Imf Staff Papers Volume 42 No 3

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IMF Staff papers, Volume 42 No. 3

International Monetary Fund. Research Dept.
IMF Staff papers Volume 42 No 3 Book PDF

Author : International Monetary Fund. Research Dept.
Publisher : International Monetary Fund
Page : 280 pages
File Size : 45,9 Mb
Release : 1995-01-01
Category : Business & Economics
ISBN : 9781451973396

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IMF Staff papers, Volume 42 No. 3 by International Monetary Fund. Research Dept. Pdf

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 42 No. 4

International Monetary Fund. Research Dept.
IMF Staff papers Volume 42 No 4 Book PDF

Author : International Monetary Fund. Research Dept.
Publisher : International Monetary Fund
Page : 224 pages
File Size : 49,5 Mb
Release : 1995-01-01
Category : Business & Economics
ISBN : 9781451930900

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IMF Staff papers, Volume 42 No. 4 by International Monetary Fund. Research Dept. Pdf

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

International Monetary Fund. Research Dept.
IMF Staff papers Book PDF

Author : International Monetary Fund. Research Dept.
Publisher : International Monetary Fund
Page : 244 pages
File Size : 41,7 Mb
Release : 1995-01-01
Category : Business & Economics
ISBN : 9781451957068

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IMF Staff papers by International Monetary Fund. Research Dept. Pdf

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

International Monetary Fund. Research Dept.
IMF Staff papers Book PDF

Author : International Monetary Fund. Research Dept.
Publisher : International Monetary Fund
Page : 208 pages
File Size : 49,9 Mb
Release : 1995-01-01
Category : Business & Economics
ISBN : 9781451947205

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IMF Staff papers by International Monetary Fund. Research Dept. Pdf

This paper develops an endogenous growth model of the influence of public investment, public transfers, and distortionary taxation on the rate of economic growth. The growth–enhancing effects of investment in public capital and transfer payments are modeled, as is the growth–inhibiting influence of the levying of distortionary taxes that are used to fund such expenditure. The theoretical implications of the model are then tested with data from 23 developed countries between 1971 and 1988, and time series cross sectional results are obtained that support the proposed influence of the public finance variables on economic growth.

IMF Staff papers

International Monetary Fund. Research Dept.
IMF Staff papers Book PDF

Author : International Monetary Fund. Research Dept.
Publisher : International Monetary Fund
Page : 203 pages
File Size : 55,7 Mb
Release : 1965-01-01
Category : Business & Economics
ISBN : 9781451969061

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IMF Staff papers by International Monetary Fund. Research Dept. Pdf

Selections from this paper were delivered at the Annual Meeting of the American Statistical Association, Philadelphia, Pennsylvania, on September 8, 1965.

IMF Staff papers

International Monetary Fund. Research Dept.
IMF Staff papers Book PDF

Author : International Monetary Fund. Research Dept.
Publisher : International Monetary Fund
Page : 169 pages
File Size : 50,6 Mb
Release : 1966-01-01
Category : Business & Economics
ISBN : 9781451969108

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IMF Staff papers by International Monetary Fund. Research Dept. Pdf

This paper explores trends in payment imbalances between 1952 and 1964. When desired reserves deviate appreciably from actual holdings, the authorities will sooner or later readjust their economic policies to reduce the magnitude of the deviation. On the assumption that the priorities given in individual countries to domestic and external objectives of economic policy and the attitudes toward the use of various policy instruments remain unchanged, desired reserves would tend to rise chiefly as a result of the increase in the size of expected payments fluctuations. International reserves of all 65 countries of the study rose over the period studied by 2.5 per cent a year. This low rate of increase reflects, however, the large reduction in US reserves. For all countries of the study excluding the United States, the reserves grew by 6.0 per cent a year. Leaving aside the loss of reserves by the United States, reserves of all countries appear, therefore, to have grown roughly in proportion to the value of trade and to the size of payments imbalances.

