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]

I. International Monetary System

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    GreenJohn and Phillip L.Swagel1998“The Euro Area and the World Economy,”Finance & DevelopmentVol. 35 (December).

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    Hernández-CatáErnestoChristian A.FrançoisPaulMassonPascalBouvierPatrickPerozDominiqueDesruelle and AthanasiosVamvakidis1998The West African Economic and Monetary Union: Recent Developments and Policy issues IMF Occasional Paper 170.

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    International Monetary Fund1995Staff Studies for the World Economic Outlook IMF World Economic and Financial Surveys (September).

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    International Monetary Fund1996World 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 Fund1997World 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 Fund1997Staff Studies for the World Economic Outlook IMF World Economic and Financial Surveys (December).

    International Monetary Fund1998World 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 Fund1998World 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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    JamesHarold1995“The Historical Development of the Principle of Surveillance,”IMF Staff PapersVol. 42 (December).

    JamesHarold1996International Monetary Cooperation Since Bretton Woods (Washington: International Monetary Fund; New York: Oxford University Press).

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

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

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    KumarManmohan S.HosseinSamiei and SheilaBassett1993“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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    KwonGoohoon1997“Experiences with Monetary Integration and Lessons for Korean Unification,”IMF Working Paper 97/65 (May).

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    LaneTimothy D.1993“Market Discipline,”IMF Staff PapersVol. 40 (March).

    LaneTimothy D. and SkanderVan Den Heuvel1998“The United Kingdom’s Experience with Inflation Targeting,”IMF Working Paper 98/87 (June).

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    LaxtonDouglasHopePioro and PeterMcAdam1996“Solving MULTIMOD with First-Order and Newton-Based Techniques,”University of Strathclyde Discussion Paper No. 37International Centre for Macroeconomic Modelling (GlasgowOctober).

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    LaxtonDouglas and EswarPrasad1997“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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    LaxtonDouglasPeterIsardHamidFaruqeeEswarPrasad and BartTurtelboom1998MULTIMOD Mark III: The Core Dynamic and Steady-State Models IMF Occasional Paper 164.

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    MassonPaul R. and JacquesMélitz1991“Fiscal Policy Independence in a European Monetary Union,”Open Economies ReviewVol. 2.

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    MassonPaul R.1992“Portfolio Preference Uncertainty and Gains from Policy Coordination,”IMF Staff PapersVol. 39 (March).

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

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    MassonPaul R. and StevenSymansky1993“Evaluating the EMS and EMU Using Stochastic Simulations: Some Issues,” in Macroeconomic Policy Coordination in Europe The ERM and Monetary Unioned. byRayBarrell and JohnWhitely (London: Sage Publications).

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    MassonPaul R. and StevenSymansky1993“Evaluating Policy Rules Under Imperfect Credibility,” in Evaluating Policy Regimesed. byRalphBryantPeterHooper and CatherineMann (Washington: Brookings).

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    MassonPaul R.JeroenKremers and JocelynHorne1994“Net Foreign Assets and International Adjustment: The United States, Japan, and Germany,” in Journal of International Money and FinanceVol. 13 (February).

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    MassonPaul 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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    MassonPaul R.1995“Gaining and Losing ERM Credibility,”The Economic JournalVol. 105 (May).

    MassonPaul R.1995“Modelling Credibility: An Application to the United Kingdom,” in European Currency Crises and Aftered. byChristianBordesEricGiriardin and JacquesMélitz (United Kingdom: Manchester University Press).

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    MassonPaul R.Thomas H.Krueger and Bart G.Turtelboomeds. 1997EMU and the International Monetary System (Washington: International Monetary Fund).

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    MassonPaul R. and Bart G.Turtelboom1997“Characteristics of the Euro, the Demand for Reserves, and Policy Coordination Under EMU,” in EMU and the International Monetary Systemed. byPaul R.MassonThomas H.Krueger and Bart G.Turtelboom (Washington: International Monetary Fund).

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

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    MendozaEnrique1992“The Terms of Trade and Economic Fluctuations,”IMF Working Paper 92/98 (November).

    MendozaEnrique1992“Robustness of Macroeconomic Indicators of Capital Mobility,”IMF Working Paper 92/111 (December).

    MendozaEnrique1993“Revisiting Japan’s External Adjustment Since 1985,”IMF Working Paper 93/52 (June).

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    Milesi-FerrettiGian Maria and AssafRazin1996“Current Account Sustainability,”Princeton Studies in international Finance No. 81 (October).

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    Milesi-FerrettiGian Maria and AssafRazin1998“Sharp Reductions in Current Account Deficits: An Empirical Analysis,”European Economic ReviewVol. 42 (April).

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    Milesi-FerrettiGian Maria and AssafRazin1998“Current Account Reversals and Currency Crisis—Empirical Regularities,”IMF Working Paper 98/89 (June).

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    MillerMarcus and AlanSutherland1992“Contacts, Credibility and Common Knowledge: Their Influence on Inflation Convergence,”IMF Working Paper 92/26 (March).

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

    MussaMichael and PeterIsard1993“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 TenApril).

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    MussaMichael and PeterIsard1993“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 TenApril).

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    MussaMichaelMorrisGoldsteinPeter B.ClarkDonald J.Mathieson and TamimBayoumi1994Improving the International Monetary System: Constraints and Possibilities IMF Occasional Paper 116.

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    MussaMichaelJamesBoughton and PeterIsardeds. 1996The Future of the SDR in Light of Changes in the International Financial System (Washington: International Monetary Fund).

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    NascimentoJean-Claude1994“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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    OppersS. Erik1995“A Model of the Bimetallic System,”IMF Working Paper 95/144 (December).

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

    OyamaTsuyoshi1997“Determinants of Stock Prices—The Case of Zimbabwe,”IMF Working Paper 97/117 (September).

    PillHuw and MahmoodPradhan1994“Monetary Aggregation: A Reconciliation of Theory and Central Bank Practice,”IMF Working Paper 94/118 (October).

