Page 1 This is a Working Paper and the author would welcome any IMF WORKING PAPER
comments on the present text. Citations should refer to a Working Paper of the International …

This book is one of the two volumes of essays especially written to honor Vito Tanzi. The
articles included in this volume and in its companion (Fiscal Policies and Economic …

By working directly with the profit functions for both arbitrage and speculative trades, this
paper develops two distinct notions of market efficiency. These notions provide the basis for …

When‐issued trading is the trading of securities prior to the actual issue of the security.
When‐issued trading is active around the world and in a variety of equity and bond markets …

Academic and policy-oriented debate on the design of government securities auctions has
intensified in recent years, motivated both by the desire for more cost-effective strategies to …

This theoretical paper maps the transition experience of the financial sector using evidence
from the Czech money market. Especially, the respect is paid to the structure of interest rates …