Chapter

Introduction

Author(s):
International Monetary Fund
Published Date:
September 1999
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This reference list was prepared under the aegis of the Interdepartmental Working Group on Fund Policy Advice,1,2 and attempts to synthesize in 11 major economic areas research carried out by IMF staff from 1991 to 1998. Given the broad nature of many policy issues, there is necessarily some overlap across topics.

Research activity in the IMF emphasizes the links between the organization’s policy and operational concerns. The main objectives of research in the IMF are to further the staff’s understanding of policy and operational issues relevant to the institution, and to improve the analytical quality of the work prepared for management and the Executive Board and the advice provided to member countries.

The scope of research in the IMF is defined by the purposes and functions of the institution. Subjects such as the international monetary system clearly fall under the IMF’s mandate, and the institution is singularly well placed to examine these issues. Developments in the international economy and the changing circumstances of member countries are also important factors governing the IMF’s research activity. Furthermore, a substantial proportion of the research on macroeconomic issues in developing countries continues to be undertaken by the IMF.

To foster innovation and ensure quality control, the IMF makes much of its research available outside the institution (see box) and encourages staff to interact with academia and other research organizations through conferences, seminars, and occasional joint research projects. The visiting scholars program has also enhanced the quality of research done in the IMF. This program brings in leading members of the economics profession from around the world to assist in the preparation of papers for the Executive Board and to conduct research on IMF-related issues. The IMF complements its research activity by drawing on the work of other international organizations, such as the Organization for Economic Cooperation and Development and the World Bank, in their areas of expertise, and these organizations in turn draw on IMF research.

IMF Research Available to the Public

World Economic Outlook: This semiannual report publishes forecasts of the world economy and individual economies. The World Economic Outlook, which is written by a team of IMF staff, presents the staff’s views on the direction of the global economy. The World Economic Outlook is published as part of the World Economic and Financial Surveys. Other publications in this series include International Capital Markets, Staff Studies for the World Economic Outlook, and surveys of trade policy, debt rescheduling, and the like.

IMF Staff Papers: This quarterly journal presents theoretical and empirical analyses of international economic and monetary issues. These papers represent the more academic side of the IMF’s research.

Economic Reviews: These country reports are adapted from background papers prepared for the Executive Board. The research is highly macroeconomic, offering many current statistics on the economy being studied. To date, about thirty Economic Reviews have been published, most of them covering the countries of the former Soviet Union and Eastern Europe.

Occasional Papers: These periodic studies cover many topics in international economics. Occasional Papers offer nontechnical analyses of both theoretical and empirical issues.

Working Papers: The Working Paper series offers a range of economic research—from highly technical pieces, to country and regional studies, to policy analysis. About 200 Working Papers are published each year.

Policy Discussion Papers (formerly Papers on Policy Analysis and Assessment): These policy-oriented papers are shorter and less technical than the Working Papers. The papers are written with the policymaker and interested noneconomist in mind.

Statistical Publications: The IMF collects an extensive array of country statistics, which are published in several series. They include International Financial Statistics (which reports macroeconomic indicators for each member). Direction of Trade Statistics, Balance of Payments Statistics Yearbook, and Government Finance Statistics Yearbook.

Books and Seminar Volumes: The IMF publishes books and seminar volumes on a range of topics.

All IMF publications are listed under the IMF’s website (http://www.imf.org). Selected IMF publications are also available in full text. For more information on IMF publications, contact

International Monetary Fund • Publication Services

700 19th Street, N.W. • Washington, D.C. 20431, U.S.A.

Telephone: (202) 623-7430 • Telefax: (202) 623-7201

E-mail: publications@imf.org

Internet: http://www.imf.org

A summary outline of the 11 major areas of research and correlated Journal of Economic Literature (JEL) classification numbers for the 1991–98 research output are provided below. The research cited is on a selective rather than an exhaustive basis. For simplicity, entries are organized by classification field, alphabetically by the last name of the first author, and in ascending date order, rather than by all authors’ names. A long dash (———) at the beginning of an entry represents the preceding author or authors’ entry in full.

