The IMF Working Papers series is designed to make IMF staff research available to a wide audience. Almost 300 Working Papers are released each year, covering a wide range of theoretical and analytical topics, including balance of payments, monetary and fiscal issues, global liquidity, and...

This paper examines the effects on the supply of money and credit of a repatriation of foreign assets in an economy subject to currency substitution. In the absence of 100 percent reserve requirements, such a change in the location of deposits, which is not compensated by an increase in money...

Este trabajo examina los efectos de la tasa de fondos federales en una economia con caracteristicas particulares: el caso de Puerto Rico. De acuerdo a dichas caracteristicas se desarrolla un modelo dinamico que apoya tanto la evidencia empirica como relacion de la creacion y destruccion de...

In order to assess empirically the role of monetary factors in the process of short-run determination of output growth, inflation, and the trade balance, a model is developed for Japan and estimated for the period 1965-76. The model is essentially monetarist, in that the excess supply of cash...

Since the 1970s, a number of high-inflation Latin American countries have experienced persistent "dollarization." To interpret some of the stylized facts, a simple model is presented in which dollarization reflects the costs that are involved in switching the currency denomination of...

A simple macroeconomic model is developed in order to analyze some of the dynamic elements of the devaluation-inflation spiral in the presence of a real government deficit financed through credit creation by the central bank. It is concluded that under those circumstances the objectives of price...

The IMF Working Papers series is designed to make IMF staff research available to a wide audience. Almost 300 Working Papers are released each year, covering a wide range of theoretical and analytical topics, including balance of payments, monetary and fiscal issues, global liquidity, and...

During his distinguished career at the IMF, Jacques J. Polak served as both Director of Research and, subsequently as a member of the IMF Executive Board. His distinct contribution to the discipline of international financial policy is highlighted in this book edited by Jacob A. Frenkel and...