IMF Staff Papers Vol. 40, No. 4 (December 1993) © 1993 International Monetary Fund Volume 40 Index Volume 40 (1993) comprises four issues, as follows: March, pages 1-236 June, pages 237-484 September, pages 485-710 December, pages 711-895 Authors Bennett, Adam G.G. The Operation of the Estonian Currency Borensztein, Eduardo, Dimitri G. Demekas, and Jonathan D. Ostry. An Empirical Analysis of the Output Declines in Three Eastern European Countries Calvo, Guillermo A., and Fabrizio Coricelli. Output Collapse in Eastern Europe: The Role of Credit Calvo, Guillermo A., Leonardo Leiderman, and Carmen M. Reinhart. Capital Inflows and Real Exchange Rate Appreciation in Latin Amer- ica: The Role of External Factors Calvo, Guillermo A., Leonardo Leiderman, and Carmen M. Reinhart. Formulating a Policy Response: Reply to Snowden Caramazza, Francesco. French-German Interest Rate Differentials and Time-Varying Realignment Risk Chadha, Bankim, and Eswar Prasad. Interpreting the Cyclical Behavior of Prices Chadha, Bankim, Fabrizio Coricelli, and Kornelia Krajnyak. Eco- nomic Restructuring, Unemployment, and Growth in a Transition Economy Clifton, Eric V., and Mohsin S. Khan. Interenterprise Arrears in Trans- forming Economies: The Case of Romania Coe, David T., and Reza Moghadam. Capital and Trade as Engines of Growth in France: An Application of Johansen’s Cointegration Methodology Coricelli, Fabrizio, and Guillermo A. Calvo. Output Collapse in Eastern Europe: The Role of Credit Coricelli, Fabrizio, Bankim Chadha, and Kornelia Krajnyak. Eco- nomic Restructuring, Unemployment, and Growth in a Transition Economy IMF Staff Papers Vol. 40, No. 4 (December 1993) © 1993 International Monetary Fund Volume 40 Index Volume 40 (1993) comprises four issues, as follows: March, pages 1-236 June, pages 237-484 September, pages 485-710 December, pages 711-895 Authors Bennett, Adam G.G. The Operation of the Estonian Currency Borensztein, Eduardo, Dimitri G. Demekas, and Jonathan D. Ostry. An Empirical Analysis of the Output Declines in Three Eastern European Countries Calvo, Guillermo A., and Fabrizio Coricelli. Output Collapse in Eastern Europe: The Role of Credit Calvo, Guillermo A., Leonardo Leiderman, and Carmen M. Reinhart. Capital Inflows and Real Exchange Rate Appreciation in Latin Amer- ica: The Role of External Factors Calvo, Guillermo A., Leonardo Leiderman, and Carmen M. Reinhart. Formulating a Policy Response: Reply to Snowden Caramazza, Francesco. French-German Interest Rate Differentials and Time-Varying Realignment Risk Chadha, Bankim, and Eswar Prasad. Interpreting the Cyclical Behavior of Prices Chadha, Bankim, Fabrizio Coricelli, and Kornelia Krajnyak. Eco- nomic Restructuring, Unemployment, and Growth in a Transition Economy Clifton, Eric V., and Mohsin S. Khan. Interenterprise Arrears in Trans- forming Economies: The Case of Romania Coe, David T., and Reza Moghadam. Capital and Trade as Engines of Growth in France: An Application of Johansen’s Cointegration Methodology Coricelli, Fabrizio, and Guillermo A. Calvo. Output Collapse in Eastern Europe: The Role of Credit Coricelli, Fabrizio, Bankim Chadha, and Kornelia Krajnyak. Eco- nomic Restructuring, Unemployment, and Growth in a Transition Economy VOLUME 40 INDEX Demekas, Dimitri G., Eduardo Borensztein, and Jonathan D. Ostry. An Empirical Analysis of the Output Declines in Three Eastern European Countries Dooley, Michael, and Mark R. Stone. Endogenous Creditor Seniority and External Debt Values Dooley, Michael, Richard Haas, and Steven Symansky. A Note on Burden Sharing Among Creditors Feldman, Robert A., and Rajnish Mehra. Auctions: Theory and Appli- cations Garcia, Maria E. Output Fluctuations and Monetary Shocks in Colombia: Comment on