The objective of this paper is to review the Fund's thinking about signaling since its inception, with a view to … drawing lessons for the design of possible signaling mechanisms. Over the years, the Fund has both reflected on the ways in … instruments for the express purpose of signaling. Overall, attempts to 'design' signaling mechanisms have been less than fully …

that these appreciations reflect underlying productivity gains in the tradable sector. Using panel data over the period … 1993-98, the results show clear evidence of productivity-driven exchange rate movements in the central and eastern European … expect to experience further productivity-driven real exchange rate appreciations. Evidence from a large cross-section of non …

This paper undertakes a cross-country analysis of productivity growth at both the aggregate and sectoral level. It … finds that Asia''s remarkable output growth over the past 40 years reflected both high investment, and rapid productivity … encouraged resource shifts from low- to high-productivity sectors. Looking ahead, sustaining rapid growth requires meeting a …

collapsing investment and shrinking employment. Sharp declines in productivity, reflecting in part transition-related factors …