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    PitchfordJohn1992“Current Account Deficits, External Liabilities and Economic Policy,”IMF Working Paper 92/54 (July).

    PratiAlessandro and GarrySchinasi1997“What Impact Will EMU Have on European Securities Markets?”Finance & DevelopmentVol. 34 (September).

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    PratiAlessandro and GarrySchinasi1998“Ensuring Financial Stability in the Euro Area,”Finance & DevelopmentVol. 35 (December).

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    PratiAlessandro and GarrySchinasi1998“Will the European Central Bank Be the Lender of Last Resort in EMU?” in Conference Volume SUERF 1997 Colloquia.

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    RicciLuca and PeterIsard1998“EMU, Adjustment, and Exchange Rate Variability,”IMF Working Paper 98/50 (April).

    SamieiHossein and Garry J.Schinasi1994“Real Estate Price Inflation, Monetary Policy, and Expectations in the United States and Japan,”IMF Working Paper 94/12 (January).

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    SchinasiGarry J. and MonicaHargraves1993“‘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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    TanziVito and Mark S.Lutz1991“Interest Rates and Government Debt: Are the Linkages Global Rather than National?”IMF Working Paper 91/6 (January).

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    TanziVito1996“Money Laundering and the International Financial System,”IMF Working Paper 96/55 (May).

    TanziVito and Howell H.Zee1998“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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    TavlasGeorge1993“The ‘New’ Theory of Optimum Currency Areas,”World Economy (November).

    TavlasGeorge1998“The International Use of Currencies: The U.S. Dollar and the Euro,”Finance & DevelopmentVol. 35 (June).

    Temprano-ArroyoHeliodoro and Robert A.Feldman1998“Selected Transition and Mediterranean Countries—An Institutional Primer on EMU and EU Relations,”IMF Working Paper 98/82 (June).

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    ThakurSubhash1994“The ‘Hard’ SDR,”IMF Staff PapersVol. 41 (September).

    ThomasAlun 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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    TurnerAnthony G. and Stephen S.Golub1997“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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    WolfThomas 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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    ZanelloAlessandro and DominiqueDesruelle1997“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

    AdamsCharlesDonald J.MathiesonGarrySchinasiBankimChadha and others1998International Capital Markets: Developments Prospects and Key Policy Issues IMF World Economic and Financial Surveys (September).

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    AgénorPierre-RichardClaudeBismutPaulCashin and C. JohnMcDermott1995“Consumption Smoothing and the Current Account—Evidence for France, 1970-94,”IMF Working Paper 95/119 (November).

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    AgénorPierre-Richard and Paul R.Masson1996“The Mexican Peso Crisis—Overview and Analysis of Credibility Factors,”IMF Working Paper 96/6 (January).

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    AgénorPierre-Richard1997“Borrowing Risk and the Tequila Effect,”IMF Working Paper 97/86 (July).

    AgénorPierre-Richard and JoshuaAizenman1998“Contagion and Volatility with Imperfect Credit Markets,”IMF Staff PapersVol. 45 (June).

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    AitkenBrian1996“Have Institutional Investors Destabilized Emerging Markets?”IMF Working Paper 96/34 (April).

    AlesinaAlberto and RobertoPerotti1996“Budget Deficits and Budget Institutions,”IMF Working Paper 96/52 (May).

    AlexanderWilliam E.Jeffrey M.DavisLiamEbrill and Carl-JohanLindgreneds. 1997Systemic Bank Restructuring and Macroeconomic Policy (Washington: International Monetary Fund).

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

    AndrewsDavid and IshiiShogo1995“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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    AzizJahangir1995“Discretionary Trading and Asset Price Volatility,”IMF Working Paper 95/104 (October).

    BaigTaimur and IlanGoldfajn1998“Financial Market Contagion in the Asian Crisis,”IMF Working Paper 98/155 (November).

    BartoliniLeonardo and AvinashDixit1991“Market Valuation of Illiquid Debt and Implications for Conflicts Among Creditors,”IMF Staff PapersVol. 38 (December).

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    BartoliniLeonardo1994“International Capital Market Crises: Lessons from the 1980s (and Early 1990s),”Journal of International and Comparative EconomicsVol. 3 (March).

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    BartoliniLeonardoTamimBayoumi and Michael W.Klein1996“Foreign Direct Investment and the Exchange Rate” in Exchange Rate Movements and Their Impacts on Trade and Investment in the APEC Regioned. byTakatoshiItoPeterIsardStevenSymansky and TamimBayoumiIMF Occasional Paper 145.

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    BartoliniLeonardo and AllanDrazen1997“Capital Account Liberalization as a Signal,”American Economic ReviewVol. 87 (March).

    BartoliniLeonardo and AllanDrazen1997“When Liberal Policies Reflect External Shocks, What Do We Learn?”Journal of International EconomicsVol. 47 (May).

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    BayoumiTamimBarryEichengreen and RonaldMacDonald1995“Consumption, Income, and International Capital Market Integration,”IMF Staff PapersVol. 42 (September).

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    BayoumiTamim and GabrielleLipworth1997“Japanese Foreign Direct Investment and Regional Trade,”IMF Working Paper 97/103 (August).

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    BegumJahanara1998“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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    BercusonKenneth and LindaKoenig1993The Recent Surge in Capital Inflows to Three ASEAN Countries: Causes and Macroeconomic Impact SEACEN Occasional Paper 15.

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    BlejerMario I.ErnestoFeldman and AndrewFeltenstein1997“Exogenous Shocks, Deposit Runs and Bank Soundness—A Macroeconomic Framework,”IMF Working Paper 97/91 (July).

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    BooteAnthony R. and others1994Official Financing for Developing Countries IMF World Economic and Financial Surveys (April).

    BooteAnthony R. and others1995Official Financing for Developing Countries IMF World Economic and Financial Surveys (March).

    BooteAnthony R. and KamauThugge1997“Debt Relief for Low-Income Countries and the HIPC Initiative,”IMF Working Paper 97/24 (March).

