IMF Working Papers
From International Monetary Fund International Monetary Fund, Washington, DC USA. Contact information at EDIRC. Bibliographic data for series maintained by Akshay Modi (). Access Statistics for this working paper series.
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- 2025/188: Bottlenecks to Private Sector Development in Sub-Saharan Africa: A Firm-Level Analysis

- Razan Amine, Qianqian Zhang, Shushanik Hakobyan and Ankita Goel
- 2025/187: Tax Reform, Subsidies, and Labor Supply: Lessons from Türkiye

- Silvia Domit, Yomna Gaafar, Duncan MacDonald and Carolina Osorio-Buitron
- 2025/186: Blockchain Consensus Mechanisms: A Primer for Supervisors (2025 Update)

- Parma Bains
- 2025/185: Optimal Policy for Financial Market Tokenization

- Itai Agur and Alexander Copestake
- 2025/184: The Impact of Aging and AI on Japan's Labor Market: Challenges and Opportunities

- Kohei Asao, Haruki Seitani, Ara Stepanyan and TengTeng Xu
- 2025/183: Did R&D Misallocation Contribute to Slower Growth?

- Nils Lehr
- 2025/182: Macroeconomic Exposure to the EU’s Carbon Border Adjustment Mechanism: The Case of the Middle East and Central Asia

- Mariz Abdou, Hasan Dudu, Kerstin Gerling and Dalia Kadissi
- 2025/181: Targeted Transparency: Sectoral Approach to Beneficial Ownership in Procurement and Real Estate

- Ivana Rossi, Chady El Khoury, Indulekha Thomas, Luisa Malcherek and Mohammed Al Janahi
- 2025/180: Relocation of Global Value Chains: The Role of Mexico

- Francisco Arizala, Tomohide Mineyama and Hugo Tuesta
- 2025/179: Tread with Care: Benefits and Costs of Domestic Debt Restructurings

- Jean-Marc Atsebi and Jeta Menkulasi
- 2025/178: Patterns of Invoicing Currency in Global Trade in a Fragmenting World Economy

- Emine Boz, Anja Brüggen, Camila Casas, Georgios Georgiadis, Gita Gopinath and Arnaud Mehl
- 2025/177: Monetary Policy Transmission in Euroized Countries: Evidence from Emerging Europe

- Wentong Chen, Fazurin Jamaludin, Florian Misch, Alex Pienkowski, Mengxue Wang and Zeju Zhu
- 2025/176: Afghan Exodus: Regional Macroeconomic Implications and Policy Challenges

- Rhea Gupta, Chandana Kularatne, Dirk Muir, Pedro Rodriguez and Li Zeng
- 2025/175: Sri Lanka’s Sovereign Debt Restructuring: Lessons from Complex Processes

- Peter Breuer, Sandesh Dhungana and Mike Li
- 2025/174: Gulf Cooperation Council Diversification: The Role of Foreign Investments and Sovereign Wealth Funds

- Yevgeniya Korniyenko and Weining Xin
- 2025/173: Monetary Policy Effectiveness in Kazakhstan: Results With a Small Macro Model

- Gregorio Impavido
- 2025/172: A Python Package to Assist Macroframework Forecasting: Concepts and Examples

- Sakai Ando, Shuvam Das and Sultan Orazbayev
- 2025/171: Payment Frictions, Capital Flows, and Exchange Rates

- Marco Reuter, Itai Agur, Alexander Copestake, Maria Martinez Peria and Ken Teoh
- 2025/170: Integrating Climate Change into Macroeconomic Analysis: A Review of Impact Channels, Data, Models, and Scenarios

- Pritha Mitra, Mehdi Raissi, Bruno Versailles, Samuele Centorrino, Maksym Ivanyna, Koralai Kirabaeva, Emanuele Massetti, Mariza Montes de Oca Leon, Ha Nguyen, William Oman, Nooman Rebei, Filippos Tagklis, Alice Tianbo Zhang, Christoph Ungerer, Javier Uruñuela López and Sha Yu
- 2025/169: The Impact of Central Bank Climate Communication on Green Bonds

- Marina Conesa Martinez
- 2025/168: Dissecting Medium-Term Growth Prospects for Asia

- Natasha Che, Federico Diez, Anne Oeking and Weining Xin
- 2025/167: Impact of Cross-Border Migration on the Gender Gap in Labor Force Participation in Latin America and in the Caribbean Countries

