Devaluation, Relative Prices, and International Trade: Evidence From Developing Countries

Carmen Reinhart

1994/139: Asymmetric Effects of Economic Activityon Inflation: Evidence and Policy Implications

Douglas Laxton, Guy Meredith and David Rose

1994/138: On the Dynamics of Economic Growth

Michael Sarel

1994/137: Fiscal Policy Sustainability in Oil-Producing Countries

Sheila Bassett, Claire Liuksila and Alejandro García

1994/136: Household Saving in France: Stochastic Income and Financial Deregulation

Joaquim Levy and Jonathan Ostry

1994/135: Treasury Bill Auctions: Issues and Uses

Carlo Cottarelli and Leonardo Bartolini

1994/134: Fixed or Floating Exchange Regimes: Does it Matter for Inflation?

Peter Quirk

1994/133: The Payments System and its Effectson Monetary Operations: Recent Experience in the Russian Federation

International Monetary Fund

1994/132: Exchange Rate Fluctuations and U.K. Manufacturing Exports

Hossein Samiei

1994/131: The Meaning of Balance of Payments Statistics in an Interdependent World

Jack Bame

1994/130: Trade Reform and Inflation Stabilization

Manmohan Kumar and Vivek Arora

1994/129: Dollarization in Lebanon

Johannes Mueller

1994/128: France and the Breakdown of the Bretton Woods International Monetary System

Dominique Simard, Michael Bordo and Eugene White

1994/127: Central Banking in Central and Eastern Europe: Lessons From the Interwar Years' Experience

Marcello De Cecco

1994/126: Noise Trading, Transaction Costs, and the Relationship of Stock Returns and Trading Volume

Charles Kramer

1994/125: The Equity Impact of the Value-Added Tax in Bangladesh

Shahabuddin Hossain

1994/124: Changes in the Relationship Between the Long-Term Interest Rate and its Determinants

William Lee and Eswar Prasad

1994/123: Albania: Income Distribution, Poverty, and Social Safety Nets in the Transition, 1991-1993

International Monetary Fund

1994/122: Public Education Expenditure and Other Determinants of Private Investment in the Caribbean

Joaquim Levy and Benedict Clements

1994/121: Political Business Cycles and Expenditure Policies in Developing Countries

Ludger Schuknecht

1994/120: Consumption, Income, and International Capital Market Integration

Ronald MacDonald and Tamim Bayoumi

1994/119: Foreign Exchange Auctions and Fixing: A Review of Performance

Arto Kovanen

1994/118: Monetary Aggregation: A Reconciliation of Theory and Central Bank Practice

Mahmood Pradhan and Huw Pill

1994/117: Financial Market Fragilities in Latin America: From Banking Crisis Resolution to Current Policy Challenges

Steven Weisbrod and Liliana Rojas-Suarez

1994/116: Defining, Measuring and Alleviating Poverty in an Economy in Transition: The Case of Lithuania

Peter Cornelius

1994/115: Working Paper 94/115; Macroeconomic Policies & Smuggling:..Oil Trade Nigeria

Jian-Ye Wang

1994/114: Estimating and Interpreting Forward Interest Rates: Sweden 1992-1994

Lars Svensson

1994/113: Measures of External Competitiveness for Germany

Robert Feldman

1994/112: Achy But Healthy: Lessons From the Israeli Health Sector

Yaakov Kop

1994/111: Technological Change, Relative Wages, and Unemployment

Joshua Aizenman and Pierre-Richard Agénor

1994/110: How Does Foreign Direct Investment Affect Economic Growth

Jong-Wha Lee, Jose De Gregorio and Eduardo Borensztein

1994/109: Economic Trends in Africa: The Economic Performance of Sub-Saharan African Countries

Daudi Ballali, Pierre Dhonte, G. Terrier and Stéphane Cossé

1994/108: Disequilibrium in the Labor Market in South Africa

Bankim Chadha

1994/107: The Role of offshore Centers in International Financial Intermediation

Marcel Cassard

1994/106: Tax Policy and the Environment: Theory and Practice

David Nellor and Ronald McMorran

1994/105: The Pay-As-You-Earn Taxon Wages: Options for Developing Countries and Countries in Transition

International Monetary Fund

1994/104: Eastern Europe: Factors Underlying the Weakening Performance of Tax Revenues

Gérard Bélanger

1994/103: Emerging Equity Markets in Middle Eastern Countries

Mohamed El-Erian and Manmohan Kumar

1994/102: Explaining Unemployment in Spain: Structural Change, Cyclical Fluctuations, and Labor Market Rigidities

Jeffrey Franks

1994/101: Sequencing of Financial Sector Reforms: A Review

Vicente Galbis

1994/100: Tuition Subsidies in a Model of Economic Growth

Philip Gerson

1994/099: Corruption, Governmental Activities, and Markets

Vito Tanzi

1994/098: Effects of Macroeconomic Stabilityon Growth, Savings, and Investment in Sub-Saharan Africa: An Empirical Investigation

