IMF Staff Papers articles from April 2003

IMF Staff Papers archives from April 2003

On the origins of the Fleming-Mundell model.
April 1, 2003... King: Thanks, Rosencrantz and gentle Guildenstern. Queen: Thanks, Guildenstern and gentle Rosencrantz. Hamlet, Act II, Scene 2 In the early 1960s, J. Marcus Fleming and Robert Mundell independently extended the open-economy...

Ownership concentration and performance in Ukraine's privatized enterprises.
April 1, 2003... In the last two decades of the twentieth century, major transfers of state-owned enterprises into private ownership have taken place around the world. The scope of such transfers has been especially significant in the countries undergoing...

A panic-prone pack? The behavior of emerging market mutual funds.
April 1, 2003... Episodes of high volatility in international capital flows and currency crises in the 1990s have put international investors in the limelight. Frequently, international investors are seen as the culprits of the bouts of instability and crises,...

Aid volatility: an empirical assessment.
April 1, 2003... This article documents key cyclical properties of external aid flows from the point of view of the recipient country: their degree of volatility and predictability, and the way in which they covary with domestic economic activity. Why the focus...

Does monetary policy stabilize the exchange rate following a currency crisis?
April 1, 2003... Tight money in a given financial crisis can serve either to attract funds or to repel them, depending on the expectations that a rise in interest rates generates. With inelastic expectations, no fear of crisis or of currency depreciation, an...

Tight money, real interest rates, and inflation in sub-Saharan Africa.
April 1, 2003... Active markets for short-term government debt now exist in much of sub-Saharan Africa. This positive development has been associated with some interesting and controversial experiments in monetary policy. In different periods, the central banks...

The plutocratic gap in the CPI: evidence from Spain.
April 1, 2003... The review of the literature carried out by a U.S. Senate Commission headed by Michael Boskin (Boskin and others, 1996) identified several problems regarding the U.S. consumer price index (CPI) elaborated by the U.S. Bureau of Labor Statistics...

Errata.
April 1, 2003... The article "The Plutocratic Gap in the CPI: Evidence from Spain" by Mario Izquierdo, Eduardo Ley, and Javier Ruiz-Castillo (on pages 136-55 of Vol. 50, No. 1 of Staff Papers) contains a recurring typographical error. The symbol "1" in...