- Cassie Chen Xiang and Manuk Ghazanchyan
- 2025/166: Inside (the) Money Machine: Modeling Liquidity, Maturity and Credit Transformations

- Shalva Mkhatrishvili
- 2025/165: Efficiency Aspects of the Value Added Tax

- Ruud de Mooij, Shafik Hebous and Michael Keen
- 2025/164: Beyond Costs: The Dominant Role of Strategic Complementarities in Pricing

- Elías Albagli, Francesco Grigoli, Emiliano Luttini, Dagoberto Quevedo and Marco Rojas
- 2025/163: Bilateral Trade in Services: Insights from A New Database

- Nan Li, Sergii Meleshchuk, Qiuyan Yin, Dennis Zhao and Robert Zymek
- 2025/162: Sign Restrictions with a New-Keynesian Macro Model: Results From a “Quasi-Agnostic” Identification Procedure

- Gregorio Impavido
- 2025/161: Housing Booms and Productivity Growth

- Yuanchen Yang, Flora Lutz and Lucy Qian Liu
- 2025/160: Measuring Monetary Policy Stance in Sub-Saharan African Emerging and Frontier Markets

- Johanna Tiedemann, Olivier Bizimana and Shant Arzoumanian
- 2025/159: Making Cost Data Work for Public Financial Management

- Lorena Rivero del Paso, Chloe Cho and Ramon Narvaez Terron
- 2025/158: Macroeconomic and Fiscal Consequences of Quantitative Easing

- Tobias Adrian, Christopher Erceg, Marcin Kolasa, Jesper Linde and Pawel Zabczyk
- 2025/157: Potential Growth and Productivity in the Caribbean

- Alexander Amundsen, Sophia Chen, Pierre Guérin, Sinem Kiliç Çelik and Masahiro Nishida
- 2025/156: Economic Tectonics: A Closer Look at Structural Change and Productivity Trends in the U.S. Economy

- Belinda Azenui, Sandile Hlatshwayo and A. Spence
- 2025/155: Industrial Policy in China: Quantification and Impact on Misallocation

- Daniel Garcia-Macia, Siddharth Kothari and Yifan Tao
- 2025/154: Ramsey-Optimal Fiscal Spending and Reserve Accumulation Policies under Volatile Aid

- Ioana Moldovan, Shu-Chun Yang and Luis-Felipe Zanna
- 2025/153: Breaking Parity: Equilibrium Exchange Rates and Currency Premia

- Mai Dao, Pierre-Olivier Gourinchas and Oleg Itskhoki
- 2025/152: Monetary Policy Transmission to Lending Rates: Evidence from Brazil

- Daniel Leigh and Rui Xu
- 2025/151: Sovereign Debt Auctions with Strategic Interactions

- Ricardo Alves Monteiro and Stelios Fourakis
- 2025/150: Money Market Fund Growth During Hiking Cycles: A Global Analysis

- Kleopatra Nikolaou
- 2025/149: Options for Strengthening Ireland’s Fiscal Framework

- Rossen Rozenov, Waikei Lam, Yang Yang and Yinjie Yu
- 2025/148: Accounting and Fiscal Reporting in EU Countries

- Sage De Clerck, Joseph Cavanagh and Mariano D'Amore
- 2025/147: Trade Partners’ Responses to US Tariffs

- Lorenzo Rotunno and Michele Ruta
- 2025/146: Financial Imbalances, Systemic Stress, and Macroprudential Implications

- Knarik Ayvazyan and Etienne Yehoue
- 2025/145: Oil Shocks and Labor Market Developments

- Diego Gomes, Lisa Kolovich and Hannah Yi Wei
- 2025/144: Building Macroeconomic Resilience to Natural Disasters and Persistent Temperature Changes: The Case of Peru

- Zamid Aligishiev and Daria Kolpakova
- 2025/143: Industrial Policies and Firm Performance: A Nuanced Relationship

- Rafael Machado Parente, Sandra Baquie, Yueling Huang, Florence Jaumotte, Jaden Kim and Samuel Pienknagura
- 2025/142: The Impact of Debt and Deficits on Long-Term Interest Rates in the US

- Davide Furceri, Carlos Goncalves and Hongchi Li
- 2025/141: Decrypting Crypto: How to Estimate International Stablecoin Flows

