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1993 (13)

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Book
International RandD Spillovers
Authors: ---
ISBN: 1462385281 1455221147 1451954409 1455273724 Year: 1993 Publisher: Washington, D.C. : International Monetary Fund,

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Abstract

The IMF Working Papers series is designed to make IMF staff research available to a wide audience. Almost 300 Working Papers are released each year, covering a wide range of theoretical and analytical topics, including balance of payments, monetary and fiscal issues, global liquidity, and national and international economic developments.


Book
Capital and Trade As Engines of Growth in France : An Application of Johansen's Cointegration Methodology
Authors: ---
ISBN: 1462394493 1455239356 Year: 1993 Publisher: Washington, D.C. : International Monetary Fund,

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An aggregate production function is estimated with recent cointegrating techniques that are particularly appropriate for estimating long-run relationships. The empirical results suggest that the growth of output in France has been spurred by increased trade integration within the European Community and by the accumulation not only of business sector capital—the only measure of capital included in most empirical studies—but also by the accumulation of government infrastructure capital, residential capital, and R&D capital. Calculations of potential output indicate that trade and capital—broadly defined—account for all of the growth in the French economy during the last two decades.


Book
Price Reform and Durable Goods in the Transition to a Market Economy
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ISBN: 1462392415 1455222232 Year: 1993 Publisher: Washington, D.C. : International Monetary Fund,

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The paper examines the short- and long-term effects of price liberalization in a reforming socialist economy. The analysis is based on an optimizing framework that highlights hoarding behavior and the existence of parallel goods markets. The behavior of official and parallel market prices, stock of durables, and the velocity of money in the transition period between reform announcement and reform implementation is characterized, in the presence and absence of uncertainty about the transition date.


Book
U.S. Health Care Reform
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ISBN: 1462348947 1455214191 Year: 1993 Publisher: Washington, D.C. : International Monetary Fund,

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High and rapidly rising health care costs in the United States and growing ranks of uninsured persons have brought health care reform to the top of the U.S. Administration’s policy agenda. This paper describes the health care financing system in the United States, highlights what are viewed as its most serious shortcomings, and explores possible reasons for high and rising medical care costs. After brief descriptions of alternative reform proposals, the paper discusses universal coverage under managed competition and its ability to deal with the equity and efficiency problems in the U.S. health care system.


Book
The Role of Financial Institutions in the Transition to a Market Economy
Authors: ---
ISBN: 1462395392 1455222259 1281387037 9786613779847 1455250392 Year: 1993 Publisher: Washington, D.C. : International Monetary Fund,

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Abstract

Financial institutions intermediate between savers and investors and contribute to corporate governance. Equity and bond markets in the former centrally planned economies are not yet in a position adequately to provide these services. It is not yet clear that investment funds will provide the necessary financing and corporate management. Therefore the first priority for financial sector reforms must be to establish a healthy commercial banking sector. Banks are the most promising source of financing, provide payment services which are crucial to both the real and financial sectors and, by monitoring the use of loaned funds, will be the primary source of corporate governance during the transformation to a market economy.


Book
World Economic and Financial Surveys, 1993 : International Capital Markets: Part I.
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ISBN: 1463988095 1463921845 Year: 1993 Publisher: Washington, D.C. : International Monetary Fund,

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This paper examines the implications of the growth and integration of international capital markets for the management of exchange rates, with particular attention to the inferences that can be drawn from the currency turmoil that shook the European Monetary System (EMS) last fall and winter. The resources available to the private sector for taking positions in the forex market are now much larger than even those of the Group of Ten central banks. When private markets, led by the increasing financial muscle of institutional investors, reach the concerted view (rightly or wrongly) that the risk/return outlook for a particular currency has deteriorated significantly, the defending central bank could be faced with a run that could easily amount to, say, $100–200 billion or more within a week. The range of private market participants involved in last fall’s crisis in European currency markets was broad—encompassing banks, securities houses, institutional investors, hedge funds, and corporations. However that wide participation explains in part why the funds that flooded into central banks were so massive.


Book
1993 World Economic and Financial Surveys : Private Market Financing for Developing Countries 1993.
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ISBN: 1463952023 1463934963 9781463952020 9781463934965 Year: 1993 Publisher: Washington, D.C. : International Monetary Fund,

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This paper provides information on private market financing for developing countries, covering developments since August 1992. Progress in dealing with bank debt problems has been based in large part on persistence in the pursuit of stabilization and reform programs. Such programs have resulted in strengthened external positions that have allowed debtor countries to accumulate reserves for use in debt-reduction operations. All of the countries where negotiations are now continuing had at some point suspended payments on medium- and long-term debt. Banks have recognized that resumption of regular (albeit partial) payments can be politically difficult in the absence of a quid pro quo. The group of middle-and lower-middle income countries with debt problems still to come to terms with bank creditors on debt-reduction packages is now limited. Many of these remaining countries (including Bulgaria, Ecuador, Panama, Peru, and Poland) have already begun negotiations with creditor banks.

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