IMF Staff Papers articles from April 2005

IMF Staff Papers archives from April 2005

Did output recover from the Asian crisis?
April 1, 2005... The Asian financial crisis of 1997 generated a plethora of research that analyzed the causes of the crisis, but less attention has been paid to the aftermath. How long do crises last and to what extent does output recover? Although there is...

How much do trading partners matter for economic growth?
April 1, 2005... How much does a country's long-term economic growth depend on economic conditions in the rest of the world? The view is commonly held that with growing economic integration across countries, economic developments in a country are significantly...

Interdependent expectations and the spread of currency crises.
April 1, 2005... The spread of currency crises is a hotly debated topic among international economists. Two explanations have gained prominence in the literature (Masson, 1999). (1) First, interdependencies between two economies may be the reason why a currency...

Are immigrant remittance flows a source of capital for development?
April 1, 2005... The role of immigrant remittances in economic development continues to be an important issue for researchers and policymakers. Both groups are attracted to immigrant remittances because they represent a substantial flow of financial resources,...

Total factor productivity revisited: a dual approach to development accounting.
April 1, 2005... Recent studies suggest that differences in total factor productivity (TFP) explain most of the variation in per capita income observed across countries (Islam, 1995; Klenow and Rodriguez-Clare, 1997; Hall and Jones, 1999; Aiyar and Feyrer,...

VAT design and energy trade: the case of Russia and Ukraine.(value-added tax)
April 1, 2005... Russia is one of the world's largest energy producers and the largest producer in the Commonwealth of Independent States (CIS). (1) It benefits from the application of value-added tax (VAT) on oil and gas exports to other CIS countries based on...

Why did central banks intervene in ERM I? The post-1993 experience.(Exchange Rate Mechanism)
April 1, 2005... The effectiveness of foreign exchange (FX) intervention is heavily disputed and the issue is far from being settled by empirical evidence. Still, central banks use foreign exchange intervention to influence exchange rate behavior. In general,...