Selected JEL Classification Numbers
I.International Monetary System[E6l, F00, F01, F02, F3, F33, F34, O19]
(pages 9-18)
1.Design of the international monetary system[E61, F02, F15, F42, O11]
Stable exchange rate system—promotes price stability and competitiveness[D5]
Unstable exchange rate systems—arising primarily from inappropriate macroeconomic policies[D5]
2.Interaction between financial systems and macroeconomic policy[E44, E50, E52, E60, F02, F40, N1]
Asset price inflation[E31, G12]
3.Policy coordination[D7, E5, E52, E6, E61, E62, F42]
Policy rules—design[E58, E59, E61]
Especially fiscal consolidation[E62]
4.Economic and monetary integration[E42, E44, F02, F15, F36, F41, F47]
Issues in European exchange rate mechanism (ERM)[F31, F33, G21]
European Monetary Union—convergence and single-currency issues[E42, E50, E52, F02, F4, F41]
Effect of EMU on interest rates in Europe and elsewhere[F36, F42, G1, G15, G18]
5.Global surveillance (World Economic Outlook)[F01, F17]
Forecasts of world economy[C5, E37, F17]
Developments in international capital markets[F3]
6.Role of indicators in the surveillance process[G15, G24, G28, Q19]
Price and real exchange rate indicators (and relationship with other important macroeconomic variables)[E6, F31]
II.International Capital Markets and Official Financing
(pages 19-32)[D4, E3, E4, E5, F4, G1, G15, N2]
1.Integration of world capital markets[D4, E44, F15, F36]
Linkages between national capital markets—significant growth over past decade[F21, F31, F32, F43, N10]
2.Financial liberalization and innovation[G1, G15, G18, G24]
Financial market development[G00, G1, G2]
Derivatives[G12, G13, G24]
3.Market access and capital inflows[F21, F32]
Commercial bank restructurings, private market financing, and market re-entry for developing countries[D4, O16]
Effects of capital account liberalization[F32]
4.Exchange markets[F30]
ERM issues[E5, E6, F33, F36, F41, G15]
Effects of cross-border capital flows[F21, F31, F32]
5.Official capital flows[F33, F35]
6.External debt issues[F34]
Debt and debt strategy[F34, F42]
Official external debt[F33, F34, F35]
Regional debt issues, including the Initiative for Highly Indebted Poor Countries[F33, F35]
7.Banking sector issues[F34, G28]
Causes of banking difficulties in industrial and developing countries[G21, G24]
Prudential regulation and supervision[E58, G18]
8.Trading mechanisms in securities markets[D4, F13, F40, G1]
Trading systems in different countries[D40, F14]
Auction techniques[D44]
9.Clearing and settlement[F13, G33, G35]
III.Inflation and Inflation Stabilization
(pages 33–42)[D3, E31]
1.Origins of high inflation[E31, E42, E63, F32, F33, F34]
Primarily fiscal factors[E31, E61, E62]
2.Characteristics of high inflation[E30, E31]
Chronic inflation and hyperinflations[E5]
Dollarization and currency substitution[E41, E52, F36, F41, G11]
Income inequality[D63, E31]
3.Stabilization measures (nominal anchors)[E31]
Exchange rate-based stabilization (inflation targeting)[E3, E52, E58, E65]
Money-based stabilization[E4]
Price and wage controls[E3, E31, E32, E4, J3, J31, J38]
IV.Growth, Equity, and Structural Issues
(pages 42-59)[D3, D6, F42, O0, O1]
1.Policies for sustained growth[O0, O1, O16, O20, O23, O29, O40]
Macroeconomic policies[F40, F43, F49]
Government expenditures[E62]
Trade regimes[F1, F02]
Growth, productivity, and technical change[O1]
Saving and investment[E2, E21, E22]
2.Governance and corruption[E6, E62, H1, H3, H5, K4, N4, O17]
3.Labor markets and unemployment[J21, J23, J24, J64]
Cyclical behavior of unemployment[E24, E32]
Labor market institutions[J5]
Income inequality[D31, D63, E64, O15]
4.Trade policy and reforms[F1, F13]
Tariff reforms[F13]
Volatile export earnings[F13]
Regional trade arrangements[F13, F14]
5.Current account determination[F32, F41]
6.Development aid and technical assistance[F35, O19]
7.Empirical studies of growth[O4]
V.Development Economics
(pages 59-62)[O1, O2, O3, O4]
1.Developing country issues[O1, O2, O3, O4]
Political economy of development[D72, D74, H11, H56]
Trade, regionalism, and trade policy[F1]
Exchange rate and competitiveness issues[F13, F41]
Fiscal policy issues[O11, O12, O23]
Monetary policy and financial market issues[O11, O12, 016, O17, O23]
Agriculture and natural resources[Q00]
2.Reform and liberalization[O1, O2, O3]
Exchange and trade system reforms[F1, F3]
Monetary and fiscal reform[O11, O12]
Financial market reform[O16, O17]
Structural reform[O1, O3]
VI.Economies in Transition[F41, F43, O1, O2, O3, O4, O5, P2, P3]
(pages 62-78)
1.General strategy[L1, L16]
Overall approach and sequencing[P21]
Trade policy[F15, F17]
2.Price liberalization[E3, P22]
Measurement of price indices[O57, P27, P52]
Gradual or staged liberalization[F13]
3.Exchange market liberalization[O16]
Preconditions for current account convertibility[F13, F14, F15]
Alternative exchange rate regimes[F31, F33, F47]
Currency boards[E58, F30, F31, F33, G21]
4.Monetary policy[E5, O42]
Constraints on monetary policy in reforming economies[E42, E50]
Bad loan portfolios[G4]
5.Fiscal issues[E6, H1, H3, H87]
Fiscal policy[E61, E62, F32, H3, H62]
Reforms of fiscal institutions[H87]
6.Output declines[D2, D24]
Factors underlying output collapse[D57, R15]
Longer-term prospects[E2, E27, E66]
7.Privatization[L1, L2, L3, L32, L33, L4, P3, P31]
8.Reform of state enterprises[L16, L41, P27, P31, P33]
Role of government in hardening budget constraints[H11, H21, H5, H6, H63, L5, L51, L52]
Interenterprise arrears problem[H32, H4, H43, H61, L32, L33, P31, P33]
Pension reform[H55, O57]
9.Case studies[O57, P5, P51, P52]
Experience with reforms in various countries[O57, P27, P52]
VII.Fiscal Issues
(pages 78-95)[E6, H1, H3, H87]
1.Fiscal policy and institutions[E61, E62, F32, H3, H62]
Overall fiscal policy[C81, C82]
Fiscal sustainability[E62, H6, H30]
Tax policy[D63, H20, H21, H24, H25, H26]
Tax administration[H21, H23]
Public expenditure policy[E62]
Public expenditure management[E62, H5, H54, H61, H62, H63]
2.Special fiscal issues[H5]
Intergovernmental relations[H7, H73, H77]
Social safety nets and social security reform[G23, H4, H55, H60, I32, I38, J10, O57]
Generational accounting and demographic developments[H1, H22, H56, J2, J14, O4]
Environment[Q2, Q28, Q32, Q38]
Military expenditures[H56, H57, O47]
VIII.Monetary and Financial Sector Issues
(pages 95-104)[E5, E52, E6, E62, E63]
1.Money demand[E41, E47, E52, F36]
Industrial countries (new econometric techniques)[E4]
Currency substitution[E49, F33, F40]
2.Design and implementation of monetary policy[E5, E50, E52]
Rules versus discretion[E61]
Transmission mechanism[E52]
Instruments and indicators of monetary policy[E52]
Assessment of soundness of banking and financial systems[E42, E52, E58, E63]
3.Financial sector reform[D92, E2, E42, E52, E58, E61, G21]
Relationship between financial development and growth[E44, O1, O16]
Process of financial reform[O2]
4.Interest rates and yield curve[E43]
IX.Exchange Rate Behavior[E4, F2, F3, F31, F33, F4, F47]
(pages 104-114)
1.Empirical regularities[F3]
Short-term exchange rate movements[F31, F32]
Exchange rate regime and behavior of currencies (ERM)[F1, F31, F33, F4, L16, R12]
Long-run exchange rate movements[F21, F31]
2.Parity relationships, equilibrium exchange rates, and exchange rate modeling[F15, F31, F34, F41]
Purchasing power parity and uncovered interest parity[F41, F47]
Modeling of long-run behavior and short-run dynamics[C15, C32, C42]
3.Target zones[F14, F15]
Credibility and exchange rate policies of European countries[F14, F15]
Determinants of realignment expectations[F14, F15]
4.Developing country issues[F30, O1]
Equilibrium real exchange rates and shocks[E60]
Targeting real exchange rates[F31]
Nominal anchors[E31, F31, F33]
Dual exchange markets[E60, F31, O17]
X.IMF Financial Policies[E4, E6, F01, F02, F3, F33, F34, F42, F47]
(pages 114-115)
1.IMF policies on its assets and liabilities[E4, E6, F01, F02, F33, F34, F42, F47]
2.IMF lending policies[F33, F34, F42]
Assessment of IMF policy advice[E6, F01, F02, F3, F4]
3.Overdue financial obligations[F33, F34]
4.International liquidity and the SDR[E42, F33, F34, F42, F43]
General functioning of the SDR as a reserve asset[E42, F33]
Monetary and economic effects of SDR allocations[F33]
Prolonged use of the SDR[F33]
Post-allocation redistribution of SDRs[F33]
XI.Statistical Issues
(pages 115-117)[C80, C82]
1.Methodological issues[C80, C82]
Statistical manuals and guides[C80, C82]
National accounts, balance of payments, government finance statistics[C80, C82]
Statistical measurement of financial derivatives[B41, C82, E44, F00, G00]
2.Other research[C80, C82]
Statistical development in the countries of the former Soviet Union and other transition economies[C80, P24]
Report on measurement of international capital flows[F15, F21]

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    Goldstein, Morris,1994, “Improving Policy Coordination: Evaluating Some New and Some Not-So-New Proposals,” in The International Monetary System: Proceedings of a Conference Organized by the Banca d’Italia—Essays Honoring the Memory of Rinaldo Ossola, ed. byPeter B.Kenen, FrancescoPapadia, and FabrizioSaccomanni (Cambridge, England and New York: Cambridge University Press).

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    International Monetary Fund, 1993, “Macroeconomic Imbalances and Financial Strains,” World Economic Outlook, Interim Assessment, Chapter II, IMF World Economic and Financial Surveys (January).

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    International Monetary Fund, 1993, “Medium-Term Baseline Projections and Alternative Scenarios,” World Economic Outlook, Annex II, IMF World Economic and Financial Surveys (May).

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    International Monetary Fund, 1993, “Monetary Policy, Financial Liberalization, and Asset Price Inflation,” World Economic Outlook, Annex I, IMF World Economic and Financial Surveys (May).

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    International Monetary Fund, 1993, Staff Studies for the World Economic Outlook, IMF World Economic and Financial Surveys (December).

    International Monetary Fund, 1994, World Economic Outlook: A Survey by the Staff of the International Monetary Fund, IMF World Economic and Financial Surveys (May and October).

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    International Monetary Fund, 1995, World Economic Outlook: A Survey by the Staff of the International Monetary Fund, IMF World Economic and Financial Surveys (May and October).

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    International Monetary Fund, 1995, Staff Studies for the World Economic Outlook, IMF World Economic and Financial Surveys (September).

    International Monetary Fund, 1995, Issues in International Exchange and Payments Systems, by a staff team from the Monetary and Exchange Affairs Department, IMF World Economic and Financial Surveys.

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    International Monetary Fund, 1996, World Economic Outlook: A Survey by the Staff of the International Monetary Fund, IMF World Economic and Financial Surveys (May and October).

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    International Monetary Fund, 1997, World Economic Outlook: A Survey by the Staff of the International Monetary Fund, IMF World Economic and Financial Surveys (January, May, and October).

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    International Monetary Fund, 1997, Staff Studies for the World Economic Outlook, IMF World Economic and Financial Surveys (December).

    International Monetary Fund, 1998, World Economic Outlook, A Survey by the Staff of the International Monetary Fund, IMF World Economic and Financial Surveys (May and October).

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    International Monetary Fund, 1998, World Economic Outlook and International Capital Markets: Interim Assessment, A Survey by the Staff of the International Monetary Fund, IMF World Economic and Financial Surveys (December).

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    Isard, Peter, and HamidFaruqee,eds., 1998, Exchange Rate Assessment: Extensions of the Macroeconomic Balance Approach, IMF Occasional Paper 167.

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    James, Harold,1995, “The Historical Development of the Principle of Surveillance,”IMF Staff Papers, Vol. 42 (December).

    James, Harold,1996, International Monetary Cooperation Since Bretton Woods (Washington: International Monetary Fund; New York: Oxford University Press).

