The paper finds that simple econometric specifications yield surprising rich and complex dynamics -- relative prices respond to the nominal exchange rate and pass-through effects, import and export volumes respond to relative price changes, and the trade balance responds to changes in import and...

Open market operations are the major instruments of monetary control in industrial countries and are becoming important in developing countriesand countries in transition. This paper shows how open market operationsare related to other monetary instruments, discusses the role of the market and...

The paper discusses the interrelationships between payments system reform and monetary policy implementation in selected countries in Central and Eastern Europe. The reforms in the payments system are viewed as closely interrelated with the development of money and foreign exchange markets and...

This study characterizes volatility dynamics in external emerging bond markets and examines how prices and volatility respond to news about macroeconomic fundamentals. As in mature bond markets, macroeconomic surprises in external emerging bond markets are found to a¤ect both conditional...

The IMF Executive Board has been considering reforms to strengthen the Fund's mandate to better equip the institution to safeguard global stability. Executive Directors have supported a range of reforms to modernize the Fund's surveillance mandate and modalities. This paper focuses on selected...

This paper provides an analysis of the developments in public health spending over the past 40 years, as well as projections of public health spending for 50 advanced and emerging countries over 2011-50. The paper also quantifies the effects of specific health reforms on the growth of public...