IMF Staff Papers, Volume 51, No. 2
IMF Staff Papers, Volume 51, No. 2

Author: International Monetary Fund. Research Dept.

Publisher: International Monetary Fund

Published: 2004-07-29

Total Pages: 224

ISBN-13: 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 51, No. 3
IMF Staff Papers, Volume 51, No. 3

Author: International Monetary Fund. Research Dept.

Publisher: International Monetary Fund

Published: 2004-11-23

Total Pages: 216

ISBN-13: 9781589063518

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This paper tests uncovered interest parity (UIP) using interest rates on longer maturity bonds for the Group of Seven countries. These long-horizon regressions yield much more support for UIP—all of the coefficients on interest differentials are of the correct sign, and almost all are closer to the UIP value of unity than to zero. The paper also analyzes the decision by a government facing electoral uncertainty to implement structural reforms in the presence of fiscal restraints similar to the Stability and Growth Pact.

IMF Staff Papers, Volume 51, No. 1
IMF Staff Papers, Volume 51, No. 1

Author: International Monetary Fund. Research Dept.

Publisher: International Monetary Fund

Published: 2004-04-20

Total Pages: 206

ISBN-13: 9781589063228

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This first issue of Volume 51 for 2004 includes a new paper by Peter B. Clark and Jacques J. Polak, along with a tribute from the Editor to Mr. Polak in honor of his 90th birthday. This issue also launches a new featured section, "Data Issues," which will be devoted in future issues to on-going discussions of the latest in econometric and statistical tools for economists, data puzzles, and other related topics of interest to researchers.

IMF Staff Papers, Volume 57, No. 2
IMF Staff Papers, Volume 57, No. 2

Author: International Monetary Fund. Research Dept.

Publisher: International Monetary Fund

Published: 2010-06-29

Total Pages: 244

ISBN-13: 1589069129

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This paper introduces a new database of financial reforms covering 91 economies over 1973-2005. It describes the content of the database, the information sources utilized, and the coding rules used to create an index of financial reform. It also compares the database with other measures of financial liberalization, provides descriptive statistics, and discusses some possible applications. The database provides a multifaceted measure of reform, covering seven aspects of financial sector policy. Along each dimension the database provides a graded (rather than a binary) score, and allows for reversals.

IMF Staff Papers, Volume 56, No. 1
IMF Staff Papers, Volume 56, No. 1

Author: International Monetary Fund. Research Dept.

Publisher: International Monetary Fund

Published: 2009-06-01

Total Pages: 248

ISBN-13: 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 50, No. 2
IMF Staff Papers, Volume 50, No. 2

Author: Mr.Robert P. Flood

Publisher: International Monetary Fund

Published: 2003-07-11

Total Pages: 172

ISBN-13: 9781589062023

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This paper examines sources of economic growth in East Asia. The conventional growth-accounting approach to estimating the sources of economic growth requires unrealistically strong assumptions about either competitiveness of factor markets or the form of the underlying aggregate production function. The paper outlines a new approach utilizing nonparametric derivative estimation techniques that does not require imposing these restrictive assumptions. The results for East Asian countries show that output elasticities of capital and labor tend to be different from the income shares of these factors. The paper also explores the compensating potential of private intergenerational transfers.

IMF Staff Papers, Volume 49, No. 2
IMF Staff Papers, Volume 49, No. 2

Author: Mr.Robert P. Flood

Publisher: International Monetary Fund

Published: 2002-07-11

Total Pages: 122

ISBN-13: 9781589061194

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This paper explores sources of the output collapse in Russia during transition. A modified growth-accounting framework is developed that takes into account changes in factor utilization that are typical of the transition process. The results indicate that declines in factor inputs and productivity were both important determinants of the output fall. The paper analyzes the behavior of real commodity prices over the 1862–1999 progress. It also examines whether average stocks of health and education are converging across countries, and calculates the speed of their convergence using data from 84 countries for 1970–90.

IMF Staff Papers, Volume 52, No. 3
IMF Staff Papers, Volume 52, No. 3

Author: International Monetary Fund. Research Dept.

Publisher: International Monetary Fund

Published: 2005-12-22

Total Pages: 193

ISBN-13: 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, Volume 56, No. 3
IMF Staff Papers, Volume 56, No. 3

Author: International Monetary Fund. Research Dept.

Publisher: International Monetary Fund

Published: 2009-07-31

Total Pages: 248

ISBN-13: 1589068203

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Studies of the impact of trade openness on growth are based either on crosscountry analysis—which lacks transparency—or case studies—which lack statistical rigor. This paper applies a transparent econometric method drawn from the treatment evaluation literature (matching estimators) to make the comparison between treated (that is, open) and control (that is, closed) countries explicit while remaining within a statistical framework. Matching estimators highlight that common cross-country evidence is based on rather far-fetched country comparisons, which stem from the lack of common support of treated and control countries in the covariate space. The paper therefore advocates paying more attention to appropriate sample restriction in crosscountry macro research.