Reinhart and Reinhart Gardner, Edward H., and William R.M. Perraudin. Asymmetry in the ERM: A Case Study of French and German Interest Rates Before and After German Unification Goldberg, Linda S. Foreign Exchange Markets in Russia: Understanding the Reforms Guidotti, Pablo E. Wage and Public Debt Indexation Haas, Richard, Michael Dooley, and Steven Symansky. A Note on Burden Sharing Among Creditors Haque, Nadeem U., and Peter J. Montiel. Fiscal Adjustment in Pakistan: Some Simulation Results Hu, Zuliu. Risk Taking and Optimal Taxation in the Presence of Nontrad- TT a ast ctssticsinendcatiesaindcheacainishsyvetusminanetannlt Hu, Zuliu. The Yield Curve and Real Activity Kawai, Masahiro. Optimal and Sustainable Exchange Rate Regimes: A Two-Country Game-Theoretic Approach Keane, Michael, and Eswar Prasad. Skill Levels and the Cyclical Variabil- ity of Employment, Hours, and Wages Khan, Mohsin S., and Eric V. Clifton. Interenterprise Arrears in Trans- forming Economies: The Case of Romania Knight, Malcolm, Norman Loayza, and Delano Villanueva. Testing the Neoclassical Theory of Economic Growth: A Panel Data Ap- Krajnyak, Kornelia, Bankim Chadha, and Fabrizio Coricelli. Eco- nomic Restructuring, Unemployment, and Growth in a Transition Economy Lane, Timothy D. Market Discipline Lee, Jong-Wha. International Trade, Distortions, and Long-Run Eco- nomic Growth Leiderman, Leonardo, Guillermo A. Calvo, and Carmen M. Reinhart. Formulating a Policy Response: Reply to Snowden Leiderman, Leonardo, Guillermo A. Calvo, and Carmen M. Reinhart. Capital Inflows and Real Exchange Rate Appreciation in Latin Amer- ica: The Role of External Factors 884 VOLUME 40 INDEX Lizondo, J. Saul. Real Exchange Rate Targeting Under Imperfect Asset Substitutability Loayza, Norman, Malcolm Knight, and Delano Villanueva. Testing the Neoclassical Theory of Economic Growth: A Panel Data Ap- MacDonald, Ronald, and Mark P. Taylor. The Monetary Approach to the Exchange Rate: Rational Expectations, Long-Run Equilibrium, and Forecasting Mehra, Rajnish, and Robert A. Feldman. Auctions: Theory and Ap- plications Miller, Marcus, and Alan Sutherland. Contracts, Credibility, and Com- mon Knowledge: Their Influence on Inflation Convergence Moghadam, Reza, and David T. Coe. Capital and Trade as Engines of Growth in France: An Application of Johansen’s Cointegration Methodology Montiel, Peter J., and Nadeem U. Haque. Fiscal Adjustment in Pakistan: Some Simulation Results Muzondo, Timothy R. Mineral Taxation, Market Failure, and the En- vironment Osband, Kent, and Delano Villanueva. Independent Currency Authori- ties: An Analytic Primer Ostry, Jonathan D., Eduardo Borensztein, and Dimitri G. Demekas. An Empirical Analysis of the Output Declines in Three Eastern European Countries Papaioannou, Michael G., and Tugrul Temel. Portfolio Performance of the SDR and Reserve Currencies: Tests Using the ARCH Methodology Perraudin, William R.M., and Edward H. Gardner. Asymmetry in the ERM: A Case Study of French and German Interest Rates Before and After German Unification Prasad, Eswar, and Bankim Chadha. Interpreting the Cyclical Behavior of Prices Prasad, Eswar, and Michael Keane. Skill Levels and the Cyclical Variabil- ity of Employment, Hours, and Wages Reinhart, Carmen M., and Vincent R. Reinhart. Output Fluctuations and Monetary Shocks in Colombia: Reply to Garcia Reinhart, Vincent R., and Carmen M. Reinhart. Output Fluctuations and Monetary Shocks in Colombia: Reply to Garcia Reinhart, Carmen R., Guillermo A. Calvo, and Leonardo Leiderman. Capital Inflows and Real Exchange Rate Appreciation ir: Latin Amer- ica: The Role of External Factors Reinhart, Carmen R., Guillermo A. Calvo, and Leonardo Leiderman. Formulating a Policy Response: Reply