IMF Staff Papers articles from January 2004

IMF Staff Papers archives from January 2004

Thirty years of current account imbalances, current account reversals, and sudden stops.(macroeconomics anlaysis)
January 1, 2004... Recent discussions on international macroeconomic policy have centered on the large current account imbalances experienced by a number of countries, including the United States with a deficit of 5 percent of GDP and China with a surplus of...

A gravity model of sovereign lending: trade, default, and credit.(case studies)
January 1, 2004... While the age of gunboat diplomacy as a mechanism of credit enforcement has long passed, sovereign default is still an exceptional event. This stylized fact indicates that while the source of a sovereign default penalty is still controversial,...

New empirical results on default: a discussion of "a gravity model of sovereign lending: trade, default and credit".
January 1, 2004... Sovereign default, while by no means ubiquitous, is still all too common. Moreover, as illustrated in Figure 1, sovereign debt crises, in which multiple debtor countries get into payments difficulties at roughly the same time, occur with...

Monetary sovereignty, exchange rates, and capital controls: the trilemma in the interwar period.(analysis)
January 1, 2004... In the present era of globalization, one of the most difficult challenges for governments--and for those who advise them--is to understand the constraints under which policies must be designed in a world of increasing economic interdependence....

Accounting for consumption volatility differences.(analysis)
January 1, 2004... Following the recent spate of emerging market turmoil, the role and welfare consequences of volatility have attracted renewed attention. While it may be too early to draw firm conclusions, an emerging consensus points to various types of...

Exchange rate policy and the management of official and private capital flows in Africa.(case studies)
January 1, 2004... Since the early 1990s, African central banks have struggled to find the appropriate mix of money and exchange rate targeting when faced with highly persistent shocks to aid inflows (including PRSP- and HIPC-related increases in net flows). (1)...