International Monetary Fund Staff Papers articles from June 1993

International Monetary Fund Staff Papers archives from June 1993

Wage and public debt indexation.
June 1, 1993... AFTER A PERIOD of relative neglect in the literature, the issue of public debt management--namely, policies regarding the characteristics of public debt instruments--has recently received increased attention.(1) This sudden renewal of interest...

International trade, distortions, and long-run economic growth.
June 1, 1993... HOW ARE INTERNATIONAL trade and trade policy linked to long-run economic growth? To what extent can differences in trade policy explain cross-country variations in long-run growth rates? This paper attempts to answer these long-standing...

Optimal and sustainable exchange rate regimes: a two-country game-theoretic approach.
June 1, 1993... IN THE DEBATE over the relative merits of fixed and flexible exchange rate regimes, economists have focused on such issues as the role of exchange rate flexibility in current account adjustment, the importance of monetary policy autonomy in...

A monetary model of a shortage economy.
June 1, 1993... DURING THE TRANSITION from a centrally planned economy to a market-oriented one, many countries have experienced a loss of macroeconomic control.(1) To provide a theoretical explanation of this phenomenon, this paper develops a simple monetary...

Endogenous creditor seniority and external debt values.
June 1, 1993... MOST ANALYSES OF sovereign external debt assume that the capacity to raise foreign exchange revenue is the binding constraint in the repayment decision.(1) Alternatively, since the repayment of foreign debt--most of which is owed by the...

Asymmetry in the ERM: a case study of French and German interest rates before and after German unification. (exchange rate mechanism)
June 1, 1993... THE ISSUE of German leadership in the European exchange rate mechanism has returned to the forefront of policy discussions following the recent European currency crisis, which saw the British pound and the Italian lira suspended as full members...