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Mr. Clinton R. Shiells, Mr. Antonio Spilimbergo, Mr. Vladimir Klyuev, and Raghuram Rajan

Wisconsin and NBER), developed a framework in which incompleteness of contracts arises endogenously to investigate many features of existing GATT agreements, including the asymmetry in the coverage of trade versus domestic policy instruments. Man-Keung Tang (IMF), in joint work with Shang-Jin Wei (IMF and CEPR), found that WTO/GATT accession yielded strong growth and investment effects but only for those countries that were subject to rigorous accession procedures, including, notably, many of the transition economies. Policy commitments associated with accessions were

International Monetary Fund. External Relations Dept.

organization really matters. In their paper, “Is Bitter Medicine Good for You? The Economic Consequences of WTO/GATT Accessions,” M.K. Tang (IMF) and Shang-Jin Wei addressed the debates about the value of WTO/GATT membership. They showed that countries acceding to the WTO/GATT during and after the Uruguay Round tended to experience a significant increase in economic growth and the investment-to-GDP ratio around the time of their accession. Countries that did not undergo rigorous accession procedures, however, did not seem to derive any beneficial effects. Moreover, Tang

Mr. Clinton R. Shiells, Mr. Antonio Spilimbergo, Mr. Vladimir Klyuev, and Raghuram Rajan
The IMF Research Bulletin, a quarterly publication, selectively summarizes research and analytical work done by various departments at the IMF and also provides a listing of research documents and other research-related activities, including conferences and seminars. The Bulletin is intended to serve as a summary guide to research done at the IMF on various topics, and to provide a better perspective on the analytical underpinnings of the IMF’s operational work.
Mr. Clinton R. Shiells, Mr. Antonio Spilimbergo, Mr. Vladimir Klyuev, and Raghuram Rajan
Mr. Clinton R. Shiells, Mr. Antonio Spilimbergo, Mr. Vladimir Klyuev, and Raghuram Rajan

The IMF Research Bulletin, a quarterly publication, selectively summarizes research and analytical work done by various departments at the IMF and also provides a listing of research documents and other research-related activities, including conferences and seminars. The Bulletin is intended to serve as a summary guide to research done at the IMF on various topics, and to provide a better perspective on the analytical underpinnings of the IMF’s operational work.

Mr. Clinton R. Shiells, Mr. Antonio Spilimbergo, Mr. Vladimir Klyuev, and Raghuram Rajan

The IMF Research Bulletin, a quarterly publication, selectively summarizes research and analytical work done by various departments at the IMF and also provides a listing of research documents and other research-related activities, including conferences and seminars. The Bulletin is intended to serve as a summary guide to research done at the IMF on various topics, and to provide a better perspective on the analytical underpinnings of the IMF’s operational work.

Mr. Clinton R. Shiells, Mr. Antonio Spilimbergo, Mr. Vladimir Klyuev, and Raghuram Rajan

The IMF Research Bulletin, a quarterly publication, selectively summarizes research and analytical work done by various departments at the IMF and also provides a listing of research documents and other research-related activities, including conferences and seminars. The Bulletin is intended to serve as a summary guide to research done at the IMF on various topics, and to provide a better perspective on the analytical underpinnings of the IMF’s operational work.

Mr. Arvind Subramanian, Mr. Richard T. Harmsen, Mr. Peter P Uimonen, Ms. Naheed Kirmani, and Mr. Michael P. Leidy

exports and imports and ex change-based taxes and subsidies. Moves toward full current account convertibility and trade liberalization therefore often go hand in hand. 19 See IMF (1994b) . 20 “The number of developing country contracting parties in the GATT increased from 67 in 1990 to 93 in April 1994. As at the latter date, about 11 developing countries (excluding countries of the former Soviet Union and Central and Eastern European countries) were negotiating accession discussions. 21 For example, as part of their GATT accessions

International Monetary Fund. External Relations Dept.
Funding the IMF; Middle East and Central Asia economic outlook; Is globalization a choice?; Latin American reform; Trade conference; Aid effectiveness; Long-term interest rates in G7 countries; Wage flexibility; Joint external debt website launched.
Mr. Philippe Szymczak

. Additional licensing requirements were eliminated in October 1986 and in April, July, and October 1987. These measures brought Mexico into compliance with its GATT accession commitment to eliminate import-licensing requirements to the fullest extent possible. By the end of 1987, only 329 tariff categories (out of more than 8,300 and representing about 23 percent of imports) were subject to prior licensing requirements. The subsequent changes in the trade system have been relatively minor. In December 1989, changes affecting imports of new automobiles were announced. 7