On March 22, 2017, the Executive Board adopted the Guidelines for Investing PRG, PRG-HIPC, and CCR Trust Assets (the 'Guidelines') to establish the investment objectives and policies to guide the investment of assets of the PRG, PRG-HIPC, and CCR Trusts (the'Trusts') which are available for...

Guidelines for Investing PRG, PRG-HIPC, and CCR Trust Assets (the "Guidelines"), which were adopted on March 22, 2017, were further amended on January 12, 2022, by the Executive Board of the IMF. The Guidelines establish the investment objectives and policies to guide the investment of assets of...

Nominal interest rate pegging leads to instability in an IS-LM model with a vertical long-run Phillips curve and backward-looking inflation expectations. However, it does not lead to instability in several large multicountry econometric models, apparently primarily because these models have...

A small macroeconomic model based on familiar theoretical considerations is developed and estimated using data from 31 developing countries. Efficient estimation techniques are used to control for country heterogeneity under the assumption of rational expectations. The estimates and the test...

The dynamic responses of a developing economy to a variety of policy and external shocks are studied using an empirical macroeconomic model which embodies rational expectations, perfect capital mobility, and import rationing. These features, which are relatively new in developing-country...

This paper discusses Article IV, Section 8 of the Articles of Agreement which states the requirement of maintenance of the gold value of the IMF's assets. Each member of the IMF is bound to maintain the gold value of the IMF's holdings of the member's currency notwithstanding changes in the par...

This study analyzes the impact of regional cross-listing of stocks on the depth of the stock markets in sub-Saharan Africa (SSA). It analyzes data from 1990 to 2007 for a panel of 13 stock markets in SSA countries, only some of which have regional cross-listings. Using event study methodology,...

This paper investigates linkages between stock markets in seven industrialized countries since 1974. Empirical evidence shows that both nominal and real stock prices (and returns) are strongly positively correlated across countries, and that nominal exchange rate changes do not have systematic...

The paper developes a VAR macrofinance model of the Czech economy. It shows that yield misalignments from the yields implied by the macrofinance model partially determine subsequent yield changes over three to nine months. These yield misalignments tend to persist for a number of months. This...