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• Document

  Intra-Industry Trade of Arab Countries: An Indicator of Potential Competitiveness

  International Monetary Fund Working Papers, 1997

  Arab countries today face prospects of trade liberalization as exemplified by the European Union Association Agreements. Whereas few short-term benefits are anticipated, increased competitiveness is expected to spur improvements to efficiency, stimulate foreign investment, generate growth possibilities, and present access to larger markets.
• Document

  Aspects of the Monetary Transmission Mechanism under Exchange Rate Targeting: The Case of France

  International Monetary Fund Working Papers, 1997

  In contrast with most of the literature on the monetary transmission mechanism, which focuses on a domestic short-term interest rate as the policy instrument, this paper examines separately the impact of the anchor currency interest rate and of the domestic premium on economic activity in France.
• Document

  Foreign Exchange Risk Premium: Does Fiscal Policy Matter? Evidence from Italian Data

  International Monetary Fund Working Papers, 1997

  Economists and policymakers have long been interested in the effects of fiscal policies on exchange rates. In particular, for countries with large fiscal imbalances, it is often contended that fiscal policy may affect exchange rates through a .risk premium channel,.
• Document

  Inflation Targeting in Practice

  International Monetary Fund Working Papers, 1997

  In recent years, an inflation targeting framework for monetary policy has been adopted by New Zealand, Canada, the United Kingdom, Finland, Sweden, Australia, and Spain (in chronological order). Because the experience of most of these countries with monetary targeting or a fixed exchange rate had proved unsatisfactory, this new framework for the conduct of monetary policy was required.
• Document

  Monetary Policy and Leading Indicators of Inflation in Sweden

  International Monetary Fund Working Papers, 1997

  This paper derives a set of leading indicators of inflation for Sweden. It also discusses developments that led to the adoption of the inflation-targeting framework and the changes in the operational procedures for conducting monetary policy that were necessitated by the shift to inflation targeting. Nonstructural vector autoregressions are used for estimating the leading indicators of inflation.
• Document

  Aspects of Fiscal Performance in Some Transition Economies Under Fund-Supported Programs

  International Monetary Fund Working Papers, 1997

  The paper reviews some key medium- and longer-term fiscal problems confronting transition economies such as government solvency and the longer-run sustainability of the fiscal-financial-monetary program. Many transition economies, especially those in the early stages of transition, rely quite heavily on seigniorage revenues obtained through the issuance of base money.
• Document

  External Borrowing by the Baltics, Russia and Other Countries of the Former Soviet Union: Developments and Policy Issues

  International Monetary Fund Working Papers, 1997

  The different stages of transition have largely determined the nature and amount of external financing provided to the Baltics, Russia and other CIS countries during the past five years. Several characteristics of the debt of these countries stand out. First, at the end of 1996 the debt burden was not high in most of the countries. Second, the rate of increase in debt has been very high.
• Document

  World Commodity Prices as a Forecasting Tool for Retail Prices - Evidence from the United Kingdom

  International Monetary Fund Working Papers, 1997

  During the 1990s, several countries have adopted a monetary policy framework based on explicit inflation targets. The U.K. authorities introduced an inflation target in September 1992, following the exit of the sterling from the ERM, on the basis of inflation projections published quarterly.
• Document

  Social Security Tax Reform and Unemployment: A General Equilibrium Analysis for France

  International Monetary Fund Working Papers, 1997

  The French authorities have introduced a number of reforms to their social security tax system that are designed to increase employment. In particular, social security contributions paid by employers for low-income workers were cut sizably.
• Document

  Characteristics of the Euro, the Demand for Reserves, and Policy Coordination Under EMU

  International Monetary Fund Working Papers, 1997

  The euro.s economic base, as measured by the combined GDP of the currency area, will rival that of the dollar. Despite a monetary policy oriented toward price stability and backed by restrictive fiscal policies, the euro will face considerable initial uncertainties.

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