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    BrooksRayMarianoCortesFrancescaFornasariBenoitKetchekmenYdahliaMetzgenRobertPowellSaqibRizaviDoris C.Ross and KevinRoss1998“External Debt Histories of Ten Low-Income Developing Countries—Lessons from Their Experience,”IMF Working Paper 98/72 (May).

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    BuckbergElaine1996“Institutional Investors and Asset Pricing in Emerging Markets,”IMF Working Paper 96/2 (January).

    BuckbergElaine and FredericoKaune1996“The Brady-Euro Yield Differential Debate: Why Arbitrage is Infeasible,”IMF Working Paper 96/127 (November).

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    CalvoGuillermoLeonardoLeiderman and CarmenReinhart1993“Capital Inflows to Latin America: The Role of External Factors,”IMF Staff PapersVol. 40 (March).

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    CalvoGuillermoLeonardoLeiderman and CarmenReinhart1994“Capital Inflows to Latin America: The 1970s and the 1990s,” in Development Trade and the Environmented. byEdmar L.Bacha (New York: St. Martin’s Press; London: Macmillan Press in association with International Economic Association).

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    CanoneroGustavo1997“Bank Concentration and the Supply of Credit in Argentina,”IMF Working Paper 97/40 (April).

    CardosoEliana and IlanGoldfajn1998“Capital Flows to Brazil: The Endogeneity of Capital Controls,”IMF Staff PapersVol. 45 (March).

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    CashinPaul and C. JohnMcDermott1995“Informational Efficiency in Developing Equity Markets,”IMF Working Paper 95/58 (June).

    CashinPaul and Manmohan S.Kumar1995“International Integration of Equity Markets and Contagion Effects,”IMF Working Paper 95/110 (November).

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    CashinPaul and C. JohnMcDermott1996“Are Australia’s Current Account Deficits Excessive?”IMF Working Paper 96/85 (August).

    CashinPaul and C. JohnMcDermott1998“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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    CashinPaul and C. JohnMcDermott1998“Terms of Trade Shocks and the Current Account,”IMF Working Paper 98/177 (December).

    CassardMarcel1994“The Role of Offshore Centers in International Financial Intermediation,”IMF Working Paper 94/107 (September).

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    CassardMarcel and DavidFolkerts-Landau1997“Risk Management of Sovereign Assets and Liabilities,”IMF Working Paper 97/166 (December).

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    CataoLuis1997“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-LauJorge and Peter B.Clark1998“Fixed Investment and Capital Flows: A Real Options Approach,”IMF Working Paper 98/125 (August).

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    Chan-LauJorge and ZhaohuiChen1998“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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    ChanKenneth S. and Kee-JinNgiam1996“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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    ChenZhaohui and Mohsin S.Khan1997“Patterns of Capital Flows to Emerging Markets: A Theoretical Perspective,”IMF Working Paper 97/13 (January).

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    ChengHoon Lim and CharlesWoodruff1998“Managing Corporate Distress in the Philippines—Some Policy Recommendations,”IMF Working Paper 98/138 (September).

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    ChouRay Y.Victor K.Ng and Lynn K.Pi1994“Cointegration of International Stock Market Indices,”IMF Working Paper 94/94 (August).

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    CollynsCharles and others1992Private Market Financing for Developing Countries IMF World Economic and Financial Surveys (December).

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    CollynsCharles and Mohamed A.El-Erian1993“Restructuring of Commercial Bank Debt by Developing Countries,”IMF Paper on Policy Analysis and Assessment 93/7 (June).

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    CordellaTito and EduardoLevy Yeyati1998“Public Disclosure and Bank Failures,”IMF Staff PapersVol. 45 (March).

    CordellaTito1998“Can Short-Term Capital Controls Promote Capital Inflows?”IMF Working Paper 98/131 (September).

    DavisE.P. and S.G.B.Henry1994“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 BroeckMarkDominiqueGuillaume and EmmanuelVan de Stichele1998“Structural Reforms in Government Bond Markets,”IMF Working Paper 98/108 (August).

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    De GregorioJosé and FedericoSturzenegger1994“Financial Markets and Inflation Under Imperfect Information,”IMF Working Paper 94/63 (June).

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    de FontenayPatrick B.Gian MariaMilesi-Ferretti and HuwPill1997“The Role of Foreign Currency Debt in Public Debt Management,” in Macroeconomic Dimensions of Public Financeed. byMario I.Blejer and Teresa M.Ter-Minassian (London: Routledge).

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    DebelleGuy and HamidFaruqee1996“What Determines the Current Account? A Cross-Sectional and Panel Approach,”IMF Working Paper 96/58 (June).

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    Dell AricciaGiovanni1998“Asymmetric Information and the Market Structure of the Banking Industry,”IMF Working Paper 98/92 (June).

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    Demirgüç-KuntAsli and EnricaDetragiache1998“The Determinants of Banking Crises in Developing and Developed Countries,”IMF Staff PapersVol. 45 (March).

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    Demirgüç-KuntAsli and EnricaDetragiache1998“Financial Liberalization and Financial Fragility,”IMF Working Paper 98/83 (June).

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    DetragiacheEnrica1996“Rational Liquidity Crises in the Sovereign Debt Market: In Search of a Theory,”IMF Staff PapersVol. 43 (September).

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    DomowitzIan1992“A Taxonomy of Automated Trade Execution Systems,”IMF Working Paper 92/76 (October).

    DomowitzIan1992“Automating the Price Discovery Process: Some International Comparisons and Regulatory Implications,”IMF Working Paper 92/80 (October).

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    DooleyMichael P.Donald J.Mathieson and LilianaRojas-Suárez1996“Capital Mobility and Exchange Market Intervention in Developing Countries,”IMF Working Paper 96/131 (November).

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    DooleyMichael P.1996“A Survey of Literature on Controls Over International Capital Transactions,”IMF Staff PapersVol. 43 (December).

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    DreesBurkhard and BernhardEckwert1995“The Composition of Stock Price Indices and the Excess Volatility Puzzle,”International Journal of Economics and FinanceVol. 5No. 1.