- Marco Reuter
- 2025/140: Missing Imports in the Euro Area: Domestic Monetary Policy, Cross-Border Synchronization, and Demand Composition

- Francesca Caselli and Allan Dizioli
- 2025/139: Navigating the Evolving Landscape of External Financing in Sub-Saharan Africa

- Adrian Alter, Khushboo Khandelwal, Thibault Lemaire, Hamza Mighri, Can Sever and Luc Tucker
- 2025/138: Global Commodity Inflation Pass-through: Vulnerability of Small Island Developing States

- Laron Alleyne and Patrick Blagrave
- 2025/137: Understanding Inflation Dynamics in Afghanistan

- Karim Badr
- 2025/136: Financial Boom and Bust in the 19th Century: How Bad Was Germany’s Gründerkrise?

- Johannes Wiegand
- 2025/135: A Macroeconomic Framework for Long-Term Resilience and Growth

- David Bartolini, Andrew Ceber, Valerie Cerra, Pedro Juarros, Yujin Kim, Junko Mochizuki and Christine Richmond
- 2025/134: Estimated Monthly National Accounts for the United States

- Philip Barrett
- 2025/133: Global Financial Spillovers of Chinese Macroeconomic Surprises

- Camila Gutierrez, Javier Turen and Alejandro Vicondoa
- 2025/132: Time-Varying Impacts of Government Spending on CO2 Emissions

- Stefano Di Bucchianico, Mario Di Serio, Matteo Fragetta and Giovanni Melina
- 2025/131: Strategies for Africa's Climate Resilience: Trade and Practices

- Samantha Borkhoche, Eman Abdulla, Edward Gemayel, Vidhi Maheshwari and Faten Saliba
- 2025/130: The Drivers and Macroeconomic Impacts of Low-Carbon Innovation: A Cross-Country Exploration

- Zeina Hasna, Henry Hatton, Florence Jaumotte, Jaden Kim, Kamiar Mohaddes and Samuel Pienknagura
- 2025/129: Demystifying Trade Patterns In A Fragmenting World

- Tatjana Schulze and Weining Xin
- 2025/128: What Are Empirical Monetary Policy Shocks? Estimating the Term Structure of Policy News

- Jonathan Adams and Philip Barrett
- 2025/127: Repo Market Volatility and the U.S. Debt Ceiling

- Mai Dao, Brandon Tan and Jing Zhou
- 2025/126: Integrating Fragmented Networks: The Value of Interoperability in Money and Payments

- Alexander Copestake, Divya Kirti, Maria Martinez Peria and Yao Zeng
- 2025/125: The EU's CBAM: Implications for Member States and Trading Partners

- Geoffroy Dolphin and Gianluigi Ferrucci
- 2025/124: Personal Insolvency and Data Collection Systems

- José Garrido, Jason Kilborn and Anjum Rosha
- 2025/123: Real Equilibrium Interest Rates in the Euro Area

- Robert Beyer and Luis Brandão-Marques
- 2025/122: How Do Remittances Affect the Real Exchange Rate? An Empirical Investigation

- Alina Carare, Juan Celis, Metodij Hadzi-Vaskov and Yasumasa Morito
- 2025/121: A Quarterly Projection Model for Tonga

- Sam Ouliaris, Celine Rochon and Daniel Taumoepeau
- 2025/120: Global Cross-Border Payments: A $1 Quadrillion Evolving Market?

- Eugenio Cerutti, Melih Firat and Martina Hengge
- 2025/119: Testing the Purchasing Power Parity (PPP) in West and Central Africa

- Abdoul Wane, Carlos de Resende and Jing Xie
- 2025/118: Should Tax Be King? The Debate over Tax Priority in Insolvency

- Irving Aw, Brendan Crowley and José Garrido
- 2025/117: Forging Strength: Exploring the Dynamic Interplay between Institutions and State Capacity

- Patrick Imam and Joao Jalles
- 2025/116: Growth, Interrupted: How Crises delay Global Convergence

- Patrick Imam and Jonathan Temple
- 2025/115: Natural Bank Reliance

- Hannah Winterberg
- 2025/114: Making the EU’s Multiannual Financial Framework Fit for Purpose

- Matthias Busse, Huidan Lin, Malhar Nabar and Jiae Yoo
- 2025/113: Lifting Binding Constraints on Growth in Europe: Actionable Priorities to Deepen the Single Market