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    Johnson, Omotunde E.G.,1997, “Cooperation, Emergence of the Economic Agency Role of Governments, and Governance,”IMF Working Paper 97/150 (November).

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    Johnson, Omotunde E.G.,1997, “Policy Reform as Collective Action,”IMF Working Paper 97/163 (December).

    Kawai, Masahiro,1992, “Optimal and Sustainable Exchange Rate Regimes: A Simple Game-Theoretic Approach,”IMF Working Paper 92/100 (November).

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    Knot, Klaas, DonoghMcDonald, and KarenSwiderski,1998, “Policy Challenges for the Euro Area,”Finance & Development, Vol. 35 (December).

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    Kocherlakota, Narayana, and ThomasKrueger,1998, “Why Do Different Countries Use Different Currencies?”IMF Working Paper 98/17 (February).

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    Kremers, Jeroen J.M., and Timothy D.Lane,1992, “The Implications of Cross-Border Monetary Aggregation,”IMF Working Paper 92/71 (September).

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    Krueger, Thomas, and Jonathan D.Ostry,1993, Exercises in Intertemporal Open Economy Macroeconomics (Cambridge, Massachusetts: MIT Press, 2nd ed.).

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    Krueger, Thomas, Jonathan D.Ostry, and Chi-WaYuen,1996, Exercises in Intertemporal Open Economy Macroeconomics (Cambridge, Massachusetts: MIT Press, 2nd ed.).

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    Kumar, Manmohan S., HosseinSamiei, and SheilaBassett,1993, “An Extended Scenario and Forecast Adjustment Model for Developing Countries,” Staff Studies for the World Economic Outlook, IMF World Economic and Financial Surveys (December).

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    Kwon, Goohoon,1997, “Experiences with Monetary Integration and Lessons for Korean Unification,”IMF Working Paper 97/65 (May).

    Lane, Timothy D., and Stephen S.Poloz,1992, “Currency Substitution and Cross-Border Monetary Aggregation: Evidence from the G-7,”IMF Working Paper 92/81 (October).

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    Lane, Timothy D.,1993, “Market Discipline,”IMF Staff Papers, Vol. 40 (March).

    Lane, Timothy D., and SkanderVan Den Heuvel,1998, “The United Kingdom’s Experience with Inflation Targeting,”IMF Working Paper 98/87 (June).

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    Laxton, Douglas, HopePioro, and PeterMcAdam,1996, “Solving MULTIMOD with First-Order and Newton-Based Techniques,”University of Strathclyde Discussion Paper No. 37, International Centre for Macroeconomic Modelling (Glasgow, October).

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    Laxton, Douglas, and EswarPrasad,1997, “Possible Effects of European Monetary Union on Switzerland: A Case Study of Policy Dilemmas Caused by Low Inflation and the Nominal Interest Rate Floor,”IMF Working Paper 97/23 (March).

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    Laxton, Douglas, PeterIsard, HamidFaruqee, EswarPrasad, and BartTurtelboom,1998, MULTIMOD Mark III: The Core Dynamic and Steady-State Models, IMF Occasional Paper 164.

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    Laxton, Douglas, MichelJuillard, HopePioro, and PeterMcAdam,1998, “An Algorithm Competition: First-Order Techniques Versus Newton-Based Techniques,”Journal of Economic Dynamics and Control, Vol. 22.

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    Masson, Paul R., and JacquesMélitz,1991, “Fiscal Policy Independence in a European Monetary Union,”Open Economies Review, Vol. 2.

    Masson, Paul R., and Mark P.Taylor,1992, “Common Currency Areas and Currency Unions: An Analysis of the Issues,”Parts I and II, Journal of International and Comparative Economics, Issues 3 and 4.

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    Masson, Paul R.,1992, “Portfolio Preference Uncertainty and Gains from Policy Coordination,”IMF Staff Papers, Vol. 39 (March).

    Masson, Paul R.,1992, “Effects of Long-Run Demographic Changes in a Multi-Country Model,” in Macroeconomic Modelling of the Long Run, ed. byColinHargreaves (United Kingdom: Edwin Elgar).

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    Masson, Paul R., and StevenSymansky,1993, “Evaluating the EMS and EMU Using Stochastic Simulations: Some Issues,” in Macroeconomic Policy Coordination in Europe, The ERM and Monetary Union, ed. byRayBarrell and JohnWhitely (London: Sage Publications).

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    Masson, Paul R., and StevenSymansky,1993, “Evaluating Policy Rules Under Imperfect Credibility,” in Evaluating Policy Regimes, ed. byRalphBryant, PeterHooper and CatherineMann (Washington: Brookings).

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    Masson, Paul R., JeroenKremers, and JocelynHorne,1994, “Net Foreign Assets and International Adjustment: The United States, Japan, and Germany,” in Journal of International Money and Finance, Vol. 13 (February).

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    Masson, Paul R.,1994, “The Credibility of the United Kingdom’s Commitment to the ERM: Intentions versus Actions,”IMF Working Paper 94/147 (December).

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    Masson, Paul R.,1995, “Gaining and Losing ERM Credibility,”The Economic Journal, Vol. 105 (May).

    Masson, Paul R.,1995, “Modelling Credibility: An Application to the United Kingdom,” in European Currency Crises and After, ed. byChristianBordes, EricGiriardin, and JacquesMélitz (United Kingdom: Manchester University Press).

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    Masson, Paul R., Thomas H.Krueger, and Bart G.Turtelboom,eds., 1997, EMU and the International Monetary System (Washington: International Monetary Fund).

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    Masson, Paul R., and Bart G.Turtelboom,1997, “Characteristics of the Euro, the Demand for Reserves, and Policy Coordination Under EMU,” in EMU and the International Monetary System, ed. byPaul R.Masson, Thomas H.Krueger, and Bart G.Turtelboom (Washington: International Monetary Fund).

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    McCallum, Bennett T.,1992, “Specification of Policy Rules and Performance Measures in Multicountry Simulation Studies,”IMF Working Paper 92/41 (June).

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    Mendoza, Enrique,1992, “The Terms of Trade and Economic Fluctuations,”IMF Working Paper 92/98 (November).

    Mendoza, Enrique,1992, “Robustness of Macroeconomic Indicators of Capital Mobility,”IMF Working Paper 92/111 (December).

    Mendoza, Enrique,1993, “Revisiting Japan’s External Adjustment Since 1985,”IMF Working Paper 93/52 (June).

    Meredith, Guy,1992, “Discretionary Monetary Policy Versus Rules: The Japanese Experience During 1986-91,”IMF Working Paper 92/63 (August).

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    Milesi-Ferretti, Gian Maria, and AssafRazin,1996, “Current Account Sustainability,”Princeton Studies in international Finance, No. 81 (October).

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    Milesi-Ferretti, Gian Maria, and AssafRazin,1998, “Sharp Reductions in Current Account Deficits: An Empirical Analysis,”European Economic Review, Vol. 42 (April).

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    Milesi-Ferretti, Gian Maria, and AssafRazin,1998, “Current Account Reversals and Currency Crisis—Empirical Regularities,”IMF Working Paper 98/89 (June).

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    Miller, Marcus, and AlanSutherland,1992, “Contacts, Credibility and Common Knowledge: Their Influence on Inflation Convergence,”IMF Working Paper 92/26 (March).

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    Mundell, Robert A.,1991, “Do Exchange Rates Work? Another View,”IMF Working Paper 91/37 (April).

    Mussa, Michael, and PeterIsard,1993, “A Note on Macroeconomic Causes of Recent Exchange Market Turbulence,” in Group of Ten Deputies, International Capital Movements and Foreign Exchange Markets (Rome: Group of Ten, April).

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    Mussa, Michael, and PeterIsard,1993, “A Note on the Variability of Nominal and Real Exchange Rates,” in Group of Ten Deputies, International Capital Movements and Foreign Exchange Markets (Rome: Group of Ten, April).

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    Mussa, Michael, MorrisGoldstein, Peter B.Clark, Donald J.Mathieson, and TamimBayoumi,1994, Improving the International Monetary System: Constraints and Possibilities, IMF Occasional Paper 116.

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    Mussa, Michael, JamesBoughton, and PeterIsard,eds., 1996, The Future of the SDR in Light of Changes in the International Financial System (Washington: International Monetary Fund).

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    Nascimento, Jean-Claude,1994, “Monetary Policy in Unified Currency Areas—The Cases of the CAMA and ECCA During 1976-90,”IMF Working Paper 94/11 (January).

