STAFF PAPERS (F M I )

Volume 46, Number 1, MARCH 1999

Contents

March 1999

How Do the Skilled and the Unskilled Respond to
Regional Shocks? The Case of Spain
Paolo Mauro and Antonio Spilimbergo • 1

Growth, Trade, and Deindustrialization
Robert Rowthorn and Ramana Ramaswamy • 18

Regional Trade Agreements or Broad Liberalization:
Which Path Leads to Faster Growth?
Athanasios Vamvakidis * 42

Exchange and Capital Controls as Barriers to Trade
Natalia T. Tamirisa * 69

Deviations of Exchange Rates from Purchasing Power Parity;
A Story Featuring Two Monetary Unions
Tarnim Bayoumi and Ronald MacDonald • 89

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STAFF PAPERS Volume, 46 Number 2 , JUNE 1999
Contents Are Currency Crises Predictable? A Test Andrew Berg and Catherine PattiUo 107
East Asian Growth Before and After the Crisis Nicholas Crafts 139
Financial Market Contagion in the Asian Crisis Taimur Baig and Uan Goldfajn 167
interest Spreads in Banking in Colombia, 1974-96 Adolfa Barajas, Roberta Steiner, and Natalia Salazar 196
Policy Responses to External imbalances in Emerging Market Economies: Further Empirical Results Chorng-Huey Wong and Luis Carranza 225
Countries' Repayment Performance Vis-a-Vis the IMF: A Comment on Aylward and Thorne Arno Backer 238
Countries' Repayment Performance Vis-a-Vis the IMF: A Response to Backer Lynn Aylward 242

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