to Snowden Rodriguez, Carlos Alfredo. Money and Credit Under Currency Sub- stitution VOLUME 40 INDEX Santaella, Julio A. Stabilization Programs and External Enforcement: Experience from the 1920s Schutte, Christian, and Parthasarathi Shome. Cash-Flow Tax Shome, Parthasarathi, and Christian Schutte. Cash-Flow Tax Shome, Parthasarathi, and Vito Tanzi. A Primer on Tax Evasion Snowden, P. Nicholas. Formulating a Policy Response: Comment on Calvo, Leiderman, and Reinhart Stella, Peter. Tax Farming: A Radical Solution for Developing Country "WONG PIQUMOINR D585. c3 aciccadacns aecatchcacedcatdcadwentaascavuaaaaducdsaceoati cs Stone, Mark R., and Michael Dooley. Endogenous Creditor Seniority and External Debt Values Sutherland, Alan, and Marcus Miller. Contracts, Credibility, and Com- mon Knowledge: Their Influence on Inflation Convergence Symansky, Steven, Michael Dooley, and Richard Haas. A Note on Burden Sharing Among Creditors Tanzi, Vito. The Budget Deficit in Transition: A Cautionary Note Tanzi, Vito, and Parthasarathi Shome. A Primer on Tax Evasion Taylor, Mark P., and Ronald MacDonald. The Monetary Approach to the Exchange Rate: Rational Expectations, Long-Run Equilibrium, and Forecasting Temel, Tugrul, and Michael G. Papaioannou. Portfolio Performance of the SDR and Reserve Currencies: Tests Using the ARCH Methodology Villanueva, Delano, and Kent Osband. Independent Currency Authori- ties: An Analytic Primer Villanueva, Delano, Malcolm Knight, and Norman Loayza. Testing the Neoclassical Theory of Economic Growth: A Panel Data Ap- Asymmetry in the ERM: A Case Study of French and German Interest Rates Before and After German Unification. By Edward H. Gardner and William R.M. Perraudin The Budget Deficit in Transition: A Cautionary Note. By Vito Tanzi... Capital and Trade as Engines of Growth in France: An Application of Johansen’s Cointegration Methodology. By David T. Coe and Reza Capital Inflows and Real Exchange Rate Appreciation in Latin America: The Role of External Factors. By Guillermo A. Calvo, Leonardo Leiderman, and Carmen M. Reinhart Cash-Flow Tax. By Parthasarathi Shome and Christian Schutte 886 VOLUME 40 INDEX Contracts, Credibility, and Common Knowledge: Their Influence on In- flation Convergence. By Marcus Miller and Alan Sutherland Economic Restructuring, Unemployment, and Growth in a Transi- tion Economy. By Bankim Chadha, Fabrizio Coricelli, and Kornelia An Empirical Analysis of the Output Declines in Three Eastern European Countries. By Eduardo Borensztein, Dimitri G. Demekas, and Jonathan D. Ostry Endogenous Creditor Seniority and External Debt Values. By Michael Dooley and Mark R. Stone Fiscal Adjustment in Pakistan: Some Simulation Results. By Nadeem U. Haque and Peter J. Montiel Foreign Exchange Markets in Russia: Understanding the Reforms. By Linda S. Goldberg Formulating a Policy Response: Comment on Calvo, Leiderman, and Reinhart. By P. Nicholas Snowden Formulating a Policy Response: Reply to Snowden. By Guillermo A. Calvo, Leonardo Leiderman, and Carmen M. Reinhart French-German Interest Rate Differentials and Time-Varying Realign- ment Risk. By Francesco Caramazza Independent Currency Authorities: An Analytic Primer. By Kent Osband and Delano Villanueva Interenterprise Arrears in Transforming Economies: The Case of Roma- nia. By Eric V. Clifton and Mohsin S. Khan International Trade, Distortions, and Long-Run Economic Growth. By Jong-Wha Lee Interpreting the Cyclical Behavior of Prices. By Bankim Chadha and Eswar Prasad Market Discipline. By Timothy D. Lane Mineral Taxation, Market Failure, and the Environment. By Timothy R. Muzondo The Monetary Approach to the Exchange Rate: Rational Expectations, Long-Run Equilibrium, and Forecasting. By Ronald