JOINT INDIA-IMF TRAINING PROGRAM (ITP)
Course on Macroeconomic Management and Fiscal Issues
Pune, India
October 9-20, 2006
Reading List
 L-1 10/9/06 An Overview of Macroeconomic Adjustment and Fiscal Management
PDF logo   Greene, Joshua, 2001, “Overview of Macroeconomic Adjustment and Structural Reform” in Lectures on Macroeconomic Management, forthcoming (Washington: International Monetary Fund).
L–2 10/9/06 Fiscal Aspects of Financial Crisis
PDF logo   Cerra, Valerie, and Sweta C. Saxena, 2002, “What Caused the 1991 Currency Crisis in India?” IMF Staff Papers, Volume 49, No. (3), pp. 395-425.
PDF logo   Saxena, Sweta C., 2004, “The Changing Nature of Currency Crises,” Journal of Economic Surveys, 18(3): 321-50. Reprinted in: Issues in Monetary, Financial and Macroeconomic Adjustment Policies, edited by Stuart Sayer, 2005, Blackwell Publishing
PDF logo   Supplementary Readings: Kaminsky, Graciela, and Carmen Reinhart, 1999, “The Twin Crises: The Causes of Banking and Balance of Payments Problems,” American Economic Review, Vol. 89 (3), June, pp. 473–500.
L–3 10/10/06 Asset Prices, Balance Sheets, and the Macroeconomy
PDF logo   Keller, Christian, Christoph Rosenberg, Nouriel Roubinim and Brad Setser, 2002, “The Bottom Line,” Finance and Development, Vol. 39 (December), pp. 15-18.
PDF logo   Supplementary Readings:
IMF, 2003, “When Bubbles Burst,” World Economic Outlook, April 2003: World Economic and Financial Surveys (Washington), Chapter 2, pp. 67–75.
PDF logo   Allen, Mark, Christoph Rosenberg, Christian Keller, Brad Setser, and Nouriel Roubini, 2002, “A Balance Sheet Approach to Financial Crisis,” IMF Working Paper 02/210 (Washington: International Monetary Fund).
PDF logo   Bean, Charles R., 2004, “Asset Prices, Financial Instability, and Monetary Policy,” American Economic Review, Papers and Proceedings, Vol. 94 (May), pp. 14–18.
PDF logo   Bernanke, Ben S., and Mark Gertler, 2001, “Should Central Banks Respond to Movements in Asset Prices?” American Economic Review, Papers and Proceedings, Vol. 91 (May), pp. 253–257.
PDF logo   IMF, 2000, “Asset Prices and the Business Cycle,” World Economic Outlook, May 2000: World Economic and Financial Surveys (Washington), Chapter 3, pp. 77–112.
PDF logo   BIMF, 2003, “The Balance Sheet Approach and its Applications to the Fund” (Washington: International Monetary Fund).
PDF logo   IMF, 2004, “Debt-Related Vulnerabilities and Financial Crises—An Application of the Balance Sheet Approach to Emerging Market Countries” (Washington: International Monetary Fund).
L–4 10/10/06 Choosing an Exchange Rate Regime
PDF logo   Frankel, Jeffrey A., 1999, “No Single Currency Regime is Right for All Countries or at All Times,” NBER Working Paper Series No. 7338 (Cambridge, Massachusetts: National Bureau of Economic Research).

PDF logo 		  Calvo, Guillermo and Fredrick Mishkin, 2003, “The Mirage of Exchange Rate Regimes for Emerging Market Countries,” Journal of Economic Perspectives, Vol. 17, No. 4, Fall
L–5 10/11/06 Tax Policy
PDF logo   Shome, Parthasarathi, 1995, “Introduction,” in Tax Policy Handbook, ed. by Parthasarathi Shome (Washington: International Monetary Fund).
PDF logo   Stotsky Janet, 1995, “Summary of IMF Tax Policy Advice,” in Tax Policy Handbook, ed. by Parthasarathi Shome (Washington: International Monetary Fund
L–6 07/27/06 Expenditure Policy
PDF logo   Fiscal Affairs Department, 1995, Unproductive Public Expenditures: A Pragmatic Approach to Policy Analysis, IMF Pamphlet Series, No. 48 (Washington, International Monetary Fund).