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    DreesBurkhard and CeylaPazarbaşioğlu1995“The Nordic Banking Crises: Pitfalls in Financial Liberalization?”IMF Working Paper 95/61 (June).

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    DreesBurkhard and BernhardEckwert1995“The Risk and Price Volatility of Stock Options in General Equilibrium,”Scandanavian Journal of EconomicsVol. 97No. 3.

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    DreesBurkhard and BernhardEckwert1997“Intrinsic Bubbles and Asset Price Volatility,”Economic TheoryVol. 9No. 3.

    DrummondPaulo1997“Recent Export Credit Market Developments,”IMF Working Paper 97/27 (March).

    DunawaySteven and others1995Private Market Financing for Developing Countries IMF World Economic and Financial Surveys.

    DziobekClaudia and CeylaPazarbaşioǧlu1998“Lessons from Systemic Bank Restructuring: A Survey of 24 Countries” IMF Economic Issues No. 13.

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    DziobekClaudia and CeylaPazarbaşioǧlu1998“Lessons from Systemic Bank Restructuring” IMF Economic Issues No. 14.

    EichengreenBarry and MichaelMussa with GiovanniDell’AricciaEnricaDetragiacheGian MariaMilesi-Ferretti and AndrewTweedie1998Capital Account Liberalization: Theoretical and Practical Aspects IMF Occasional Paper 172.

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    EichengreenBarry and MichaelMussa1998“Capital Account Liberalization and the IMF,”Finance & DevelopmentVol. 35 (December).

    EichengreenBarry and Donald J.Mathieson with BankimChadhaAnneJansenLauraKodres and SunilSharma1998Hedge Funds and Financial Market Dynamics IMF Occasional Paper 166.

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    El-ErianMohamed A.1992“Restoration of Access to Voluntary Capital Market Financing,”IMF Staff PapersVol. 39 (March).

    El-ErianMohamed A.1992“Mexico’s External Debt Policies” in Mexico: The Strategy to Achieve Economic Growthed. byClaudioLoser and EliotKalterIMF Occasional Paper 99.

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    El-ErianMohamed A. and Manmohan S.Kumar1995“Emerging Equity Markets in Middle Eastern Countries,”IMF Staff PapersVol. 42 (June).

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    El-NaggarSaided. 1994Financial Policies and Capital Markets in Arab Countries (Washington: International Monetary Fund).

    EnochCharles and John H.Greeneds. 1997Banking Soundness and Monetary Policy: Issues and Experiences in the Global Economy (Washington: International Monetary Fund).

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    EnochCharles A.Paul L.Hilbers and ArtoKovanen1998“Monetary Operations in the European Economic and Monetary Union,”Finance & DevelopmentVol. 35 (June).

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    ErricoLuca and MitraFarahbaksh1998“Islamic Banking—Issues in Prudential Regulations and Supervision,”IMF Working Paper 98/30 (March).

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    FaruqeeHamid1995“Capital Market Integration,” in The Emerging Growth Pole: The Asia-Pacificed. byDilip K.Das (Singapore: Simon and Schuster).

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    FaruqeeHamid1995“Dynamic Capital Mobility in Pacific Basin Developing Countries: Estimation and Policy Implications,”IMF Staff PapersVol. 39 (September).

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    FeldmanRobert A. and RajnishMehra1993“Auctions: Theory and Possible Applications to Economies in Transition,”IMF Working Paper 93/12 (February).

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    FeldmanRobert A. and Manmohan S.Kumar1994“Emerging Equity Markets—Growth, Benefits, and Policy Concerns,”IMF Paper on Policy Analysis and Assessment 94/7 (March).

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    FeldmanRobert A. and VincentReinhart1995“Flexible Estimation of Demand Schedules and Revenue under Different Auction Formats,”IMF Working Paper 95/116 (November).

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    FeldmanRobert A. and VincentReinhart1996“Auction Format Matters: Evidence on Bidding Behavior and Seller Revenue,”IMF Staff PapersVol. 43 (June).

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    Fernandez-AnsolaJuan José and ThomasLaursen1995“Historical Experience with Bond Financing to Developing Countries,”IMF Working Paper 95/27 (March).

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    Folkerts-LandauDavidTakatoshiIto and Peter M.Garber1995“Determining the Value of a Financial Unit of Account Based on Composite Currencies: The Case of the Private ECU,”IMF Staff PapersVol. 42 (March).

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    Folkerts-LandauDavidTakatoshiIto and others1995International Capital Markets: Developments Prospects and Policy Issues IMF World Economic and Financial Surveys (September).

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    Folkerts-LandauDavid1997“Wholesale Payments and Financial Discipline, Efficiency, and Liquidity,”IMF Working Paper 97/154 (November).

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    FrankelJeffrey1994“Sterilization of Money Inflows: Difficult (Calvo) or Easy (Reisen)?”IMF Working Paper 94/159 (December).

    FriesSteven M. and William R.M.Perraudin1991“Banking Policy and the Pricing of Deposit Guarantees: A New Approach,”IMF Working Paper 91/131 (December).

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    GalbisVicente1996“Currency Convertibility and the Fund—Review and Prognosis,”IMF Working Paper 96/39 (April).

    GarberPeter M. and Michael G.Spencer1995“Foreign Exchange Hedging and the Interest Rate Defense,”IMF Staff PapersVol. 42 (September).

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    García-HerreroAlicia1997“Monetary Impact of a Banking Crisis and the Conduct of Monetary Policy,”IMF Working Paper 97/124 (September).

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    García-HerreroAlicia1997“Banking Crises in Latin America in the 1990s—Lessons from Argentina, Paraguay, and Venezuela,”IMF Working Paper 97/140 (October).

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    García-HerreroAlicia and ManojVasant Pradhan1998“The Domestic and Foreign Price Gaps in the P-Star Model—Evidence from Spain,”IMF Working Paper 98/64 (May).

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    GoldfajnIlan and Rodrigo O.Valdés1997“Capital Flows and the Twin Crises: The Role of Liquidity,”IMF Working Paper 97/87 (July).

