International Monetary Fund Staff Papers articles from September 1998

International Monetary Fund Staff Papers archives from September 1998

International evidence on the determinants of trade dynamics.
September 1, 1998... The concept of "globalization" has recently been the subject of considerable attention in both academic and policy circles. This phenomenon broadly refers to the increasing integration of the world economy through financial and trade flows. As...

Open regionalism in a world of continental trade blocs.
September 1, 1998... As regional trade agreements proliferate around the world, there is a renewed debate about their welfare implications. Recent studies (e.g., Krugman, 1991a; Bhagwati, 1993; and Frankel, Stein, and Wei, 1995) provide intellectual support for the...

Vertical tax externalities in the theory of fiscal federalism.
September 1, 1998... It is indeed possible that a tax might be laid on a particular article by a State which might render it inexpedient that... a further tax... be laid on the same article by the union.... (The Federalist Papers(1)) The essence of federalism is...

Does the introduction of futures on emerging market currencies destabilize the underlying currencies?
September 1, 1998... Increased volume and volatility of capital flows to emerging market countries has sparked interest in derivative contracts on emerging market currencies. High economic growth and capital account liberalization have increased currency exposures...

Investment, uncertainty, and irreversibility in Ghana.
September 1, 1998... This paper analyzes the impact of uncertainty on the investment behavior of Ghanaian manufacturing firms using a panel data set for the years 1994-95. Recent literature has focused on how uncertainty affects investment when capital expenditures...