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    Oppers, S. Erik,1995, “A Model of the Bimetallic System,”IMF Working Paper 95/144 (December).

    Ostry, Jonathan D.,1997, “Current Account Imbalances in ASEAN Countries—Are They a Problem?”IMF Working Paper 97/51 (April).

    Oyama, Tsuyoshi,1997, “Determinants of Stock Prices—The Case of Zimbabwe,”IMF Working Paper 97/117 (September).

    Pill, Huw, and MahmoodPradhan,1994, “Monetary Aggregation: A Reconciliation of Theory and Central Bank Practice,”IMF Working Paper 94/118 (October).

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    Pitchford, John,1992, “Current Account Deficits, External Liabilities and Economic Policy,”IMF Working Paper 92/54 (July).

    Prati, Alessandro, and GarrySchinasi,1997, “What Impact Will EMU Have on European Securities Markets?”Finance & Development, Vol. 34 (September).

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    Prati, Alessandro, and GarrySchinasi,1998, “Ensuring Financial Stability in the Euro Area,”Finance & Development, Vol. 35 (December).

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    Prati, Alessandro, and GarrySchinasi,1998, “Will the European Central Bank Be the Lender of Last Resort in EMU?” in Conference Volume SUERF 1997 Colloquia.

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    Ricci, Luca, and PeterIsard,1998, “EMU, Adjustment, and Exchange Rate Variability,”IMF Working Paper 98/50 (April).

    Samiei, Hossein, and Garry J.Schinasi,1994, “Real Estate Price Inflation, Monetary Policy, and Expectations in the United States and Japan,”IMF Working Paper 94/12 (January).

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    Schinasi, Garry J., and MonicaHargraves,1993, “‘Boom and Bust’ in Asset Markets in the 1980s: Causes and Consequences,” Staff Studies for the World Economic Outlook, IMF World Economic and Financial Surveys (November).

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    Tanzi, Vito, and Mark S.Lutz,1991, “Interest Rates and Government Debt: Are the Linkages Global Rather than National?”IMF Working Paper 91/6 (January).

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    Tanzi, Vito,1996, “Money Laundering and the International Financial System,”IMF Working Paper 96/55 (May).

    Tanzi, Vito, and Howell H.Zee,1998, “Consequences of the Economic and Monetary Union for the Coordination of Tax Systems in the European Union—Lessons from the U.S. Experience,”IMF Working Paper 98/115 (August).

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    Tavlas, George,1993, “The ‘New’ Theory of Optimum Currency Areas,”World Economy (November).

    Tavlas, George,1998, “The International Use of Currencies: The U.S. Dollar and the Euro,”Finance & Development, Vol. 35 (June).

    Temprano-Arroyo, Heliodoro, and Robert A.Feldman,1998, “Selected Transition and Mediterranean Countries—An Institutional Primer on EMU and EU Relations,”IMF Working Paper 98/82 (June).

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    Thakur, Subhash,1994, “The ‘Hard’ SDR,”IMF Staff Papers, Vol. 41 (September).

    Thomas, Alun H.,1994, “The Response of Wages and Labor Supply Movements to Employment Shocks Across Europe and the United States,”IMF Working Paper 94/158 (December).

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    Turner, Anthony G., and Stephen S.Golub,1997, “Multilateral Unit-Labor-Cost-Based Competitiveness Indicators for Advanced, Developing, and Transition Countries,” Staff Studies for the World Economic Outlook, IMF World Economic and Financial Surveys (December).

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    Wolf, Thomas A.,1994, “Currency Arrangements in Countries of the Former Ruble Area and Conditions for Sound Monetary Policy,”IMF Paper on Policy Analysis and Assessment 94/15 (August).

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    Zanello, Alessandro, and DominiqueDesruelle,1997, “A Primer on the IMF’s Information Notice System,”IMF Working Paper 97/71 (June).

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II. International Capital Markets and Official Financing

    Adams, Charles, Donald J.Mathieson, GarrySchinasi, BankimChadha, and others,1998, International Capital Markets: Developments, Prospects, and Key Policy Issues, IMF World Economic and Financial Surveys (September).

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    Agénor, Pierre-Richard, ClaudeBismut, PaulCashin, and C. JohnMcDermott,1995, “Consumption Smoothing and the Current Account—Evidence for France, 1970-94,”IMF Working Paper 95/119 (November).

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    Agénor, Pierre-Richard, and Paul R.Masson,1996, “The Mexican Peso Crisis—Overview and Analysis of Credibility Factors,”IMF Working Paper 96/6 (January).

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    Agénor, Pierre-Richard,1997, “Borrowing Risk and the Tequila Effect,”IMF Working Paper 97/86 (July).

    Agénor, Pierre-Richard, and JoshuaAizenman,1998, “Contagion and Volatility with Imperfect Credit Markets,”IMF Staff Papers, Vol. 45 (June).

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    Aitken, Brian,1996, “Have Institutional Investors Destabilized Emerging Markets?”IMF Working Paper 96/34 (April).

    Alesina, Alberto, and RobertoPerotti,1996, “Budget Deficits and Budget Institutions,”IMF Working Paper 96/52 (May).

    Alexander, William E., Jeffrey M.Davis, LiamEbrill, and Carl-JohanLindgren,eds., 1997, Systemic Bank Restructuring and Macroeconomic Policy (Washington: International Monetary Fund).

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    Anayiotos, George C.,1994, “Information Asymmetries in Developing Country Financing,”IMF Working Paper 94/79 (July).

    Andrews, David, and IshiiShogo,1995, “The Mexican Financial Crisis—A Test of the Resilience of the Markets for Developing Country Securities,”IMF Working Paper 95/132 (December).

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    Aziz, Jahangir,1995, “Discretionary Trading and Asset Price Volatility,”IMF Working Paper 95/104 (October).

    Baig, Taimur, and IlanGoldfajn,1998, “Financial Market Contagion in the Asian Crisis,”IMF Working Paper 98/155 (November).

    Bartolini, Leonardo, and AvinashDixit,1991, “Market Valuation of Illiquid Debt and Implications for Conflicts Among Creditors,”IMF Staff Papers, Vol. 38 (December).

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    Bartolini, Leonardo,1994, “International Capital Market Crises: Lessons from the 1980s (and Early 1990s),”Journal of International and Comparative Economics, Vol. 3 (March).

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    Bartolini, Leonardo, TamimBayoumi, and Michael W.Klein,1996, “Foreign Direct Investment and the Exchange Rate,” in Exchange Rate Movements and Their Impacts on Trade and Investment in the APEC Region, ed. byTakatoshiIto, PeterIsard, StevenSymansky, and TamimBayoumi,IMF Occasional Paper 145.

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    Bartolini, Leonardo, and AllanDrazen,1997, “Capital Account Liberalization as a Signal,”American Economic Review, Vol. 87 (March).

    Bartolini, Leonardo, and AllanDrazen,1997, “When Liberal Policies Reflect External Shocks, What Do We Learn?”Journal of International Economics, Vol. 47 (May).

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    Bayoumi, Tamim, BarryEichengreen, and RonaldMacDonald,1995, “Consumption, Income, and International Capital Market Integration,”IMF Staff Papers, Vol. 42 (September).

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    Bayoumi, Tamim, and GabrielleLipworth,1997, “Japanese Foreign Direct Investment and Regional Trade,”IMF Working Paper 97/103 (August).

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    Begum, Jahanara,1998, “Correlations Between Real Interest Rates and Output in a Dynamic International Model—Evidence from G-7 Countries,”IMF Working Paper 98/179 (December).

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    Bercuson, Kenneth, and LindaKoenig,1993, The Recent Surge in Capital Inflows to Three ASEAN Countries: Causes and Macroeconomic Impact, SEACEN Occasional Paper 15.

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    Blejer, Mario I., ErnestoFeldman, and AndrewFeltenstein,1997, “Exogenous Shocks, Deposit Runs and Bank Soundness—A Macroeconomic Framework,”IMF Working Paper 97/91 (July).

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    Boote, Anthony R., and others,1994, Official Financing for Developing Countries, IMF World Economic and Financial Surveys (April).

    Boote, Anthony R., and others,1995, Official Financing for Developing Countries, IMF World Economic and Financial Surveys (March).

    Boote, Anthony R., and KamauThugge,1997, “Debt Relief for Low-Income Countries and the HIPC Initiative,”IMF Working Paper 97/24 (March).

