IMF Staff Papers articles from September 2005

IMF Staff Papers archives from September 2005

Why are asset markets modeled successfully, but not their dealers?(International Monetary Fund)
September 1, 2005... High-frequency data combined with recent microstructure models have delivered empirical success. For example, exchange rate models that reflect information gathering and risk sharing in their currency-trading processes outperform a random walk....

Real exchange rates in developing countries: are Balassa-Samuelson effects present?
September 1, 2005... The well-known analyses of Balassa (1964) and Samuelson (1964) provide an appealing explanation of the long-run behavior of the real exchange rate in terms of the productivity performance of traded relative to nontraded goods. Basically, the...

The internal job market of the IMF's Economist Program.(International Monetary Fund)
September 1, 2005... The Economist Program is the gate of entry into the IMF for young economists joining the Fund soon after graduate school. Each year, 35 to 45 participants, usually referred to as "EPs," join the program for a two-year period. During this time,...

Banking on foreigners: the behavior of international bank claims on Latin America, 1985-2000.
September 1, 2005... The 1990s saw a significant increase in foreign bank claims on developing countries. According to the Bank for International Settlements (BIS), between 1985 and 2000, international banks' total claims on developing countries increased steadily...

Assessing early warning systems: how have they worked in practice?(analysis of early warning system )
September 1, 2005... Research on developing early warning system (EWS) models of currency crisis received a strong stimulus in recent years following the Mexican and Asian crises. Both events took the international community somewhat by surprise and thus focused...

Does SDDS subscription reduce borrowing costs for emerging market economies?(International Monetary Fund 's Special Data Dissemination Standard)
September 1, 2005... In 1996, the International Monetary Fund introduced the Special Data Dissemination Standard (SDDS). Development of this international macroeconomic data standard was prompted by the widely held view that the emerging market crises of the...

Domestic debt markets in sub-Saharan Africa.
September 1, 2005... In the past decades, the external debt burden and its impact on fiscal sustainability and economic growth in low-income countries have been extensively debated. This debate has culminated in various debt reduction plans, such as the recent...