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    GoldsteinMorrisDonald J.MathiesonDavidFolkerts-LandauTimothyLaneJ. SaúlLizondo and LilianaRojas-Suárez1991Determinants and Systematic Consequences of International Capital Flows IMF Occasional Paper 77.

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    GoldsteinMorris and DavidFolkerts-Landau1992International Capital Markets: Developments. Prospects and Policy Issues IMF World Economic and Financial Surveys (September).

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    GoldsteinMorris and DavidFolkerts-Landau and others1993International Capital Markets: Part I. Exchange Rate Management and International Capital Flows IMF World Economic and Financial Surveys (April).

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    GoldsteinMorris and DavidFolkerts-Landau1993International Capital Markets: Part II. Systemic Issues in International Finance IMF World Economic and Financial Surveys (August).

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    GoldsteinMorris and DavidFolkerts-Landau1994International Capital Markets: Developments Prospects and Policy Issues IMF World Economic and Financial Surveys (September).

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    GoldsteinMorris and MichaelMussa1994“The Integration of World Capital Markets,” in Changing Capital Markets: Implications for Monetary PolicyFederal Reserve Bank of Kansas City.

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    Gonzalez-HermosilloBrendaCeylaPazarbaşioǧlu and RobertBillings1997“Determinants of Banking Sector Fragility: A Case Study of Mexico,”IMF Staff PapersVol. 44 (September).

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

    GrilliVittorio and Gian MariaMilesi-Ferretti1995“Economic Effects and Structural Determinants of Capital Controls,”IMF Staff PapersVol. 42 (September).

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    GuidottiPablo E. and Manmohan S.Kumar1992“Managing Domestic Public Debt,”Finance & DevelopmentVol. 29 (September).

    GuitiánManuel and Saleh M.Nsoulieds. 1996Currency Convertibility in the Middle East and North Africa (Washington: International Monetary Fund).

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    GuitiánManuel1998“The Challenge of Managing Global Capital Flows,”Finance & DevelopmentVol. 35 (June).

    HaqueNadeem UlManmohan S.KumarNelsonMark and Donald J.Mathieson1996“The Economic Content of Indicators of Developing Country Creditworthiness,”IMF Staff PapersVol. 43 (December).

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    HaqueNadeem UlMarkNelson and Donald J.Mathieson1998“The Relative Importance of Political and Economic Variables in Creditworthiness Ratings,”IMF Working Paper 98/46 (April).

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    HardyDaniel C. and CeylaPazarbaşioǧlu1998“Leading Indicators of Banking Crises—Was Asia Different?”IMF Working Paper 98/91 (June).

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    HardyDaniel C.1998“Are Banking Crises Predictable?”Finance & DevelopmentVol. 35 (December).

    HartmannPhilipp1994“Foreign Exchange Risk Regulation: Issues for Industrial and Developing Countries,”IMF Working Paper 94/141 (December).

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    HelblingThomas and RobertWescott1995“The Global Real Interest Rate” Staff Studies for the World Economic Outlook IMF World Economic and Financial Surveys (September).

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    HiemstraCraig and CharlesKramer1997“Nonlinearity and Endogeneity in Macro-Asset Pricing,”Studies in Nonlinear Dynamics and Econometrics (October).

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    HoffmaisterAlexander and Garry J.Schinasi1994“Asset Prices, Financial Liberalization, and the Process of Inflation in Japan,”IMF Working Paper 94/153 (December).

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    HookAndrew T.1992“Management Payment System Risk During the Transition from a Centrally Planned to a Market Economy,”IMF Working Paper 92/95 (November).

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    HooymanCatharina J.1993“The Use of Foreign Exchange Swaps by Central Banks: A Survey,”IMF Working Paper 93/64 (August).

    HoubenAerdt1995“Commercial Bank Debt Restructuring—The Experience of Bulgaria,”IMF Paper on Policy Analysis and Assessment 95/6 (May).

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    HuZuliu1995“Stock Market Volatility and Corporate Investment,”IMF Working Paper 95/102 (October).

    IbiAjayi S.1997“An Analysis of External Debt and Capital Flight in the Severely Indebted Low Income Countries in Sub-Saharan Africa,”IMF Working Paper 97/68 (June).

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    International Monetary Fund Research Department1993“A Note on Macro-economic Causes of Recent Exchange Market Turbulence,” in Group of Ten International Capital Movements and Foreign Exchange Markets: A Report to the Ministers and Governors by the Group of Deputies (WashingtonApril).

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    International Monetary Fund Research Department1993“A Note on Recent Trends and Developments in International Financial Markets and International Capital Flows,” in Group of Ten International Capital Movements and Foreign Exchange Markets: A Report to the Ministers and Governors by the Group of Deputies (WashingtonApril).

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    International Monetary Fund Middle Eastern Department1996Building on Progress: Reform and Growth in the Middle East and North Africa (Washington).

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    International Monetary Fund1996Coordinated Portfolio Investment Guide (Washington).

    International Monetary FundPolicy Development and Review Department:Anthony R.BooteDoris C.Ross and others1998Official Financing for Developing Countries IMF World Economic and Financial Surveys (February).

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    International Monetary Fund Area Department Directors1998“How Has the Asian Crisis Affected Other Regions?”Finance & DevelopmentVol. 35 (September).

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    IqbalZubair and RaviKanbur1997External Finance for Low-Income Countries (Washington: International Monetary Fund, IMF Institute).

    IsardPeterDonald J.Mathieson and LilianaRojas-Suárez1996“A Framework for the Analysis of Financial Reforms and the Cost of Official Safety Nets,”Journal of Development Economics (June).

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    ItoTakatoshiDavidFolkerts-Landau and others1996International Capital Markets: Developments Prospects and Policy Issues IMF World Economic and Financial Surveys (September).

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    ItoTakatoshi and Wen-LingLin1996“Race to the Center: Competition for the Nikkei 225 Futures Trade,”IMF Working Paper 96/117 (October).