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    Brooks, Ray, MarianoCortes, FrancescaFornasari, BenoitKetchekmen, YdahliaMetzgen, RobertPowell, SaqibRizavi, Doris C.Ross, and KevinRoss,1998, “External Debt Histories of Ten Low-Income Developing Countries—Lessons from Their Experience,”IMF Working Paper 98/72 (May).

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    Buckberg, Elaine,1996, “Institutional Investors and Asset Pricing in Emerging Markets,”IMF Working Paper 96/2 (January).

    Buckberg, Elaine, and FredericoKaune,1996, “The Brady-Euro Yield Differential Debate: Why Arbitrage is Infeasible,”IMF Working Paper 96/127 (November).

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    Calvo, Guillermo, LeonardoLeiderman, and CarmenReinhart,1993, “Capital Inflows to Latin America: The Role of External Factors,”IMF Staff Papers, Vol. 40 (March).

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    Calvo, Guillermo, LeonardoLeiderman, and CarmenReinhart,1994, “Capital Inflows to Latin America: The 1970s and the 1990s,” in Development, Trade and the Environment, ed. byEdmar L.Bacha (New York: St. Martin’s Press; London: Macmillan Press in association with International Economic Association).

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    Canonero, Gustavo,1997, “Bank Concentration and the Supply of Credit in Argentina,”IMF Working Paper 97/40 (April).

    Cardoso, Eliana, and IlanGoldfajn,1998, “Capital Flows to Brazil: The Endogeneity of Capital Controls,”IMF Staff Papers, Vol. 45 (March).

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    Cashin, Paul, and C. JohnMcDermott,1995, “Informational Efficiency in Developing Equity Markets,”IMF Working Paper 95/58 (June).

    Cashin, Paul, and Manmohan S.Kumar,1995, “International Integration of Equity Markets and Contagion Effects,”IMF Working Paper 95/110 (November).

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    Cashin, Paul, and C. JohnMcDermott,1996, “Are Australia’s Current Account Deficits Excessive?”IMF Working Paper 96/85 (August).

    Cashin, Paul, and C. JohnMcDermott,1998, “International Capital Flows and National Creditworthiness—Do the Fundamental Things Apply as Time Goes By?”IMF Working Paper 98/172 (December).

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    Cashin, Paul, and C. JohnMcDermott,1998, “Terms of Trade Shocks and the Current Account,”IMF Working Paper 98/177 (December).

    Cassard, Marcel,1994, “The Role of Offshore Centers in International Financial Intermediation,”IMF Working Paper 94/107 (September).

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    Cassard, Marcel, and DavidFolkerts-Landau,1997, “Risk Management of Sovereign Assets and Liabilities,”IMF Working Paper 97/166 (December).

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    Catao, Luis,1997, “Bank Credit in Argentina in the Aftermath of the Mexican Crisis: Supply or Demand Constrained?”IMF Working Paper 97/32 (March).

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    Chan-Lau, Jorge, and Peter B.Clark,1998, “Fixed Investment and Capital Flows: A Real Options Approach,”IMF Working Paper 98/125 (August).

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    Chan-Lau, Jorge, and ZhaohuiChen,1998, “Financial Crisis and Credit Crunch as a Result of Inefficient Financial Intermediation—with Reference to the Asian Financial Crisis,”IMF Working Paper 98/127 (August).

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    Chan, Kenneth S., and Kee-JinNgiam,1996, “Currency Speculation and the Optimum Control of Bank Lending in Singapore Dollars—Case for Partial Liberalization,”IMF Working Paper 96/95 (August).

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    Chen, Zhaohui, and Mohsin S.Khan,1997, “Patterns of Capital Flows to Emerging Markets: A Theoretical Perspective,”IMF Working Paper 97/13 (January).

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    Cheng, Hoon Lim, and CharlesWoodruff,1998, “Managing Corporate Distress in the Philippines—Some Policy Recommendations,”IMF Working Paper 98/138 (September).

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    Chou, Ray Y., Victor K.Ng, and Lynn K.Pi,1994, “Cointegration of International Stock Market Indices,”IMF Working Paper 94/94 (August).

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    Collyns, Charles, and others,1992, Private Market Financing for Developing Countries, IMF World Economic and Financial Surveys (December).

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    Collyns, Charles, and Mohamed A.El-Erian,1993, “Restructuring of Commercial Bank Debt by Developing Countries,”IMF Paper on Policy Analysis and Assessment 93/7 (June).

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    Cordella, Tito, and EduardoLevy Yeyati,1998, “Public Disclosure and Bank Failures,”IMF Staff Papers, Vol. 45 (March).

    Cordella, Tito,1998, “Can Short-Term Capital Controls Promote Capital Inflows?”IMF Working Paper 98/131 (September).

    Davis, E.P., and S.G.B.Henry,1994, “The Use of Financial Spreads as Indicator Variables: Evidence for the U.K. and Germany,”IMF Working Paper 94/31 (March).

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    De Broeck, Mark, DominiqueGuillaume, and EmmanuelVan de Stichele,1998, “Structural Reforms in Government Bond Markets,”IMF Working Paper 98/108 (August).

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    De Gregorio, José, and FedericoSturzenegger,1994, “Financial Markets and Inflation Under Imperfect Information,”IMF Working Paper 94/63 (June).

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    de Fontenay, Patrick B., Gian MariaMilesi-Ferretti, and HuwPill,1997, “The Role of Foreign Currency Debt in Public Debt Management,” in Macroeconomic Dimensions of Public Finance, ed. byMario I.Blejer and Teresa M.Ter-Minassian (London: Routledge).

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    Debelle, Guy, and HamidFaruqee,1996, “What Determines the Current Account? A Cross-Sectional and Panel Approach,”IMF Working Paper 96/58 (June).

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    Dell Ariccia, Giovanni,1998, “Asymmetric Information and the Market Structure of the Banking Industry,”IMF Working Paper 98/92 (June).

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    Demirgüç-Kunt, Asli, and EnricaDetragiache,1998, “The Determinants of Banking Crises in Developing and Developed Countries,”IMF Staff Papers, Vol. 45 (March).

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    Demirgüç-Kunt, Asli, and EnricaDetragiache,1998, “Financial Liberalization and Financial Fragility,”IMF Working Paper 98/83 (June).

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    Detragiache, Enrica,1996, “Rational Liquidity Crises in the Sovereign Debt Market: In Search of a Theory,”IMF Staff Papers, Vol. 43 (September).

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    Domowitz, Ian,1992, “A Taxonomy of Automated Trade Execution Systems,”IMF Working Paper 92/76 (October).

    Domowitz, Ian,1992, “Automating the Price Discovery Process: Some International Comparisons and Regulatory Implications,”IMF Working Paper 92/80 (October).

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    Dooley, Michael P., Donald J.Mathieson, and LilianaRojas-Suárez,1996, “Capital Mobility and Exchange Market Intervention in Developing Countries,”IMF Working Paper 96/131 (November).

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    Dooley, Michael P.,1996, “A Survey of Literature on Controls Over International Capital Transactions,”IMF Staff Papers, Vol. 43 (December).

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    Drees, Burkhard, and BernhardEckwert,1995, “The Composition of Stock Price Indices and the Excess Volatility Puzzle,”International Journal of Economics and Finance, Vol. 5, No. 1.

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    Drees, Burkhard, and CeylaPazarbaşioğlu,1995, “The Nordic Banking Crises: Pitfalls in Financial Liberalization?”IMF Working Paper 95/61 (June).

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    Greene, Joshua E.,1992, “The Sub-Saharan Debt Problem: An Update,”IMF Working Paper 92/51 (July).

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    Hardy, Daniel C.,1998, “Are Banking Crises Predictable?”Finance & Development, Vol. 35 (December).

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    Hu, Zuliu,1995, “Stock Market Volatility and Corporate Investment,”IMF Working Paper 95/102 (October).

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    Izvorski, Ivailo,1997, “Recovery Ratios and Survival Times for Corporate Bonds,”IMF Working Paper 97/84 (July).

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    Johnston, R. Barry, Salim M.Darbar, and ClaudiaEcheverria,1997, “Sequencing Capital Account Liberalization: Lessons from the Experiences of Chile, Indonesia, Korea, and Thailand,”IMF Working Paper 97/157 (November).

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    Johnston, R. Barry,1998, “Sequencing Capital Account Liberalizations and Financial Sector Reform,”IMF Paper on Policy Analysis and Assessment 98/8 (July).

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    Johnston, R. Barry,1998, “Sequencing Capital Account Liberalization,”Finance & Development, Vol. 45 (December).