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   Fiscal Affairs Department, 1995, Guidelines for Fiscal Adjustment, IMF Pamphlet Series, No. 49 (Washington, International Monetary Fund).
L–7 10/1206 International Capital Flows and the Asian Crisis
PDF logo   IMF Staff, 1998, “The Asian Crisis: Causes and Cures” Finance & Development, Vol. 35 (June), pp. 18–21.
L–8 10/12/06 Fiscal Policy and Growth

PDF logo 		  Sala-i-Martin, Xavier X., 2001, “Sources of Growth,” Lectures in Macroeconomic Management (Washington : IMF Institute).

PDF logo 		  Cerra, Valerie, and Sweta C. Saxena, 2005, “Eurosclerosis or Financial Collapse: Why Did Swedish Incomes Fall Behind?,” IMF Working Paper 05/29 (Washington: International Monetary Fund).
L–9 10/13/06 Public Debt Management
PDF logo   Borensztein, Eduardo, Marcos Chamon, Olivier Jeanne, Paolo Muro, and Jeromin Zettelmeyer, 2004, Sovereign Debt Structure for Crisis Prevention, IMF Occasional Paper 237 (Washington: International Monetary Fund).
PDF logo   IMF, 2003, “Guidelines for Public Debt Management” (Washington: International Monetary Fund).
PDF logo   Supplementary Readings:
IMF and the World Bank, 2002, “Guidelines for Public Debt Management: Accompanying Document” (Washington: International Monetary Fund).
L–10 10/16/06 Fiscal and External Sustainability
PDF logo   Daseking, Christina, 2002, “Debt: How Much is Too Much?” Finance & Development, Vol. 39 (December), pp. 12–14..

PDF logo 		  International Monetary Fund, 2002, “Assessing Sustainability,” SM/02/166, pp. 12–21.

PDF logo 		  Supplementary Readings:
Policy Development and Review Department, 2000, “Debt- and Reserve-Related Indicators of External Vulnerability,” (May) (Washington: International Monetary Fund), pp. 1–20.
L–11 07/31/06 Fiscal Standards and Codes, Transparency and Governance
PDF logo   IMF, 2001, Revised Manual on Fiscal Transparency (Washington).
PDF logo   Abed, George T., and Sanjeev Gupta, 2002, “The Economics of Corruption: An Overview,” in Governance, Corruption, and Economic Performance, ed. George T. Abed and Sanjeev Gupta (Washington: International Monetary Fund).
 L–12 10/17/06 Monetary Anchors in Macro Management
PDF logo   Fredrick, Mishkin, 2004. “Can Inflation Targeting Work in Emerging Market Countries?” NBER Working Paper Series No. 10646 (Cambridge, Massachusetts: Naional Bureau of Economic Research) Festschrift in honor of Guillermo Calvo, April 15-16, 2004.

PDF logo 		  Barth, Richard C., 2001, “The Framework of Monetary Policy,” Lectures in Macroeconomic Management (Washington: IMF Institute).
INTERNATIONAL MONETARY FUND
Joint India-IMF Training Program
Course on Financial Programming and Policies in English
Pune, India
July 24 - August, 2006
 L-1 7/24/06 An Analytical Framework for Adjustment and Growth
PDF logo   Lanyi, Anthony, 1995, “An Analytical Framework for Medium-Term Adjustment” (Washington: International Monetary Fund).
PDF logo   Additional Reading:
Wong, Chorng-Huey, 2002, “Adjustment and External and Internal Balance,Macroeconomic Management Programs and Policies, eds. Mohsin S. Khan, Saleh M. Nsouli, and Chorng-Huey Wong, Chapter 2, pp. 10–37 (Washington: International Monetary Fund).
L–2 07/24/06 Real Sector: Analysis and Forecasting
PDF logo   IMF Institute training document. Section I. Real Sector: Accounts, Analysis, and Forecasting (Washington: International Monetary Fund).
L–3 07/25/06 Monetary Sector: Analysis and Forecasting
PDF logo   IMF Institute training document. Section II. Monetary Accounts, Analysis, and Forecasting (Washington: International Monetary Fund).
L–4 07/26/06 Monetary Policy: Objectives, Targets, and Instruments
PDF logo   Khan, Mohsin, 2003, “Current Issues in the Design and Conduct of Monetary Policy,” IMF Working Paper 03/56 (Washington: International Monetary Fund).