MacDonald and Mark P. Taylor A Monetary Model of a Shortage Economy. By Shoukang Lin Money and Credit Under Currency Substitution. By Carlos Alfredo A Note on Burden Sharing Among Creditors. By Michael Dooley, Richard Haas, and Steven Symansky The Operation of the Estonian Currency Board. By Adam G.G. Bennett Optimal and Sustainable Exchange Rate Regimes: A Two-Country Game- Theoretic Approach. By Masahiro Kawai Output Collapse in Eastern Europe: The Role of Credit. By Guillermo A. Calvo and Fabrizio Coricelli VOLUME 40 INDEX Output Fluctuations and Monetary Shocks in Colombia: Comment on Reinhart and Reinhart. By Maria E. Garcia Output Fluctuations and Monetary Shocks in Colombia: Reply to Garcia. By Carmen M. Reinhart and Vincent R. Reinhart Portfolio Performance of the SDR and Reserve Currencies: Tests Using the ARCH Methodology. By Michael G. Papaioannou and Tugrul A Primer on Tax Evasion. By Vito Tanzi and Parthasarathi Shome Real Exchange Rate Targeting Under Imperfect Asset Substitutability. By J. Saul Lizondo Risk Taking and Optimal Taxation in the Presence of Nontradable Human Capital. By Zuliu Hu Skill Levels and the Cyclical Variability of Employment, Hours, and Wages. By Michael Keane and Eswar Prasad Stabilization Programs and External Enforcement: Experience from the 1920s. By Julio A. Santaella Tax Farming: A Radical Solution for Developing Country Tax Problems? By Peter Stella Testing the Neoclassical Theory of Economic Growth: A Panel Data Approach. By Malcolm Knight, Norman Loayza, and Delano Villanueva Wage ‘and Public Debt Indexation. By Pablo E. Guidotti The Yield Curve and Real Activity. By Zuliu Hu Subjects To facilitate electronic storage and retrieval of bibliographic data, Staff Papers has adopted the subject classification scheme of the Journal of Economic Literature (Nashville, Tennessee). Mathematical and Quantitative Methods Time-Series Models Portfolio Performance of the SDR and Reserve Currencies: Tests Using the ARCH Methodology. By Michael G. Papaioannou and Tugrul Temel Models with Panel Data Testing the Neoclassical Theory of Economic Growth: A Panel Data Approach. By Malcolm Knight, Norman Loayza, and Delano Villanueva Game Theory and Bargaining Theory—General Auctions: Theory and Applications. By Robert A. Feidman and Rajnish Mehra VOLUME 40 INDEX Microeconomics Market Structure and Pricing—General Auctions: Theory and Applications. By Robert A. Feldman and Rajnish Mehra Auctions Auctions: Theory and Applications. By Robert A. Feldman and Rajnish Mehra General Equilibrium and Disequilibrium—Other A Monetary Model of a Shortage Economy. By Shoukang Lin... Economic Welfare—General Auctions: Theory and Applications. By Robert A. Feldman and Rajnish Mehra Macroeconomics and Monetary Economics Consumption, Saving, Production, Employment, and Investment An Empirical Analysis of the Output Declines in Three Eastern European Countries. By Eduardo Borensztein, Dimitri G. Demekas, and Jonathan D. Ostry Production Capital and Trade as Engines of Growth in France: An Application of Johansen’s Cointegration Methodology. By David T. Coe and Reza Moghadam Prices, Business Fluctuations, and Cycles Output Fluctuations and Monetary Shocks in Colombia: Comment on Reinhart and Reinhart. By Maria E. Garcia Output Fluctuations and Monetary Shocks in Colombia: Re- ply to Garcia. By Carmen M. Reinhart and Vincent R. Reinhart Price Level; Inflation; Deflation Contracts, Credibility, and Common Knowledge: Their Influ- ence on Inflation Convergence. By Marcus Miller and Alan Sutherland Interpreting the Cyclical Behavior of Prices. By Bankim Chadha and Eswar Prasad Business Fluctuations; Cycles Interpreting the Cyclical Behavior of Prices. By Bankim Chadha and Eswar Prasad