Dhaneshwar Ghura, E. Ucer, Martin Mühleisen, Michael Hadjimichael and Roger Nord

1994/097: The Canadian Labor Market: Developments, Prospects, and Policy

Eswar Prasad

1994/096: Adopting Currency Convertibility: Experiences and Monetary Policy Considerations for Advanced Developing Countries

Peter Quirk

1994/095: How Does Industrialization Affect the Structure of International Trade? the Japanese Experience in the Pacific Basin, 1975-85

Sayuri Shirai

1994/094: Cointegration of International Stock Market Indices

Ray Chou, Victor Ng and Lynn Pi

1994/093: Linkages in Price Level and Inflation Rate Between Cfa Franc Zone Countries and France

Diep Nuven

1994/092: Government Spending, Taxes, and Economic Growth

Paul Cashin

1994/091: Are Prices Countercyclical? Evidence From the G-7

Eswar Prasad and Bankim Chadha

1994/090: Long-Run Determinants of the Real Exchange Rate: A Stock-Flow Perspective

Hamid Faruqee

1994/089: Aging Population and Canadian Public Pension Plans

Tamim Bayoumi

1994/088: External Shocks, the Real Exchange Rate, and Tax Policy

Stephen Tokarick

1994/087: Working Paper Summaries (WP/94/1 - WP/94/76)

International Monetary Fund

1994/086: On Corruption and Capital Accumulation

V. Juan-Ramon and Carlos Asilis

1994/085: The Political Economy of Budget Deficits

Alberto Alesina and Roberto Perotti

1994/084: Supply-Side Effects of Disinflation Programs

Jorge Roldos

1994/083: The Low-Skill, Bad-Job Trap

Alun Thomas

1994/082: Restraining Yourself: Fiscal Rules and Stabilization

Barry Eichengreen and Tamim Bayoumi

1994/081: Capital Account Convertibility: A New Model for Developing Countries

Peter Quirk

1994/080: Economic Reform and Structural Adjustment in East European Industry

Eduardo Borensztein and Jonathan Ostry

1994/079: Information Asymmetries in Developing Country Financing

George Anayiotos

1994/078: The Impact of Controlson Capital Movementson the Private Capital Accounts of Countries' Balance of Payments: Empirical Estimates and Policy Implications

R. Johnston and Chris Ryan

1994/077: Taxation and Endogenous Growth in Open Economies

Nouriel Roubini and Gian Maria Milesi-Ferretti

1994/076: The Main Determinants of Inflation in Nigeria

Gary Moser

1994/075: The Behavior of Real Interest Rates in Exchange-Rate Based Stabilization Programs

Pierre-Richard Agénor

1994/074: Fiscal Federalism in Europe: Is it a Necessary Precondition for a Successful European Economic and Monetary Integration?

Norbert Berthold

1994/073: The Changing Mix of Disequilibria During Transition: A Romanian Background

Daniel Daianu

1994/072: Determining the Value of a Financial Unit of Account Basedon Composite Currencies: The Case of the Private Ecu

D. Folkerts-Landau and Peter Garber

1994/071: The Path of Output From Plan to Market

Thorvaldur Gylfason

1994/070: How Does Learning Affect Inflation After a Shift in the Exchange Rate Regime?

Laura Papi

1994/069: Military Expenditure and Arms Trade: Alternative Data Sources

John Wakeman-Linn and Nancy Happe

1994/068: Output Decline and Government Expenditures in European Transition Economies

Gerd Schwartz and Ke-young Chu

1994/067: Cash Shortage in the Former Soviet Union

International Monetary Fund

1994/066: Exchange Rate Determinants in Russia: 1992-1993

Vincent Koen and Eric Meyermans

1994/065: Relative Prices and Economic Adjustment in the U.S. and the EU: A Real Story About European Monetary Union

Alun Thomas and Tamim Bayoumi

1994/064: Are the Unemployed Unemployable?

Gilles Saint-Paul

1994/063: Financial Markets and Inflation Under Imperfect Information

Jose De Gregorio and Federico Sturzenegger

1994/062: Government Securities Versus Central Bank Securities in Developing Open Market Operations: Evaluation and Need for Coordinating Arrangements

Marc Quintyn

1994/061: Issues Concerning Nominal Anchors for Monetary Policy

Michael Mussa and Robert Flood

1994/060: Do Long-Run Productivity Differentials Explain Long-Run Real Exchange Rates?

Patrick Asea and Enrique Mendoza

1994/059: Nigeria's Non-Oil Exports: Determinants of Supply and Demand, 1970-1990

Inutu Lukonga

1994/058: Why is Unemployment in France so High?

Reza Moghadam

1994/057: Varieties of Monetary Reforms

Pierre Siklos

1994/056: Macroeconomic Adjustment with Segmented Labor Markets

Joshua Aizenman and Pierre-Richard Agénor