PDF logo 		  Additional Reading:
Barth, Richard C., 2000, “The Framework of Monetary Policy,” in Macroeconomic Management Programs and Policies, eds. Mohsin S. Khan, Saleh M. Nsouli, and Chorng-Huey Wong, Chapter 6, pp. 139–67 (Washington: International Monetary Fund).
L–5 07/26/06 Fiscal Sector: Analysis and Forecasting
PDF logo   IMF Institute training document. Section III. Fiscal Sector: Accounts, Analysis, and Forecasting (Washington: International Monetary Fund).
L–6 07/27/06 The Role of Fiscal Policy in Macroeconomic Adjustment
PDF logo   Hemming, Richard, Michael Kell, and Selma Mahfouz, 2002, “The Effectiveness of Fiscal Policy in Stimulating Economic Activity—Review of the Literature,” IMF Working Paper 02/208 (Washington: International Monetary Fund).


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   Additional Readings:
Akitoby, Bernardin, Benedict Clements, Sanjeev Gupta, and Gabriela Inchauste, 2004, “The Cyclical and Long-Term Behavior of Government Expenditures in Developing Countries,” IMF Working Paper 04/202 (Washington: International Monetary Fund).
PDF logo   Gupta, Sanjeev, Emanuele Baldacci, Benedict Clements, and Erwin R. Tiongson, 2003, “What Sustains Fiscal Consolidation in Emerging Market Countries? ”IMF Working Paper 03/224 (Washington: International
Monetary Fund).
L–7 07/27/06 Sustainability of Fiscal Policy
PDF logo   Croce, Enzo, 2000, “Assessment of the Fiscal Balance,” in Macroeconomic Management Programs and Policies, eds. Mohsin S. Khan, Saleh M. Nsouli, and Chorng-Huey Wong, Chapter 9, pp. 229–56(Washington: International Monetary Fund).
PDF logo   Croce, Enzo, and V. Hugo Juan-Ramón, 2003, “Assessing Fiscal Sustainability: A Cross-Country Comparison,” IMF Working Paper 03/145 (Washington: International Monetary Fund).

PDF logo 		  Additional Reading:
Policy Development and Review Department, 2002, “Assessing Sustainability,” SM/02/166 (Washington: International Monetary Fund).
L–8 07/28/06 The Net Worth Approach to Fiscal Balance

  International Monetary Fund, 2001, Government Finance Statistics Manual (Washington: International Monetary Fund).
http://www.imf.org/external/pubs/ft/gfs/manual/index.htm. The material for this session will be distributed separately.

PDF logo 		  Additional Readings:
Da Costa, Mercedes and V. Hugo Juan-Ramón, 2005, “Evaluating the Financial Position of the Government Sector.” Paper prepared for the Macroeconomic Diagnostics Course during October 3–28, 2005 (Washington: International Monetary Fund).
PDF logo   Polackova, Hana, 1999, “Contingent Government Liabilities: A Hidden Fiscal Risk,” Finance and Development, Vol. 36, No. 1 (May) (Washington: International Monetary Fund).
L–9 07/28/06 External Sector: Balance of Payments, Analysis, and Forecasting
PDF logo   IMF Institute training document. Section IV. Balance of Payments Accounts, Analysis, and Forecasting (Washington: International Monetary Fund).
L–10 07/31/06 The Equilibrium Real Exchange Rate
PDF logo   IMF Institute, 2005, “Workshop on Nominal and Real Exchange Rate”(Washington: International Monetary Fund).

