This paper is based on an internal report prepared by the IMF staff in connection with the application of the Czech and Slovak Federal Republic (Czechoslovakia) for membership in the IMF. The paper surveys the economic system that had developed up to the time of the reforms begun in 1987 and...

This paper discusses the unique aspects of Singapore’s financial, exchange rate, and wage policies during the period 1979-86, and attempts to quantify the impact of alternative policies on major macroeconomic variables. For this purpose, a simple short-term model is formulated and estimated,...

The paper provides an overview of the main elements of pay systems that are typically used to remunerate government employees and, with reference to the experience of developed and developing countries, discusses structural issues frequently arising in the formulation of government pay policies:...

This paper examines the potential contribution of unemployment hysteresis theories to the understanding of the Belgian labor market. It estimates models of wage determination using aggregate and firm-level panel data. Two main conclusions emerge: (i) the long-term unemployed do not exert a...

The Czech government has made further progress in improving fiscal transparency that was already high by international standards. The measures implemented to broaden the coverage of general government data have been commended. Improved reporting on fiscal risks, including those arising from...

This study surveys recent trends in private market financing for developing countries. In addition to examining developments in flows to developing countries through banking and securites markets, it analyzes the institutional and regulatory framework for developing country finance,...

The Czech government placed high priority on implementing and observing the international standards relevant for financial stability. The supervisory staff exhibited a high understanding of best international supervisory standards, policies, and practices. Nevertheless, the report noted...

This paper analyzes legal impact of the Articles of Agreement of the IMF on the business transactions of private persons and corporations. At the heart of the Articles is the simple idea that the member states of the IMF should observe certain rules of good conduct in monetary policy, and that...