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IMF Staff papers, Volume 42 No. 4

IMF Staff papers, Volume 42 No. 4
Author: International Monetary Fund. Research Dept.
Publisher: International Monetary Fund
Total Pages: 224
Release: 1995-01-01
Genre: Business & Economics
ISBN: 1451930909

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This paper describes early contributions of Staff Papers to international economics. The paper highlights that Staff Papers has, since its inception in 1950, been an important vehicle for the dissemination of research done by the IMF staff. This paper discusses three areas in which articles published in Staff Papers up until the 1970s made major contributions to the literature in international economics. The areas covered are: the absorption approach and the monetary theory of the balance of payments; the Mundell-Fleming model; and foreign trade modeling.


IMF Staff papers

IMF Staff papers
Author: International Monetary Fund. Research Dept.
Publisher: International Monetary Fund
Total Pages: 244
Release: 1995-01-01
Genre: Business & Economics
ISBN: 1451957068

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This paper provides a critical survey of the literature on politico-institutional determinants of the government budget. We organize our discussion around two questions: Why did certain OECD countries, but not others, accumulate large public debts? Why did these fiscal imbalances appear in the last twenty years rather than sooner? We begin by discussing the “tax smoothing” model and conclude that this approach alone cannot provide complete answers to these questions. We then proceed to a discussion of political economy models, which we organize into six groups: (1) models based upon opportunistic policy makers and naive voters with “fiscal illusion”; (2) models of intergenerational redistributions; (3) models of debt as a strategic variable, linking the current government with the next one; (4) models of coalition governments; (5) models of geographically dispersed interests; and (6) models emphasizing the effects of budgetary institutions. We conclude by briefly discussing policy implications.


IMF Staff papers, Volume 42 No. 3

IMF Staff papers, Volume 42 No. 3
Author: International Monetary Fund. Research Dept.
Publisher: International Monetary Fund
Total Pages: 280
Release: 1995-01-01
Genre: Business & Economics
ISBN: 145197339X

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This paper analyzes long-term exchange rate modeling. The paper reviews the literature that tests for a unit root in real exchange rates and the closely related work on testing for a unit root in the residual from a regression of the nominal exchange rate on relative prices. It argues that the balance of evidence is supportive of the existence of some form of long-term exchange rate relationship. The paper highlights that the form of this relationship, however, does not accord exactly with a traditional representation of the long-term exchange rate.


IMF Staff Papers, Volume 48, No. 2

IMF Staff Papers, Volume 48, No. 2
Author: International Monetary Fund. Research Dept.
Publisher: International Monetary Fund
Total Pages: 208
Release: 2001-12-12
Genre: Business & Economics
ISBN: 1451974256

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This paper analyzes the link between product variety and economic growth. It finds support for the hypothesis that a greater degree of product variety relative to the United States helps to explain relative per capita GDP levels. The paper presents an empirical study for South Africa, which indicates that there exists a stable money demand type of relationship among domestic prices, broad money, real income, and interest rates, as well as a long-term relationship among domestic prices, foreign prices, and the nominal exchange rate.


IMF Staff papers

IMF Staff papers
Author: International Monetary Fund. Research Dept.
Publisher: International Monetary Fund
Total Pages: 233
Release: 1978-01-01
Genre: Business & Economics
ISBN: 1451930445

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This chapter examines if there was a fundamental shift in the demand for international reserves of countries in 1973 because of the change in the international monetary system from one of generally fixed exchange rates to one of greater exchange rate flexibility. Particular attention was also paid to the question whether the relationship between reserves and certain important variables remained stable during the period 1973–1976. The results indicated that there was a shift in the demand for reserves by industrial countries in response to the move to floating, however, that this shift occurred toward the end of 1973 rather than at the beginning of the year. Obviously, there was some lag in the response of these countries to the change in the system; however, the behavior of non-oil developing countries did not appear to be affected by the change. This can perhaps be attributed to the fact that most of these countries continued to peg their currencies to another currency, and thus there was no real change in the exchange rate regime relevant to them.