PDF logo 		  Additional Reading:
Montiel, Peter, 2002, “The Long-Run Equilibrium Real Exchange Rate: Theory and Measurement,”in Macroeconomic Management Programs and Policies, eds. Mohsin S. Khan, Saleh M. Nsouli, and Chorng-Huey Wong, Chapter 11, pp. 307–44 (Washington: International Monetary Fund).
L–11 07/31/06 Monetary and Exchange Regimes in Developing Countries
PDF logo   Rogoff, Keneth, A. Hussain, A. Mody, R. Brooks, and N. Oomes, 2004, “Evolution and Performance of Exchange Rate Regimes,” IMF Occasional Paper No. 229 (Washington: International Monetary Fund). This paper will be distributed separately.

PDF logo 		  Additional Reading:
Mussa, Michael, Paul Masson, Alexander Swoboda, Esteban Jadresic, Paolo Mauro, and Andrew Berg, 2000, “Exchange Rate Regimes in an Increasingly Integrated World Economy,” IMF Occasional Paper No. 193 (Washington: International Monetary Fund).
 L–12 07/31/06 External Sustainability
PDF logo   Carranza, Luis, 2000, “Current Account Sustainability,” in Macroeconomic Management Programs and Policies, eds. Mohsin S. Khan, Saleh M. Nsouli, and Chorng-Huey Wong, Chapter 5, pp. 99–138(Washington: International Monetary Fund).

PDF logo 		  Additional Readings:
Isard, Peter, Hamid Faruqee, G. Russell Kincaid, and Martin Fetherston, 2001, Methodology for Current Account and Exchange Rate Assessments, IMF Occasional Paper No. 209 (Washington: International Monetary Fund).
PDF logo   Milesi-Ferretti, Gian Maria, and Assaf Razin, 1996, “Current Account Sustainability: Selected East Asian and Latin American Experiences,”
IMF Working Paper 96/110 (Washington: International Monetary Fund).
L–13 07/31/06 Globalization: Opportunities and Challenges
PDF logo   Masson, Paul, 2001, “Globalization Facts and Figures,” IMF Policy Discussion Paper 01/4 (Washington: International Monetary Fund).

PDF logo 		  Additional Reading:
Prasad, E., K. Rogoff, and M. Kose, 2003, Effects of Financial Globalization on Developing Countries: Some Empirical Evidence, IMF Occasional
Paper No. 220 (Washington: International Monetary Fund).
L–14 08/01/06 Interrelations Among Macroeconomic Accounts
PDF logo   IMF Institute training document. Section V. Interrelations Among Macroeconomic Accounts: The Flow of Funds (Washington: International Monetary Fund).
L–15 08/01/06 Structural Reforms
    International Monetary Fund, 2001, India and the Crossroads: Sustaining Growth and Reducing Poverty, eds. Tim Callen, Patricia Reynolds, and Christopher Towe(Washington). The material for this session will be distributed separately.

PDF logo 		  International Monetary Fund, 2000, World Economic Outlook, Chapter IV: How Can the Poorest Countries Catch Up?  (Washington). Available via Internet: http://www.imf.org/External/Pubs/FT/weo/2000/01/pdf/chapter4.pdf

PDF logo 		  Additional Reading:
International Monetary Fund, 2005, World Economic Outlook, Chapter III: Building Institutions (Washington: International Monetary Fund). Also available at: http://www.imf.org/external/pubs/ft/weo/2005/02/index.htm
L–16 08/01/06 Financial Programming
PDF logo   IMF Institute training document. Section VI. Financial Programming (Washington: International Monetary Fund).
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