Using data for a sample of developing and transition countries, this paper estimates the relationship between government spending on health care and education, and social indicators. Unlike previous studies, where social indicators are used as proxies for the unobservable health and education...

This paper discusses commodity prices might serve as a useful leading indicator of inflation, based on the relative importance of flexible auction markets for the determination of these prices. They thus may have a tendency to respond relatively quickly, especially in response to monetary...

This paper describes the functioning of labor markets and to eliminate other structural obstacles to noninflationary growth. The decline in the price level in the home country will involve a rise in the real money supply and, if output is sluggish, this will result in an excess supply of money....

This paper reviews the coordinated portfolio investment survey (CPIS) guide. The objectives of CPIS are to collect comprehensive information, with geographical detail on the country of residence of the issuer, on the stock of cross-border equities, long-term bonds and notes, and short-term debt...

This paper presents the annual survey of international capital market developments and prospects. It reviews trends in the main market segments and seeks to analyze the principal forces underlying these developments, in particular the progressive integration of markets and the related...

This paper discusses systematic issues in international finance explained in the International Capital Markets report. The paper describes that the nature and extent of recent banking problems in several industrial countries along with the policy responses to those problems. It is observed that...

This paper analyzes the origins of the recent turbulence in government bond markets in the major industrial countries, and considers whether the role of hedge funds in that episode argues for altering present regulatory arrangements. In financial markets, it is possible for such a revision of...

This paper assesses recent trends in international capital markets. It reviews, in particular, the forces currently reshaping the markets of industrial countries and confronting financial institutions with major challenges. For the international capital markets, 1988 was generally a year of...