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    Khan, Mohsin S., and Carmen M.Reinhart,1995, Capital Flows in the APEC Region, IMF Occasional Paper 122.

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    Knight, Malcolm,1998, “Developing Countries and the Globalization of Financial Markets,”IMF Working Paper 98/105 (July).

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    Kramer, Charles,1996, “Stock-Market Equilibrium and the Dividend Yield,”IMF Working Paper 96/90 (August).

    Kramer, Charles,1996, “Macroeconomic Fluctuations and Equilibrium Discount Factors,”IMF Working Paper 96/118 (October).

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    Leigh, Lamin,1997, “Stock Market Equilibrium and Macroeconomic Fundamentals,”IMF Working Paper 97/15 (February).

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    Zettelmeyer, Jeronim,1996, “EMU and Long Interest Rates in Germany,”IMF Working Paper 96/133 (December).

III. Inflation and Inflation Stabilization

    Agénor, Pierre-Richard,1991, “Credibility and Exchange Rate Management in Developing Countries,”IMF Working Paper 91/87 (September).

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    Agénor, Pierre-Richard, and Mohsin S.Khan,1992, “Foreign Currency Deposits and the Demand for Money in Developing Countries,”IMF Working Paper 92/1 (January).

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    Agénor, Pierre-Richard, Jagdeep S.Bhandari, and Robert P.Flood,1992, “Speculative Attacks and Models of Balance of Payments Crises,”IMF Staff Papers, Vol. 39 (June).

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    Agénor, Pierre-Richard, and MarkTaylor,1992, “Testing for Credibility Effects,”IMF Staff Papers, Vol. 39 (September).

    Agénor, Pierre-Richard,1992, “Credibility Effects of Price Controls in Disinflation Programs,”IMF Working Paper 92/83 (October).

    Agénor, Pierre-Richard,1993, “Credible Disinflation Programs,”IMF Paper on Policy Analysis and Assessment 93/9 (July).

    Agénor, Pierre-Richard,1994, “The Behavior of Real Interest Rates in Exchange-Rate Based Stabilization Programs,”IMF Working Paper 94/75 (June).

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    Agénor, Pierre-Richard,1994, “Speculative Attacks and Balance-of-Payments Crises,” in Handbook of International Macroeconomics, ed. byFrederickvan der Ploeg (Oxford: Basil Blackwell).

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    Agénor, Pierre-Richard, and Alexander W.Hoffmaister,1997, “Money, Wages, and Inflation in Middle-Income Developing Countries,”IMF Working Paper 97/174 (December).

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    Alesina, Alberto, AlessandroPrati, and GuidoTabellini,1991, “Public Confidence and Debt Management: A Model and a Case Study of Italy,” in Public Debt Management: Theory and History, ed. byRudigerDornbusch and MarioDraghi (Cambridge, England: CEPR and Cambridge University Press).

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    Alesina, Alberto, MarkDe Broeck, AlessandroPrati, and GuidoTabellini,1992, “Default Risk on Government Debt in OECD Countries,”Economic Policy (October).

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    Armstrong, John, RichardBlack, DouglasLaxton, and DavidRose,1995, “A Robust Method for Simulating Forward-Looking Models, The Bank of Canada New Quarterly Projection Model, Part II, Technical Report No. 73, Bank of Canada (January).

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    Arora, Vivek B., and Manmohan S.Kumar,1994, “Trade Reform and Inflation Stabilization,”IMF Working Paper 94/130 (November).

    Barrionuevo, José M.,1992, “Inflation and Fiscal Deficits: The Irrelevance of Debt and Money Financing,”IMF Working Paper 92/102 (December).

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    Baumgartner, Josef, and RamanaRamaswamy,1996, “Inflation Targeting in the United Kingdom: Information Content of Financial and Monetary Variables,”IMF Working Paper 96/44 (May).

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    Baumgartner, Josef, RamanaRamaswamy, and GoranZettergren,1997, “Monetary Policy and Leading Indicators of Inflation in Sweden,”IMF Working Paper 97/34 (April).

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    Bayoumi, Tamim, and EswarPrasad,1997, “Currency Unions, Economic Fluctuations, and Adjustment: Some New Empirical Evidence,”IMF Staff Papers, Vol. 44 (March).

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    Beaugrand, Philippe,1997, “Zaïre’s Hyperinflation, 1990–96,”IMF Working Paper 97/50 (April).

    Bodart, Vincent,1996, “Multiple Exchange Rates, Fiscal Deficits and Inflation Dynamics,”IMF Working Paper 96/56 (May).

    Bruno, Michael,1992, “Stabilization and Reform in Eastern Europe: A Preliminary Evaluation,”IMF Staff Papers, Vol. 39 (December).

    Bulir, Ales, and Anne-MarieGuide,1995, “Inflation and Income Distribution—Further Evidence on Empirical Links,”IMF Working Paper 95/86 (August).

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    Bulir, Ales,1998, “Income Inequality—Does Inflation Matter?”IMF Working Paper 98/7 (January).

    Calvo, Guillermo A., and Carlos A.Végh,1994, “Stabilization Dynamics and Backward-Looking Contracts,”Journal of Development Economics, Vol. 43 (February).

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    Calvo, Guillermo A., and Carlos A.Végh,1992, “Currency Substitution in Developing Countries: An Introduction,”IMF Working Paper 92/40 (May).

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    Calvo, Guillermo A., and Carlos A.Végh,1992, “Inflation Stabilization and Nominal Anchors,”IMF Paper on Policy Analysis and Assessment 92/4 (December).

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    Calvo, Guillermo A., and Carlos A.Végh,1993, “Exchange Rate-Based Stabilization under Imperfect Credibility,” in Open-Economy Macroeconomics, ed. byHelmutFrisch and AndreasWorgotter (London: MacMillan Press).

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    Calvo, Guillermo A., Carmen M.Reinhart, and Carlos A.Végh,1994, “Targeting the Real Exchange Rate: Theory and Evidence,”IMF Working Paper 94/22 (February).

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    Calvo, Guillermo A., and Carlos A.Végh,1995, “Fighting Inflation with High Interest Rates: The Small Open Economy Case under Flexible Prices,”Journal of Money, Credit and Banking, Vol. 27 (February).

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    Canetti, Elie, and JoshuaGreene,1991, “Monetary Growth and Exchange Rate Depreciation as Causes of Inflation in African Countries: An Empirical Analysis,”IMF Working Paper 91/67 (July).

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    Chadha, Bankim, Paul R.Masson, and GuyMeredith,1992, “Models of Inflation and the Costs of Disinflation,”IMF Staff Papers, Vol. 39 (June).

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    Chadha, Bankim, and EswarPrasad,1993, “Interpreting the Cyclical Behavior of Prices,”IMF Staff Papers, Vol. 40 (June).

    Chadha, Bankim, and EswarPrasad,1994, “Are Prices Countercyclical? Evidence from the G-7,”Journal of Monetary Economics (October).

    Chadha, Bankim, and DanielTsiddon,1996, “Inflation, Nominal Interest Rates, and the Variability of Output,”IMF Working Paper 96/109 (October).

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    Chand, Sheetal K.,1997, “Nominal Income and the Inflation-Growth Divide,”IMF Working Paper 97/147 (November).

    Choudhry, Nurun N.,1991, “Collection Lags, Fiscal Revenue and Inflationary Financing,”IMF Working Paper 91/41 (April).

    Christoffersen, Peter F., and PeterDoyle,1998, “From Inflation to Growth—Eight Years of Transition,”IMF Working Paper 98/100 (July).

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    Clark, Peter B., DouglasLaxton, and DavidRose,1995, “Capacity Constraints, Inflation and the Transmission Mechanism—Forward-Looking Versus Myopic Policy Rules,”IMF Working Paper 95/75 (July).

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    Clark, Peter B., DouglasLaxton, and DavidRose,1996, “Asymmetry in the U.S. Output-Inflation Nexus,”IMF Staff Papers, Vol. 43 (March).

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    Clark, Peter B., and DouglasLaxton,1997, “Phillips Curves. Phillips Lines and the Unemployment Costs of Overheating,”IMF Working Paper 97/17 (February).

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    Clements, Benedict, and GerdSchwartz,1992, “Currency Substitution: The Recent Experience of Bolivia,”IMF Working Paper 92/65 (August).

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    Coe, David T., and C. JohnMcDermott,1997, “Does the Gap Model Work in Asia?”IMF Staff Papers, Vol. 44 (March).

