© 1998 The International Bank for Reconstruction and Development / THE WORLD BANK Paul R. Masson, Tamim Bayoumi, and Hossein Samiei are with the Research, Asia and Pacific, and European I departments, respectively, at the International Monetary Fund. The authors are grateful to colleagues and seminar participants at the World Bank, to Klaus Schmidt-Hebbel and to David Weil for advice and commen...

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