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    IzvorskiIvailo1997“Recovery Ratios and Survival Times for Corporate Bonds,”IMF Working Paper 97/84 (July).

    IzvorskiIvailo1998“Brady Bonds and Default Probabilities,”IMF Working Paper 98/16 (February).

    JansenW. Jos1996“The Feldstein-Horioka Test of International Capital Mobility: Is It Feasible?”IMF Working Paper 96/100 (September).

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    JochumChristian and LauraKodres1998“Does the Introduction of Futures on Emerging Market Currencies Destabilize the Underlying Currencies?”IMF Staff PapersVol. 45 (September).

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    JohnstonR. Barry and ChrisRyan1994“The Impact of Controls on Capital Movements on the Private Capital Accounts of Countries’ Balance of Payments: Empirical Estimates and Policy Implications,”IMF Working Paper 94/78 (July).

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    JohnstonR. BarrySalim M.Darbar and ClaudiaEcheverria1997“Sequencing Capital Account Liberalization: Lessons from the Experiences of Chile, Indonesia, Korea, and Thailand,”IMF Working Paper 97/157 (November).

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    JohnstonR. Barry1998“Sequencing Capital Account Liberalizations and Financial Sector Reform,”IMF Paper on Policy Analysis and Assessment 98/8 (July).

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    JohnstonR. Barry1998“Sequencing Capital Account Liberalization,”Finance & DevelopmentVol. 45 (December).

    JohnstonR. Barry and NataliaTamirisa1998“Why Do Countries Use Capital Controls?”IMF Working Paper 98/181 (December).

    KapurIshan and Emmanuelvan der Mensbrugghe1997“External Borrowing by the Baltics, Russia and Other Countries of the Former Soviet Union: Developments and Policy Issues,”IMF Working Paper 97/72 (June).

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    KhanMohsin S. and Carmen M.Reinhart1995Capital Flows in the APEC Region IMF Occasional Paper 122.

    KnightMalcolm and FabioScacciavillani1998“Current Accounts—What is Their Relevance for Economic Policymaking?”IMF Working Paper 98/71 (May).

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    KnightMalcolm1998“Developing Countries and the Globalization of Financial Markets,”IMF Working Paper 98/105 (July).

    KochharKalpanaPrakashLoungani and MarkStone1998“The East Asian Crisis—Macroeconomic Developments and Policy Lessons,”IMF Working Paper 98/128 (August).

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    KoenigLinda M.1996“Capital Inflows and Policy Responses in the ASEAN Region,”IMF Working Paper 96/25 (April).

    KovanenArto1994“Foreign Exchange Auctions and Fixing: A Review of Performance,”IMF Working Paper 94/119 (September).

    KovanenArto1995“Capital Account Liberalization in Finland—Analysis of Structural Changes,”IMF Working Paper 95/131 (December).

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    KramerCharles and R. ToddSmith1994“Noise Trading, Transaction Costs, and the Relationship of Stock Returns and Trading Volume,”IMF Working Paper 94/126 (October).

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    KramerCharles1996“Stock-Market Equilibrium and the Dividend Yield,”IMF Working Paper 96/90 (August).

    KramerCharles1996“Macroeconomic Fluctuations and Equilibrium Discount Factors,”IMF Working Paper 96/118 (October).

    KramerCharles and R. ToddSmith1998“Recent Turmoil in Emerging Markets and the Behavior of Country-Fund Discounts: Renewing the Puzzle of the Pricing of Closed-End Mutual Funds,”International Journal of Theoretical and Applied FinanceVol. 1No. 1.

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    KumarManmohan S.1992“Forecasting Accuracy of Crude Oil Futures Prices,”IMF Staff PapersVol. 39 (June).

    KumarManmohan S.UmaMoorthy and William R.M.Perraudin1998“Determinants of Emerging Market Currency Crises and Contagion Effects,”presented at a joint CEPR/World Bank ConferenceLondon (May).

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    KuhnMichaelBalazsHorvath and Christopher J.Jarvis1995Officially Supported Export Credits: Recent Developments and Prospects IMF World Economic and Financial Surveys.

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    KyeiAlexander and TakashiYoshimura1996“Internal Currency Convertibility—Survey of Issues and Practice,”IMF Working Paper 96/10 (February).

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    LallSubir1997“Speculative Attacks, Forward Market Intervention and the Classic Bear Squeeze,”IMF Working Paper 97/164 (December).

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    LaneTimothy1996“The First-Round Monetary and Fiscal Impact of Bank Recapitalization in Transition Economies,”IMF Paper on Policy Analysis and Assessment 96/8 (August).

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    LaurensBernard and JaimeCardoso1998“Managing Capital Flows—Lessons from the Experience of Chile,”IMF Working Paper 98/168 (December).

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    LeeJang-Yung1996“Implications of a Surge in Capital Inflows—Available Tools and Consequences for the Conduct of Monetary Policy,”IMF Working Paper 96/53 (May).

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    LeighLamin1997“Stock Market Equilibrium and Macroeconomic Fundamentals,”IMF Working Paper 97/15 (February).

    LiLi and ZuliuHu1998“Responses of the Stock Market to Macroeconomic Announcements Across Economic States,”IMF Working Paper 98/79 (May).

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    LindgrenCarl-JohanGillianGarcia and Matthew I.Saaleds. 1996Bank Soundness and Macroeconomic Policy (Washington: International Monetary Fund).

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    ManzocchiStefano1997“External Finance and Foreign Debt in Central and Eastern European Countries,”IMF Working Paper 97/134 (October).

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    MassonPaul R.1998“Contagion—Monsoonal Effects, Spillovers, and Jumps Between Multiple Equilibria,”IMF Working Paper 98/142 (September).

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    MathiesonDonald J. and LilianaRojas-Suárez1993Liberalization on the Capital Account: Experiences and Issues IMF Occasional Paper 103.

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    MathiesonDonald J.AnthonyRichards and SunilSharma1998“Financial Crises in Emerging Markets,”Finance & DevelopmentVol. 35 (December).