IMF Staff papers

International Monetary Fund. Research Dept.
IMF Staff papers Book PDF

Author : International Monetary Fund. Research Dept.
Publisher : International Monetary Fund
Page : 278 pages
File Size : 54,6 Mb
Release : 1974-01-01
Category : Business & Economics
ISBN : 9781451969344

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IMF Staff papers by International Monetary Fund. Research Dept. Pdf

This paper constructs three simple model of the financial effects on countries in different situations of the various arrangements regarding reserve supply that were discussed during the recent negotiations on reform of the international monetary system. Much of the analysis is devoted to an identification of the conflicting factors that determine the financial impact on a country of the possible arrangements considered. It is demonstrated that nonreserve centers have a financial interest in the existence of convertibility and in the absence of holding limits for primary assets, while the converse is true for a reserve center. Another clear-cut conclusion is that net users of special drawing rights (SDR) have a financial interest in increasing the role of the SDR by means of restrictions on reserve composition rather than by means of an increased SDR yield, while the reverse is true of countries with SDR holdings in excess of allocations.

IMF Staff papers

International Monetary Fund. Research Dept.
IMF Staff papers Book PDF

Author : International Monetary Fund. Research Dept.
Publisher : International Monetary Fund
Page : 199 pages
File Size : 53,5 Mb
Release : 2024-07-03
Category : Business & Economics
ISBN : 9781451969160

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IMF Staff papers by International Monetary Fund. Research Dept. Pdf

This paper focuses on problems of economic policy in terms of targets and instruments. Both the fixed-targets approach and the welfare-economics approach tend to favor a multiplication of policy instruments, the former so as to increase the number of targets that can be attained and the latter so as to permit all objectives to be more closely approximated. It is necessary that policies be centrally coordinated, and in each country, there is a limit to the number of policies that can be successfully coordinated by the political and administrative machine. For this reason, the costs of applying any given policy instrument will depend not only on the degree of its use but also on the number and nature of the instruments already in use. The existence of both kinds of cost, and particularly the latter, will set a limit on the number of policy instruments that can appropriately be brought into operation.

IMF Staff papers

International Monetary Fund. Research Dept.
IMF Staff papers Book PDF

Author : International Monetary Fund. Research Dept.
Publisher : International Monetary Fund
Page : 143 pages
File Size : 49,8 Mb
Release : 1952-01-01
Category : Business & Economics
ISBN : 9781451968262

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IMF Staff papers by International Monetary Fund. Research Dept. Pdf

This paper focuses on the relation of inflation to economic development. Due to the inadequacy of savings and the difficulty of directing them into productive investment, there is a strong temptation to raise the level of investment by expanding bank credit—that is, by inflation. In most low-income countries, even the most forceful measures for increasing savings and for applying them to the most urgent needs would still leave the economy with inadequate resources for the investment necessary to assure tolerable progress in raising productive efficiency and expanding production. The only way of securing adequate resources for development in such countries is by supplementing domestic savings with capital from abroad. It is characteristic of the underdeveloped countries that the resources they put into investment are generally a smaller proportion of their very much smaller national product than is true for the more highly developed countries. The proportionally low level of investment in underdeveloped countries may be due to various factors. Frequently, though not universally, the cause of inadequate investment is the unavailability of savings.

IMF Staff Papers

International Monetary Fund. Research Dept.
IMF Staff Papers Book PDF

Author : International Monetary Fund. Research Dept.
Publisher : International Monetary Fund
Page : 187 pages
File Size : 40,8 Mb
Release : 1951-01-01
Category : Business & Economics
ISBN : 9781451949322

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IMF Staff Papers by International Monetary Fund. Research Dept. Pdf

This paper discusses that the governments of forty-nine countries have accepted the Articles of Agreement of the IMF. They have accepted the Agreement on their own behalf and in respect of all their colonies, overseas territories, all territories under their protection, suzerainty, or authority and all territories in respect of which they exercise a mandate. Although the concept of a fixed par value and of rates of exchange based on it is of fundamental importance under the Articles of Agreement, provision is also made for the retention, adaptation and introduction of multiple currency practices in certain circumstances. Courts are frequently called upon to decide at what rate of exchange one currency shall be translated into another. The courts of many countries have been faced, both before and after the coming into force of the IMF Agreement, with the problem whether they should recognize the effect of the exchange control regulations of other countries.

