IMF Staff Papers articles from July 2003

IMF Staff Papers archives from July 2003

Sources of economic growth in East Asia: a nonparametric assessment.
July 1, 2003... For more than a quarter century since the early 1970s, the countries in East Asia grew at phenomenal rates, leading observers to dub the period the Asian Miracle." The rapid growth came to an abrupt end when the financial crisis hit in 1997,...

Can inheritances alleviate the fiscal burden of an aging population?
July 1, 2003... Coping with the fiscal consequences of population aging is generally perceived as one of the central challenges of the decades to come. With generous pay as you go schemes in place in most countries, policymakers, as well as the general public,...

Population aging and global capital flows in a parallel universe.
July 1, 2003... The world population has aged significantly in the past 50 years, a reflection of declining fertility rates and rising life expectancy in many countries. However, there are significant differences across regions in the pace and timing of this...

The properties of the equity premium and the risk-free rate: an investigation across time and countries.
July 1, 2003... The historical magnitude of the equity premium and of the average real risk-free ate in the United States has been the object of intense study in the past 15 years and continues to fascinate investors and academics. It is well known, for...

Resources and incentives to reform.
July 1, 2003... Recent literature has attributed the low rates of investment and growth observed in many African countries to a combination of poor infrastructure and bad policies and institutions, such as insufficient economic liberalization, an unstable...

A dynamic general equilibrium framework of investment with financing constraint.
July 1, 2003... At the very beginning of the Asian financial crisis, most people took it to be yet another currency crisis and many saw it as the second generation (self-fulfilling) type a la Obstfeld (1996) rather than a first generation (fundamental) type a...

Refocusing the fund: a review of James M. Boughton's silent revolution: the International Monetary Fund, 1979-1989.(Book Review)
July 1, 2003... This book is the fourth installment in the officially sponsored history of the International Monetary Fund. It begins where the previous installment ended, shortly after the entry into force of the Second Amendment to the Articles of Agreement...