Skill Levels and the Cyclical Variability of Employment, Hours, and Wages. By Michael Keane and Eswar Prasad VOLUME 40 INDEX The Yield Curve and Real Activity. By Zuliu Hu Determination of Interest Rates; Term Structure of Interest Rates Asymmetry in the ERM: A Case Study of French and German Interest Rates Before and After German Unification. By Edward H. Gardner and William R.M. Perraudin French-German Interest Rate Differentials and Time-Varying Re- alignment Risk. By Francesco Caramazza Money Supply; Credit; Money Multipliers Interenterprise Arrears in Transforming Economies: The Case of Romania. By Eric V. Clifton and Mohsin S. Khan Money and Credit Under Currency Substitution. By Carlos Alfredo PRRMEINOD sss ido sancascacncenstesiaxecexcquadiccuadsteetesseswasseadaceqees Monetary Policy (Targets, Instruments, and Effects) Asymmetry ir the ERM: A Case Study of French and German Interest Rates Before and After German Unification. By Ed- ward H. Gardner and William R.M. Perraudin Independent Currency Authorities: An Analytic Primer. By Kent Osband and Delano Villanueva Real Exchange Rate Targeting Under Imperfect Asset Substi- tutability. By J. Saul Lizondo Central Banks and Their Policies Asymmetry in the ERM: A Case Study of French and German Interest Rates Before and After German Unification. By Ed- ward H. Gardner and William R.M. Perraudin Monetary Policy, Central Banking, and the Supply of Money and Credit— Other Independent Currency Authorities: An Analytic Primer. By Kent Osband and Delano Villanueva Macroeconomic Aspects of Public Finance, Macroeconomic Policy, and General Outlook Fiscal Adjustment in Pakistan: Some Simulation Results. By Nadeem U. Haque and Peter J. Montiel Wage and Public Debt Indexation. By Pablo E. Guidotti Policy Objectives; Policy Designs and Consistency; Policy Co- ordination Real Exchange Rate Targeting Under Imperfect Asset Substi- tutability. By J. Saul Lizondo Stabilization Programs and External Enforcement: Experience from the 1920s. By Julio A. Santaella VOLUME 40 INDEX Fiscal Policy; Public Expenditures and Finance; Taxation Endogenous Creditor Seniority and External Debt Values. By Michael Dooley and Mark R. Stone Studies of Particular Policy Episodes Interenterprise Arrears in Transforming Economies: The Case of Romania. By Eric V. Clifton and Mohsin S. Khan International Economics Commercial Policy; Protection; Promotion; Trade Negotiations International Trade, Distortions, and Long-Run Economic Growth. By Jong-Wha Lee Economic Integration Capital and Trade as Engines of Growth in France: An Application of Johansen’s Cointegration Methodology. By David T. Coe and Reza Moghadam International Finance Foreign Exchange Markets in Russia: Understanding the Reforms. by Linda S. Goldberg Exchange Rates; Foreign Exchange Intervention Asymmetry in the ERM: A Case Study of French and German nterest Rates Before and After German Unification. By Ed- ward H. Gardner and William R.M. Perraudin Contracts, Credibility, and Common Knowledge: Their Influ- ence on Inflation Convergence. By Marcus Miller and Alan Sutherland French-German Interest Rate Differentials and Time-Varying Re- alignment Risk. By Francesco Caramazza The Monetary Approach to the Exchange Rate: Rational Expecta- tions, Long-Run Equilibrium, and Forecasting. By Ronald MacDonald and Mark P. Taylor The Operation of the Estonian Currency Board. By Adam G.G. Bennett Real Exchange Rate Targeting Under Imperfect Asset Substi- tutability. By J. Saul Lizondo Current Account Adjustment; Short-term Capital Movements Money and Credit Under Currency Substitution. By Carlos Alfredo Rodriguez International Monetary Arrangements and Institutions Asymmetry in the ERM: A Case Study of French and German