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    Milesi-FerrettiGian Maria1998“Why Capital Controls? Theory and Evidence,” in Positive Political Economy: Theory and Evidenceed. bySylvester C.W.Eijffinger and HarryHuizinga (Cambridge: Cambridge University Press).

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    NsouliSaleh M. and MounirRached1998“Capital Account Liberalization in the Southern Mediterranean,”Finance & DevelopmentVol. 35 (December).

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    Ortiz MartinezGuillermo1998“What Lessons Does the Mexican Crisis Hold for Recovery in Asia?”Finance & DevelopmentVol. 35 (June).

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    OstryJonathan D. and Andrew K.Rose1992“An Empirical Evaluation of the Macroeconomic Effects of Tariffs,”Journal of International Money and Finance (February).

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    OstryJonathan D. and PeterMontiel1993“External Shocks and Inflation Under a Real Exchange Rate Rule,”The Exchange Rate and the Economy (Ottawa: Bank of Canada).

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    OstryJonathan D.1993“Government Purchases and Relative Prices in a Two-Country World,”Economic Record (June).

    PapaioannouMichael G. and Lawrence K.Duke1993“The Internationalization of Equity Markets,”Finance & DevelopmentVol. 30 (September).

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    PapaioannouMichael G. and E.K.Gatzonas1997“Financial Innovations Involving the Greek Drachma,”IMF Working Paper 97/14 (January).

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    PhylaktisKate1995“Capital Market Integration in the Pacific Basin Region: An Analysis of Real Interest Rate Linkages,”IMF Working Paper 95/133 (December).

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    Pinon-FarahMarco A.1996“Private Bond Restructurings—Lessons for the Case of Sovereign Debtors,”IMF Working Paper 96/11 (February).

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    PratiAlessandro and Garry J.Schinasi1997“EMU and International Capital Markets: Structural Implications and Risks,” in EMU and the International Monetary Systemed. byPaulMassonThomasKrueger and BartTurtelboom (Washington: International Monetary Fund).

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    QuirkPeter1994“Capital Account Convertibility: A New Model for Developing Countries,”IMF Working Paper 94/81 (July).

    QuirkPeter1994“Adopting Currency Convertibility—Experiences and Monetary Policy Considerations for Advanced Developing Countries,”IMF Working Paper 94/96 (August).

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    QuirkPeter and OwenEvans1995Capital Account Convertibility: Review of Experience and Implications for IMF Policies IMF Occasional Paper 131.

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    QuirkPeter1996“Macroeconomic Implications of Money Laundering,”IMF Working Paper 96/66 (June).

    RamosAlberto1998“Capital Structures and Portfolio Composition During Banking Crisis—Lessons from Argentina 1995,”IMF Working Paper 98/121 (August).

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    RandallRuby1998“Interest Rate Spreads in the Eastern Caribbean,”IMF Working Paper 98/59 (April).

    RazinAssafEfraimSadka and Chi-WaYuen1998“Capital Flows with Debt and Equity-Financed Investment—Equilibrium Structure and Efficiency Implications,”IMF Working Paper 98/159 (November).

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    RichardsAnthony1995“Comovements in National Stock Market Returns: Evidence of Predictability but not Cointegration,”Journal of Monetary EconomicsVol. 36 (December).

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    RichardsAnthony1996“Volatility and Predictability in National Stock Markets: How Do Emerging and Mature Markets Differ?”IMF Staff PapersVol. 43 (September).

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    RichardsAnthony1997“Winner-Loser Reversals in National Stock Market Indices: Can They Be Explained?”Journal of FinanceVol. 52 (December).

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    Rojas-SuárezLiliana and Steven R.Weisbrod1995Financial Fragilities in Latin America: The 1980s and 1990s IMF Occasional Paper 132.

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    RossKevin1998“Post Stabilization Inflation Dynamics in Slovenia,”IMF Working Paper 98/27 (March).

    RossiMarco1998“Economic Announcements and the Timing of Public Debt Auctions,”IMF Working Paper 98/44 (April).

    SchadlerSusanMariaCarkovicAdamBennett and RobertKahn1993Recent Experiences with Surges in Capital Inflows IMF Occasional Paper 108.

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    SchinasiGarry J. and R. ToddSmith1998“Fixed-Income Markets in the United States, Europe, and Japan—Some Lessons for Emerging Markets,”IMF Working Paper 98/173 (December).

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    SchwartzGerd1994“Toward an Economic Theory of Multilateral Development Banking,”Journal of Institutional and Theoretical EconomicsVol. 150No. 3 (September).

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    ScottLouis O.1991“The Information Content of Prices in Derivative Security Markets,”IMF Working Paper 91/132 (December).

    SenhadjiAbdelhak1997“Sources of Debt Accumulation in a Small Open Economy,”IMF Working Paper 97/146 (October).

    SensenbrennerGabriel and V.Sundararajan1994“The Payments System and its Effects on Monetary Operations: Recent Experience in the Russian Federation,”IMF Working Paper 94/133 (November).

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    SmithR. Todd1995“Markets for Corporate Debt Securities,”IMF Working Paper 95/67 (July).

    StephensMalcolm1998“Export Credit Agencies, Trade Finance and South East Asia,”IMF Working Paper 98/175 (December).

    StoneMark1998“Corporate Debt Restructuring in East Asia—Some Lessons from International Experience,”IMF Paper on Policy Analysis and Assessment 98/13 (October).

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    SundararajanV.DavidMarston and GhaithShabsigh1998“Monetary Operations and Government Debt Management Under Islamic Banking,”IMF Working Paper 98/144 (September).

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    SvenssonLars E.O.1994“Estimating and Interpreting Forward Interest Rates: Sweden 1992-1994,”IMF Working Paper 94/114 (September).

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    SzymczakPhilippe1992“Mexico’s Return to Voluntary International Capital Market Financing” in Mexico: The Strategy to Achieve Economic Growthed. byClaudioLoser and EliotKalterIMF Occasional Paper 99.