    Cottarelli, Carlo, MarkGriffiths, and RezaMoghadam,1998, “The Nonmonetary Determinants of Inflation—A Panel Data Study,”IMF Working Paper 98/23 (March).

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    Cottarelli, Carlo, and GyörgySzapáry,eds., 1998, Moderate Inflation: The Experience of Transition Economies (Washington: International Monetary Fund).

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    Crowley, Joe,1997, “The Effects of Forward- Versus Backward-Looking Wage Indexation on Price Stabilization Programs,”IMF Working Paper 97/38 (April).

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    Daniel, James,1997, “Fiscal Aspects of Bank Restructuring,”IMF Working Paper 97/52 (April).

    De Broeck, Mark, KornéliaKrajnyák, and HenriLorie,1997, “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,”IMF Working Paper 97/108 (September).

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    De Gregorio, José,1991, “The Effects of Inflation on Economic Growth: Lessons from Latin America,”IMF Working Paper 91/95 (October).

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    De Gregorio, José,1991, “Welfare Costs of Inflation, Seigniorage, and Financial Innovation,”IMF Staff Papers, Vol. 38 (December).

    De Gregorio, José,1992, “Theories of Policy Accommodation: The Persistence of Inflation and Gradual Stabilization,”IMF Working Paper 92/19 (March).

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    Debelle, Guy,1997, “Inflation Targeting in Practice,”IMF Working Paper 97/35 (April).

    Debelle, Guy, and DouglasLaxton,1997, “is the Phillips Curve Really a Curve? Some Evidence from Canada, the United Kingdom, and the United States,”IMF Staff Papers, Vol. 44 (June).

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    Debelle, Guy, and Hoon LimCheng,1998, “Preliminary Considerations of an Inflation Targeting Framework for the Philippines,”IMF Working Paper 98/39 (March).

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    Debelle, Guy, PaulMasson, MiguelSavastano, and SunilSharma,1998, “Inflation Targeting as a Framework for Monetary Policy,” IMF Economic Issues No. 15.

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    Detragiache, Enrica, and Alfonso J.Hamann,1997, “Exchange Rate-Based Stabilization in Western Europe—Greece, Ireland, Italy and Portugal,”IMF Working Paper 97/75 (June).

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    Dixit, Avinash,1991, “The Optimal Mix of Inflationary Finance and Commodity Taxation with Collection Lags,”IMF Staff Papers, Vol. 38 (September).

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    Dixit, Avinash,1992, “Theory and Policy: Reply to Tanzi,”IMF Staff Papers, Vol. 39 (December).

    Drudi, Francesco, and AlessandroPrati,1997, “Differences and Analogies Between Index-linked and Foreign Currency Bonds: A Theoretical and Empirical Analysis,” in Managing Public Debt—Index Linked Bonds in Theory and Practice, ed. byMarcelloDe Cecco, LorenzoPecchi, and GustavoPiga (United Kingdom: Edward Elgar).

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    Eken, Sena, PaulCashin, S.Nuri Erbas, JoseMartelino, and AdnanMazarei,1995, Economic Dislocation and Recovery in Lebanon, IMF Occasional Paper 120.

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    Erbas, S. Nuri, and Chera L.Sayers,1998, “Is the United States CPI Biased Across Income and Age Groups?”IMF Working Paper 98/136 (September).

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    Fabrizio, Stefania, and J.Humberto Lopez,1996, “Domestic, Foreign or Common Shocks?”IMF Working Paper 96/107 (September).

    Faruqee, Hamid, DouglasLaxton, and DavidRose,1998, “Inflation and Unemployment in Europe and North America: Asymmetry versus Hysteresis” (mimeo: International Monetary Fund, May).

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    Fischer, Stanley, RatnaSahay, and Carlos A.Végh,1998, “Modern Hyper- and High Inflation” (mimeo: International Monetary Fund, September).

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    Ford, Robert, and ThomasKrueger,1995, “Exchange Rate Movements and Inflation Performance: The Case of Italy,”IMF Working Paper 95/41 (April).

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    Garber, Peter M., and Michael G.Spencer,1992, “The Dissolution of the Astray-Hungarian Empire: Lessons for Currency Reform,”IMF Working Paper 92/66 (July).

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    García-Herrero, Alicia, and JohnThornton,1997, “World Commodity Prices as a Forecasting Tool for Retail Prices—Evidence from the United Kingdom,”IMF Working Paper 97/70 (June).

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    Garibaldi, Pietro,1997, “The Asymmetric Effects of Monetary Policy on Job Creation and Destruction,”IMF Working Paper 97/57 (April).

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    Georgiou, Andreas,1991, “Foreign Currency Deposits: Implications for Macroeconomic Policies,”IMF Working Paper 91/108 (November).

    Ghosh, Atish, and StevenPhillips,1998, “Warning: Inflation May Be Harmful to Your Growth,”IMF Staff Papers, Vol. 45 (December).

    Green, John H.,1996, “Inflation Targeting: Theory and Policy Implications,”IMF Staff Papers, Vol. 43 (December).

    Guidotti, Pablo E., and Manmohan S.Kumar,1991, Domestic Public Debt of Externally Indebted Countries, IMF Occasional Paper 80.

    Guidotti, Pablo E., and Carlos A.Rodriguez,1992, “Dollarization in Latin America: Gresham’s Law in Reverse?”IMF Staff Papers, Vol. 39 (September).

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    Guidotti, Pablo E., and Carlos A.Végh,1992, “Losing Credibility: The Stabilization Blues,”IMF Working Paper 92/73 (September).

    Guidotti, Pablo E., and Carlos A.Végh,1993, “Currency Substitution and the Optimal Inflation Tax,”Economics letters, Vol. 42, No. 1.

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    Guitián, Manuel, and RobertMundell,eds., 1996, Inflation and Growth in China (Washington: International Monetary Fund).

    Ha, Jiming,1998, “Achieving Stabilization in Armenia,”IMF Working Paper 98/38 (March).

    Hoffmaister, Alexander W., and Carlos A.Végh,1996, “Disinflation and the Recession-Now-Versus-Recession-Later Hypothesis: Evidence from Uruguay,”IMF Staff Papers, Vol. 43 (June).

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    Hogan, Vincent,1998, “Explaining the Recent Behavior of Inflation and Unemployment in the United States,”IMF Working Paper 98/145 (September).

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    Isard, Peter, and DouglasLaxton,1996, “Strategic Choice in Phillips Curve Specification: What If Bob Gordon is Wrong?”conference paper for Macroeconomic Aspects of European Unemployment, sponsored by the European University Institute, Florence, Italy (mimeo: International Monetary Fund, November).

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    Ize, Alain, and Eduardo LevyYeyati,1998, “Dollarization of Financial Intermediation: Causes and Policy Implications,”IMF Working Paper 98/28 (March).

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    Jadresic, Esteban,1996, “Wage Indexation and the Cost of Disinflation,”IMF Staff Papers, Vol. 43 (December).

    Kalra, Sanjay,1998, “Inflation and Money Demand in Albania,”IMF Working Paper 98/101 (July).

    Keane, Michael, and EswarPrasad,1993, “Skill Levels and the Cyclical Variability of Employment, Hours, and Wages,”IMF Staff Papers, Vol. 40 (December).

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    Keane, Michael, and EswarPrasad,1996, “Employment and Wage Effects of Oil Price Changes: A Sectoral Analysis,”Review of Economics and Statistics (August).

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    Khamis, May,1996, “Credit and Exchange Rate-Based Stabilization,”IMF Working Paper 96/51 (May).

    Khor, Hoe E., and LilianaRojas-Suárez,1991, “Interest Rates in Mexico: The Role of Exchange Rate Expectations and International Creditworthiness,”IMF Staff Papers, Vol. 38 (December).

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    Kramer, Charles, and YutongLi,1997, “Job Uncertainty, Unemployment, and Inflation in the United States,”Finance & Development, Vol. 34 (December).

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    Lahiri, Ashok,1991, “Money and Inflation in Yugoslavia,”IMF Staff Papers, Vol. 38 (December).

    Lane, Timothy, AlessandroPrati, and MarkGriffiths,1995, “An Inflation Targeting Framework for Italy,”IMF Paper on Policy Analysis and Assessment 95/4 (March).

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    Lane, Timothy, and HosseinSamiei,1997, “Does Public Disagreement on Monetary Policy Unsettle the Markets?”IMF Working Paper 97/63 (May).