IMF Staff papers

International Monetary Fund. Research Dept.
IMF Staff papers Book PDF

Author : International Monetary Fund. Research Dept.
Publisher : International Monetary Fund
Page : 194 pages
File Size : 49,5 Mb
Release : 1980-01-01
Category : Business & Economics
ISBN : 9781451972634

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IMF Staff papers by International Monetary Fund. Research Dept. Pdf

This paper analyzes the implications of credit policies for output and growth and how they relate to the development of the current account and overall balance of payments. The framework chosen for the analysis is one in which the availability of financing is a direct and major determinant of current and future production. The paper identifies three channels through which credit policies can affect production in the economy. The principal conclusions are that limiting the overall level of credit is not a panacea for balance of payments problems; considerations regarding the distribution and the use of credit are important; in the absence of distortions, the current account objectives are best served by permitting credit expansion and investment to take place in the sector with the highest productivity, independent of whether this sector produces traded goods or nontraded goods; and tight credit policies can endanger the current account objectives when prevailing distortions lead to a “crowding out” of productive uses of credit.

IMF Staff papers

International Monetary Fund. Research Dept.
IMF Staff papers Book PDF

Author : International Monetary Fund. Research Dept.
Publisher : International Monetary Fund
Page : 148 pages
File Size : 50,5 Mb
Release : 1988-01-01
Category : Business & Economics
ISBN : 9781462356591

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IMF Staff papers by International Monetary Fund. Research Dept. Pdf

The proposal to set up an international debt facility to buy the debt of developing countries at a discount and then mark down its contractual value is analyzed. The paper considers the central question of how the debtor countries, creditor banks, and owners of the facility would be affected; in particular, what redistribution of gains and losses there would be among them. The “market price effect” and the “ceiling effect” are distinguished. A crucial consideration is whether debt retained by banks is subordinated to debt bought by the facility.

IMF Staff papers, Volume 43 No. 3

International Monetary Fund. Research Dept.
IMF Staff papers Volume 43 No 3 Book PDF

Author : International Monetary Fund. Research Dept.
Publisher : International Monetary Fund
Page : 188 pages
File Size : 55,6 Mb
Release : 1996-01-01
Category : Business & Economics
ISBN : 9781451973440

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IMF Staff papers, Volume 43 No. 3 by International Monetary Fund. Research Dept. Pdf

This paper examines the volatility and predictability of emerging stock markets. A range of measures suggests that, despite perceptions to the contrary, the volatility of emerging markets may have fallen rather than risen on average. Also, although the autocorrelations in emerging market returns appear to turn negative at horizons of a year or more, the magnitude of these return reversals is not that much larger than reversals in some mature markets. One interpretation of the results would be that emerging markets have not consistently been subject to fads or bubbles, or at least no more so than in some industrial countries.

IMF Staff Papers, Volume 52, No. 3

International Monetary Fund. Research Dept.
IMF Staff Papers Volume 52 No 3 Book PDF

Author : International Monetary Fund. Research Dept.
Publisher : International Monetary Fund
Page : 193 pages
File Size : 42,6 Mb
Release : 2005-12-22
Category : Business & Economics
ISBN : 9781589064751

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IMF Staff Papers, Volume 52, No. 3 by International Monetary Fund. Research Dept. Pdf

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, Volume 51, No. 2

International Monetary Fund. Research Dept.
IMF Staff Papers Volume 51 No 2 Book PDF

Author : International Monetary Fund. Research Dept.
Publisher : International Monetary Fund
Page : 224 pages
File Size : 45,5 Mb
Release : 2004-07-29
Category : Business & Economics
ISBN : 1589063236

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IMF Staff Papers, Volume 51, No. 2 by International Monetary Fund. Research Dept. Pdf

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.