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    TanziVito1996“Globalization, Tax Competition and the Future of Tax Systems,”IMF Working Paper 96/141 (December).

    VamvakidisAthanasios and RomainWacziarg1998“Developing Countries and the Feldstein-Horioka Puzzle,”IMF Working Paper 98/2 (January).

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    Van RijckeghemCarolineMuratÜçer and RehaYolalan1998“Leading Indicators of Currency Crises: A Brief Literature Survey and an Application to Turkey,”Yapi Kredi Economic ReviewVol. 9 (December).

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    VockeMatthias1997“Investment Implications of Selected WTO Agreements and the Proposed Multilateral Agreement on Investment,”IMF Working Paper 97/60 (May).

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    VroliijkCoenraad1997“Derivatives Effect on Monetary Policy Transmission,”IMF Working Paper 97/121 (September).

    WeisbrodSteven R.HowardLee and LilianaRojas-Suárez1992“Bank Risk and the Declining Franchise Value of the Banking System in the United States and Japan,”IMF Working Paper 92/45 (June).

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    YeyatiEduardo Levy and AngelUbide1998“Crises, Contagion, and the Closed-End Country Fund Puzzle,”IMF Working Paper 98/143 (September).

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    ZebregsHarm1998“Can the Neoclassical Model Explain the Distribution of Foreign Direct Investment Across Developing Countries?”IMF Working Paper 98/139 (September).

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    ZettelmeyerJeronim1996“EMU and Long Interest Rates in Germany,”IMF Working Paper 96/133 (December).

III. Inflation and Inflation Stabilization

    AgénorPierre-Richard1991“Credibility and Exchange Rate Management in Developing Countries,”IMF Working Paper 91/87 (September).

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    AgénorPierre-Richard and Mohsin S.Khan1992“Foreign Currency Deposits and the Demand for Money in Developing Countries,”IMF Working Paper 92/1 (January).

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    AgénorPierre-RichardJagdeep S.Bhandari and Robert P.Flood1992“Speculative Attacks and Models of Balance of Payments Crises,”IMF Staff PapersVol. 39 (June).

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    AgénorPierre-Richard and MarkTaylor1992“Testing for Credibility Effects,”IMF Staff PapersVol. 39 (September).

    AgénorPierre-Richard1992“Credibility Effects of Price Controls in Disinflation Programs,”IMF Working Paper 92/83 (October).

    AgénorPierre-Richard1993“Credible Disinflation Programs,”IMF Paper on Policy Analysis and Assessment 93/9 (July).

    AgénorPierre-Richard1994“The Behavior of Real Interest Rates in Exchange-Rate Based Stabilization Programs,”IMF Working Paper 94/75 (June).

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    AgénorPierre-Richard1994“Speculative Attacks and Balance-of-Payments Crises,” in Handbook of International Macroeconomicsed. byFrederickvan der Ploeg (Oxford: Basil Blackwell).

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    AgénorPierre-Richard and Alexander W.Hoffmaister1997“Money, Wages, and Inflation in Middle-Income Developing Countries,”IMF Working Paper 97/174 (December).

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    AlesinaAlbertoAlessandroPrati and GuidoTabellini1991“Public Confidence and Debt Management: A Model and a Case Study of Italy,” in Public Debt Management: Theory and Historyed. byRudigerDornbusch and MarioDraghi (Cambridge, England: CEPR and Cambridge University Press).

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    AlesinaAlbertoMarkDe BroeckAlessandroPrati and GuidoTabellini1992“Default Risk on Government Debt in OECD Countries,”Economic Policy (October).

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    ArmstrongJohnRichardBlackDouglasLaxton and DavidRose1995“A Robust Method for Simulating Forward-Looking ModelsThe Bank of Canada New Quarterly Projection Model Part II Technical Report No. 73Bank of Canada (January).

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    AroraVivek B. and Manmohan S.Kumar1994“Trade Reform and Inflation Stabilization,”IMF Working Paper 94/130 (November).

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

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    BaumgartnerJosef and RamanaRamaswamy1996“Inflation Targeting in the United Kingdom: Information Content of Financial and Monetary Variables,”IMF Working Paper 96/44 (May).

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    BaumgartnerJosefRamanaRamaswamy and GoranZettergren1997“Monetary Policy and Leading Indicators of Inflation in Sweden,”IMF Working Paper 97/34 (April).

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    BayoumiTamim and EswarPrasad1997“Currency Unions, Economic Fluctuations, and Adjustment: Some New Empirical Evidence,”IMF Staff PapersVol. 44 (March).

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    BeaugrandPhilippe1997“Zaïre’s Hyperinflation, 1990–96,”IMF Working Paper 97/50 (April).

    BodartVincent1996“Multiple Exchange Rates, Fiscal Deficits and Inflation Dynamics,”IMF Working Paper 96/56 (May).

    BrunoMichael1992“Stabilization and Reform in Eastern Europe: A Preliminary Evaluation,”IMF Staff PapersVol. 39 (December).

    BulirAles and Anne-MarieGuide1995“Inflation and Income Distribution—Further Evidence on Empirical Links,”IMF Working Paper 95/86 (August).

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    BulirAles1998“Income Inequality—Does Inflation Matter?”IMF Working Paper 98/7 (January).

    CalvoGuillermo A. and Carlos A.Végh1994“Stabilization Dynamics and Backward-Looking Contracts,”Journal of Development EconomicsVol. 43 (February).

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    CalvoGuillermo A. and Carlos A.Végh1992“Currency Substitution in Developing Countries: An Introduction,”IMF Working Paper 92/40 (May).

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    CalvoGuillermo A. and Carlos A.Végh1992“Inflation Stabilization and Nominal Anchors,”IMF Paper on Policy Analysis and Assessment 92/4 (December).

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    CalvoGuillermo A. and Carlos A.Végh1993“Exchange Rate-Based Stabilization under Imperfect Credibility,” in Open-Economy Macroeconomicsed. byHelmutFrisch and AndreasWorgotter (London: MacMillan Press).

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