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    Laxton, Douglas, GuyMeredith, and DavidRose,1995, “Asymmetric Effects of Economic Activity on Inflation: Evidence and Policy Implications,”IMF Staff Papers, Vol. 42 (June).

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    Laxton, Douglas, and EswarPrasad,1997, “Possible Effects of European Monetary Union on Switzerland: A Case Study of Policy Dilemmas Caused by Low Inflation and the Nominal Interest Rate Floor,”IMF Working Paper 97/23 (March).

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    Leidy, Michael, and Stephen P.Tokarick,1998, “Considerations in Reducing Inflation From Low to Lower Levels,”IMF Working Paper 98/109 (August).

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    Lim, Cheng Hoon, and LauraPapi,1997, “An Econometric Analysis of the Determinants of Inflation in Turkey,”IMF Working Paper 97/170 (December).

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    Lizondo, Saúl,1991, “Real Exchange Rate Targets, Nominal Exchange Rate Policies, and Inflation,”Revista de Análisis Económico, Vol. 6 (June).

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    Lizondo, Saúl,1992, “The Dynamics of Inflation, 1988–1991,” in Mexico: The Strategy to Achieve Sustained Economic Growth, ed. byClaudioLoser and EliotKalter,IMF Occasional Paper 99.

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    Ma, Henry,1998, “Inflation, Uncertainty, and Growth in Colombia,”IMF Working Paper 98/161 (November).

    Masson, Paul R., Miguel A.Savastano, and SunilSharma,1997, “The Scope for Inflation Targeting in Developing Countries,”IMF Working Paper 97/130 (October).

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    Masson, Paul R., Miguel A.Savastano, and SunilSharma,1998, “Can Inflation Targeting Be a Framework for Monetary Policy in Developing Countries?”Finance & Development, Vol. 35 (March).

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    McNeilly, Caryl, and DorisSchiesser-Gachnang,1998, “Reducing Inflation—Lessons from Albania’s Early Success,”IMF Working Paper 98/78 (May).

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    McNelis, Paul, and CarlosAsilis,1992, “A Dynamic Simulation Analysis of Currency Substitution in an Optimizing Framework with Transactions Costs,”Revista de Análisis Económico, Vol. 7 (June).

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    McNelis, Paul, and CarlosAsilis,1993, “The Dominican Republic’s Economic Stabilization Program, 1990–1992,”IMF Survey (January25).

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    Mendoza, Enrique,1992, “Fisherian Transmission and Efficient Arbitrage Under Partial Financial Indexation: The Case of Chile,”IMF Staff Papers, Vol. 39 (March).

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    Miller, Marcus, and AlanSutherland,1993, “Contracts, Credibility, and Common Knowledge,”IMF Staff Papers, Vol. 40 (March).

    Moser, Gary G.,1995, “The Main Determinants of Inflation in Nigeria,”IMF Staff Papers, Vol. 42 (June).

    Mourmouras, Alex, and José A.Tijerina,1993, “Collection Lags and the Optimal Inflation Tax: A Reconsideration,”IMF Working Paper 93/60 (July).

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    Mueller, Johannes,1994, “Dollarization in Lebanon,”IMF Working Paper 94/129 (October).

    Nord, Roger, MichaelMered, NishaAgrawal, and ZafarAhmed,1993, “Structural Adjustment, Economic Performance, and Aid Dependency in Tanzania,”IMF Working Paper 93/66 (August).

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    Nuven, Diep,1994, “Linkages in Price Level and Inflation Rate Between CFA Franc Zone Countries and France,”IMF Working Paper 94/93 (August).

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    Papi, Laura,1994, “How Does Learning Affect Inflation After a Shift in the Exchange Rate Regime?”IMF Working Paper 94/70 (June).

    Parigi, Guiseppe, and AlessandroPrati,1993, “Monetary Policy, Inflation and the Business Cycle: An Analysis with the Bank of Italy’s Quarterly Econometric Model (1989–1991),” in Changes in the Business Cycle and the Implications for Monetary Policy, C.B. 392 (Basle: Bank for International Settlements, April).

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    Peng, Wensheng,1995, “The Fisher Hypothesis and Inflation Persistence—Evidence from Five Major Industrial Countries,”IMF Working Paper 95/118 (November).

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    Pérez-Campanero, Juan, and Alfredo M.Leone,1991, “Liberalization and Financial Crisis in Uruguay, 1974–1987,” in Banking Crisis: Cases and Issues, ed. byV.Sundararajan and Tomás J.T.Baliño (Washington: International Monetary Fund).

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    Prasad, Eswar,1993, “Labor Market Aspects of Industrial Restructuring in Canada,”Canadian Business Economics (Fall).

    Prasad, Eswar,1994, “The Canadian Labor Market: Developments, Policy, and Prospects,”IMF Working Paper 94/97 (September).

    Prasad, Eswar, and RamanaRamaswamy,1994, “Shocks and Structural Breaks: Labor Market Reforms in the United Kingdom,”IMF Working Paper 94/152 (November).

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    Prasad, Eswar,1996, “Skill Heterogeneity and the Business Cycle,”Canadian Journal of Economics (November).

    Prasad, Eswar,1997, “Sectoral Shifts and Structural Change in the Japanese Economy: Evidence and Interpretation,”Japan and the World Economy (August).

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    Prasad, Eswar, and JefferyGable,1998, “International Evidence on the Determinants of Trade Dynamics,”IMF Staff Papers, Vol. 45 (September).

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    Prasad, Eswar, JefferyGable, and AlunThomas,1998, “A Disaggregated Analysis of Employment Growth Fluctuations in Canada,”Atlantic Economic Journal (September).

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    Prasad, Eswar, JefferyGable, and AlunThomas,1998, “Labor Market Adjustment in Canada and the United States,”Canadian Public Policy (Winter).

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    Prasad, Eswar, and FrancescaUtili,1998, “The Italian Labor Market: Stylized Facts, Institutions, and Directions for Reform,”Proceedings of the International Economics, Villa Mondragone Conference (London: Macmillan Press).

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    Prati, Alessandro,1991, “Poincaré’s Stabilization; Stopping a Run on Government Debt,”Journal of Monetary Economics, Vol. 27 (April).

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    Pujol, Thierry, and MarkGriffiths,1996, “Moderate Inflation in Poland: A Real Story,”IMF Working Paper 96/57 (June).

    Quirk, Peter,1994, “Fixed or Floating Exchange Regimes: Does It Matter for Inflation?”IMF Working Paper 94/134 (November).

    Reinhart, Carmen M., and Carlos A.Végh,1995, “Nominal Interest Rates, Consumption Booms, and Lack of Credibility: A Quantitative Examination,”Journal of Development Economics, Vol. 46 (April).

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    Rodriguez, Carlos A.,1993, “Money and Credit under Currency Substitution,”IMF Staff Papers, Vol. 40 (June).

    Rojas-Suárez, Liliana,1992, “Currency Substitution and Inflation in Peru,”Revista de Análisis Económico, Vol. 7 (June).

    Rojas-Suárez, Liliana,1992, “An Analysis of the Linkages of Macroeconomic Policies in Mexico,” in Mexico: The Strategy to Achieve Sustained Economic Growth, ed. byClaudioLoser and EliotKalter,IMF Occasional Paper 99.

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    Roldós, Jorge E.,1993, “On Credible Disinflation,”IMF Working Paper 93/90 (November).

    Roldós, Jorge E.,1995, “Supply-Side Effects of Disinflation Programs,”IMF Staff Papers, Vol. 42 (March).

    Saavalainen, Tapio,1995, “Stabilization in the Baltic Countries—A Comparative Analysis,”IMF Working Paper 95/44 (April).

    Santaella, Julio A.,1993, “Stabilization Programs and External Enforcement: Experience from the 1920s,”IMF Staff Papers, Vol. 40 (September).

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    Santaella, Julio A., and Abraham E.Vela,1996, “The 1987 Mexican Disinflation Program—An Exchange-Rate-Based Stabilization?”IMF Working Paper 96/24 (March).

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    Santaella, Julio A.,1996, “Stylized Facts Before IMF-Supported Macroeconomic Adjustment,”IMF Staff Papers, Vol. 43 (September).

    Savastano, Miguel A.,1992, “Collapse of a Crawling Peg Regime in the Presence of a Government Budget Constraint,”IMF Staff Papers, Vol. 39 (March).

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    Savastano, Miguel A.,1992, “The Pattern of Currency Substitution in Latin America: An Overview,”Revista de Análisis Económico, Vol. 7 (June).