- Nathaniel Arnold, Allan Dizioli, Alexandra Fotiou, Jan-Martin Frie, Burcu Hacibedel, Tara Iyer, Huidan Lin, Malhar Nabar, Hui Tong and Frederik Toscani
- 2025/112: What is Needed for Convergence? The Role of Capital and Finance

- Bryan Hardy and Can Sever
- 2025/111: Growth Strategies and Diversification in the Pacific Islands Countries

- Gabriela Cugat
- 2025/110: No Quick Fix: The Recovery and Resilience Plan and External Position in Greece

- Zamid Aligishiev and Robert Blotevogel
- 2025/109: From Text to Quantified Insights: A Large-Scale LLM Analysis of Central Bank Communication

- Thiago Silva, Kei Moriya and Romain Veyrune
- 2025/108: Cyclical Fiscal Multipliers: Policy Mix and Financial Friction Puzzle

- Zamid Aligishiev and Hamed Ghiaie
- 2025/107: Interest Rate Sensitivity Scenarios to Guide Monetary Policy

- Allan Dizioli
- 2025/106: Digitalization: A Catalyst for Intergenerational Occupational Mobility?

- Mame Astou Diouf, Boileau Loko and Rasmané Ouedraogo
- 2025/105: Scenario Synthesis and Macroeconomic Risk

- Tobias Adrian, Domenico Giannone, Matteo Luciani and Mike West
- 2025/104: Europe’s National-Level Structural Reform Priorities

- Nina Budina, Oyun Adilbish, Diego Cerdeiro, Romain Duval, Balázs Égert, Dmitriy Kovtun, Anh Thi Ngoc Nguyen, Augustus Panton and Michelle Tejada
- 2025/103: Long and Short-term Impact of Tourism on Growth in Small Developing States

- Daniel Cunha, Rodrigo Garcia-Verdu and Pedro Juca Maciel
- 2025/102: Supply Chain Diversification and Resilience

- JaeBin Ahn and Brandon Tan
- 2025/101: Fiscal Multipliers in Mongolia

- Tigran Poghosyan
- 2025/100: Labor Market Consequences of Homicides: Evidence from Mexico

- Lorenzo Aldeco Leo, Matteo Ghilardi and Hugo Tuesta
- 2025/099: Laying the Ground for Scaling up Climate Finance in Sub-Saharan Africa

- Edward Gemayel, Samuele Rosa, Vidhi Maheshwari, Christoph Ungerer and Peter Lindner
- 2025/098: Do Industrial Policies Increase Trade Competitiveness?

- Yueling Huang, Sandra Baquie, Florence Jaumotte, Jaden Kim, Yucheng Lu, Rafael Machado Parente and Samuel Pienknagura
- 2025/097: Macro-Financial Policies and Vulnerabilities in IMF-Supported Programs

- Yazan Al-Karablieh, José Marzluf, Hector Perez-Saiz, Azzam Santosa and Fabian Valencia
- 2025/096: From Banks to Nonbanks: Macroprudential and Monetary Policy Effects on Corporate Lending

- Bruno Albuquerque, Eugenio Cerutti, Nanyu Chen and Melih Firat
- 2025/095: QPM-Based Analysis of Weather Shocks and Monetary Policy in Developing Countries

- Valeriu Nalban and Luis-Felipe Zanna
- 2025/094: The Rise and Retreat of US Inflation: An Update

- Laurence Ball, Daniel Leigh and Prachi Mishra
- 2025/093: Nowcasting Global Trade from Space

- Serkan Arslanalp, Seung Mo Choi, Parisa Kamali, Robin Koepke, Matthew McKetty, Michele Ruta, Mario Saraiva, Alessandra Sozzi and Jasper Verschuur
- 2025/092: Nowcasting Real GDP in Samoa

- Geoffrey Heenan, Karras Lui, Ian Nield, Eucharist Muaulu, Viiaonaoperesi Reupena, Ivy Sabuga and Aiulu Tolovaa
- 2025/091: The Energy Origins of the Global Inflation Surge

- Jorge Alvarez and Thomas Kroen
- 2025/090: Missing Home-Buyers and Rent Inflation: The Role of Interest Rates and Mortgage Underwriting Standards

- Alessia De Stefani
- 2025/089: Leveraging Digital Technologies in Boosting Tax Collection

- Manabu Nose, Nicola Pierri and Jiro Honda
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