IMF Staff Papers, Volume 54, No. 3
IMF Staff Papers, Volume 54, No. 3

Author: International Monetary Fund. Research Dept.

Publisher: International Monetary Fund

Published: 2007-05-30

Total Pages: 212

ISBN-13: 1589066510

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This issue features a timely paper by Vladimir Klyuev and Paul Mills on the role of personal wealth and home equity withdrawal in the decline in the U.S. saving rate. Lusine Lusinyan and Leo Bonato explain how work absence in 18 European countries affects labor supply and demand. And a paper by Paolo Manasse (University of Bologna) entitled "Deficit Limits and Fiscal Rules for Dummies" examines fiscal frameworks.

IMF Staff Papers
IMF Staff Papers

Author: International Monetary Fund. Research Dept.

Publisher: INTERNATIONAL MONETARY FUND

Published: 2007-09-26

Total Pages: 235

ISBN-13: 9781463905439

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Vol. 54, No. 2 includes three notable contributions from the Seventh Jacques Polak Annual Research Conference (ARC) hosted by the IMF in November 2006. Its lead paper, by Olivier Blanchard of Harvard University, is the 2006 Mundell-Fleming Lecture (delivered at the ARC), which analyzes current-account deficits in the advanced economies. Other papers in this issue look at the relationship between international financial integration and the real economy. Other papers discuss whether (or not): i) the next capital account crisis can be predicted; ii) accepted definitions of debt crises are adequate; iii) the Doha Round of trade talks (if they are ever successfully completed) will lead to preference erosion; and finally iv) there is room for political opportunism in countries deciding between money-based or exchange-rate-based stabilization programs.

Imf Staff Papers 2007
Imf Staff Papers 2007

Author: International Monetary Fund

Publisher:

Published: 2007-09-26

Total Pages:

ISBN-13: 9781589066052

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This is the first issue of IMF Staff Papers published under a special partnership between the IMF and Palgrave Macmillan. Very little will change with regard to the journal's visual appearance, though significant service quality enhancements (e.g., an on-line interactive edition) will rollout before the end of 2007. For more information and regular updates, please access http://www.palgrave-journals.com/imfsp/index.html.

IMF Staff papers
IMF Staff papers

Author: International Monetary Fund. Research Dept.

Publisher: International Monetary Fund

Published: 1957-01-01

Total Pages: 196

ISBN-13: 1451960212

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As a part of the proceedings of the Eleventh Annual Meeting of the Board of Governors of the International Monetary Fund, an Informal Session on “Recent Developments in Monetary Analysis” was held on September 25, 1956. The three papers which were presented at that Session by Dr. M. W. Holtrop, President of De Nederlandsche Bank, Dr. Paolo Baffi, Economic Adviser to Banca d’Italia, and Dr. Ralph A. Young, Director of the Division of Research and Statistics, Board of Governors of the Federal Reserve System, are reproduced below, together with the background paper, “Monetary Analyses,” prepared by the Statistics Division of the Research and Statistics Department of the International Monetary Fund.

IMF Staff papers
IMF Staff papers

Author: International Monetary Fund. Research Dept.

Publisher: International Monetary Fund

Published: 1958-01-01

Total Pages: 181

ISBN-13: 1451968655

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This paper explores wage-price link in a prolonged inflation. A fixed tie between wages and prices must have significant effects in any economy. A wage-price link of the type discussed in this paper assumes that wages will be adjusted for any rise in consumer prices, subject to certain safeguards. This will protect wage earners against any significant fall in real wages arising from investment inflation. For a free economy, in which economic adjustments are induced by changes in prices and wages, the imposition of the degree of rigidity implied by this association is of far-reaching importance. in several countries, the use of wage-price links is a consequence of the fear of labor that real wages will be adversely affected by inflation. Although the basic causes of inflation vary widely in different countries and at different times, the process of inflation always shows similar characteristics. In an economy which is functioning properly, the distribution and use of the gross national product should result in an aggregate demand for goods and services that tend to equal the available supply of goods and services at approximately stable prices.

IMF Staff papers
IMF Staff papers

Author: International Monetary Fund. Research Dept.

Publisher: International Monetary Fund

Published: 1954-01-01

Total Pages: 136

ISBN-13: 1451960115

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This paper presents a study on economic development with stability in India. While the Five-Year Plan occupies the central position as the means through which the Government of India proposes to deal with the basic economic problem, it must be implemented by many specific economic and social measures. It is of the utmost importance that the measures taken in various fields should not only contribute to the fulfilment of the Five-Year Plan but that they should form part of a consistent economic and social policy. Apart from the change in total foreign investment, the composition of foreign investment in India now includes a larger proportion of direct and a smaller proportion of fixed interest obligations than before the war. While India's official sterling debt has been practically wiped out, the Government of India has incurred new obligations in dollars. If India could meet its pre-war obligations on foreign investment without any great strain on its balance of payments, it should be able to meet future obligations, resulting from any new debts, provided its balance of payments position in the future is not materially worse than in the past.

IMF Staff Papers, Volume 54, No. 2
IMF Staff Papers, Volume 54, No. 2

Author: International Monetary Fund. Research Dept.

Publisher: International Monetary Fund

Published: 2007-09-26

Total Pages: 236

ISBN-13: 1589066502

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Vol. 54, No. 2 includes three notable contributions from the Seventh Jacques Polak Annual Research Conference (ARC) hosted by the IMF in November 2006. Its lead paper, by Olivier Blanchard of Harvard University, is the 2006 Mundell-Fleming Lecture (delivered at the ARC), which analyzes current-account deficits in the advanced economies. Other papers in this issue look at the relationship between international financial integration and the real economy. Other papers discuss whether (or not): i) the next capital account crisis can be predicted; ii) accepted definitions of debt crises are adequate; iii) the Doha Round of trade talks (if they are ever successfully completed) will lead to preference erosion; and finally iv) there is room for political opportunism in countries deciding between money-based or exchange-rate-based stabilization programs.

IMF Staff papers
IMF Staff papers

Author: International Monetary Fund. Research Dept.

Publisher: International Monetary Fund

Published: 1953-01-01

Total Pages: 191

ISBN-13: 1451949421

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This paper discusses the causes of the imbalance of international payments. Under the forces of supply and demand, gold came to have a certain value in relation to goods, which enabled it to function smoothly as a medium of reserve and settlement. This value varied somewhat from time to time under the influence of new discoveries or the exhaustion of existing sources. Of all the particular imbalances in the international payments pattern, that between the dollar and other currencies is the greatest. Unfortunately, it is extremely difficult to measure the amount of imbalance existing. Europe has made considerable and, to some extent, successful efforts to expand direct sales to the United States. It is in the sphere of finished manufactures principally that one could hope for an expansion of exports by an organized export drive or currency devaluation, other categories of goods depending more on the level of US production and national income.

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.

IMF Staff papers
IMF Staff papers

Author: International Monetary Fund. Research Dept.

Publisher: International Monetary Fund

Published: 1989-01-01

Total Pages: 228

ISBN-13: 1451973039

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Although accommodative policies and widespread indexation may account for the persistence of high inflation, they cannot explain changes in the inflation rate. The causes of such changes for the high-inflation episodes immediately preceding the recent “heterodox” attempts at stabilization in Argentina, Brazil, and Israel are examined by computing historical decompositions of these episodes based on vector autoregressions, distinguishing between the “fiscal” and “balance of payments” views of their causes. In all three cases, nominal exchange rate shocks played the dominant role in triggering an acceleration of inflation. [JEL 134]