IMF Staff Papers, Volume 56, No. 1

IMF Staff Papers, Volume 56, No. 1
Author: International Monetary Fund. Research Dept.
Publisher: International Monetary Fund
Total Pages: 248
Release: 2009-06-01
Genre: Business & Economics
ISBN: 1589067940

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This special issue brings together world-renowned experts to provide a systematic and critical analysis of the costs and benefits of financial globalization. Contributors include Kenneth Rogoff, Maurice Obstfeld, Dani Rodrik, and Frederic S. Mishkin.


IMF Staff Papers, Volume 51, No. 2

IMF Staff Papers, Volume 51, No. 2
Author: International Monetary Fund. Research Dept.
Publisher: International Monetary Fund
Total Pages: 224
Release: 2004-07-29
Genre: Business & Economics
ISBN: 9781589063235

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This second issue for 2004 contains 8 new papers, including notable contributions from: Nancy Brune, Geoffrey Garrett, and Bruce Kogut on the global spread of privatization; and Mark P. Taylor and Elena T. Branson on asymmetric arbitrage and default premiums in the U.S. and Russian markets. Other papers in the issue look at German wage structures, contagion in equity markets, export orientation and productivity in Sub-Saharan Africa, the role of higher vs. basic education in economic development, and issues related to capital account liberalization.


IMF Staff Papers, Volume 52, No. 3

IMF Staff Papers, Volume 52, No. 3
Author: International Monetary Fund. Research Dept.
Publisher: International Monetary Fund
Total Pages: 193
Release: 2005-12-22
Genre: Business & Economics
ISBN: 1589064755

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This last issue for 2005 comprises seven new papers, including a contribution to the journal's occasional Special Data Section about domestic debt markets in Sub-Saharan Africa, and also an in-depth look at the internal job market for entry-level economists at the IMF. The remaining articles cover toics as diverse as: modeling of asset markets, exchange rates in developing countries, international bank claims on Latin America, the effectiveness of "early warning" systems, and the use (by emerging market countries) of the IMF's Special Data Dissemination Standard (SDDS).


IMF Staff papers

IMF Staff papers
Author: International Monetary Fund. Research Dept.
Publisher: International Monetary Fund
Total Pages: 193
Release:
Genre: Business & Economics
ISBN: 145195624X

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From the Foreword to the first issue: “Among the responsibilities of the International Monetary Fund, as set forth in the Articles of Agreement, is the obligation to ‘act as a center for the collection and exchange of information on monetary and financial problems,’ and thereby to facilitate ‘the preparation of studies designed to assist members in developing policies which further the purposes of the Fund.’ The publications of the Fund are one way in which this responsibility is discharged. “Through the publication of Staff Papers, the Fund is making available some of the work of members of its staff. The Fund believes that these papers will be found helpful by government officials, by professional economists, and by others concerned with monetary and financial problems. Much of what is now presented is quite provisional. On some international monetary problems, final and definitive views are scarcely to be expected in the near future, and several alternative, or even conflicting, approaches may profitably be explored. The views presented in these papers are not, therefore, to be interpreted as necessarily indicating the position of the Executive Board or of the officials of the Fund.” The authors of the papers in this issue have received considerable assistance from their colleagues on the staff of the Fund. This general statement of indebtedness may be accepted in place of a detailed list of acknowledgments. Subscription: US$6.00 a volume or the approximate equivalent in the currencies of most countries. Three numbers constitute a volume. Single copies may be purchased at $2.50. Special rate to university libraries, faculty members, and students: $3.00 a volume; $1.00 a single copy. Subscriptions and orders should be sent to: THE SECRETARY International Monetary Fund 19th and H Streets, N.W. Washington, D. C. 20431


IMF Staff Papers, Volume 49, No. 3

IMF Staff Papers, Volume 49, No. 3
Author: International Monetary Fund. Research Dept.
Publisher: International Monetary Fund
Total Pages: 260
Release: 2002-09-23
Genre: Business & Economics
ISBN: 9781589061224

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This paper empirically investigates the monetary impact of banking crises in Chile, Colombia, Denmark, Japan, Kenya, Malaysia, and Uruguay during 1975–98. Cointegration analysis and error correction modeling are used to research two issues: (i) whether money demand stability is threatened by banking crises; and (ii) whether crises lead to structural breaks in the relation between monetary indicators and prices. Overall, no systematic evidence that banking crises cause money demand instability is found. The paper also analyzes inflation targeting in the context of the IMF-supported adjustment programs.