IMF Working Papers

From International Monetary Fund
International Monetary Fund, Washington, DC USA.
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2021/149: When They Go Low, We Go High? Measuring Bank Market Power in a Low-for-Long Environment

Deniz Igan, Nicola Pierri and Andrea Presbitero

2021/148: Chile: A Role Model of Export Diversification Policies?

Gonzalo Salinas

2021/147: Climate Action to Unlock the Inclusive Growth Story of the 21st Century

Amar Bhattacharya, Maksym Ivanyna, William Oman and Nicholas Stern

2021/146: IMF Programs and Financial Flows to Offshore Centers

Shekhar Aiyar and Manasa Patnam

2021/145: Capital Income Taxation in the Netherlands

Alexander Klemm, Shafik Hebous and Christophe Waerzeggers

2021/144: Regional Disparities and Fiscal Federalism in Russia

Oksana Dynnikova, Annette Kyobe and Slavi Slavov

2021/143: Scenario Analysis with the DD-PD Mapping Approach: Stock Market Shocks and U.S. Corporate Default Risk

Jorge Chan-Lau

2021/142: Labor Market Reforms and Earnings Dynamics: the Italian Case

Davide Malacrino and Luigi Pistaferri

2021/141: Inclusivity in the Labor Market

Asmaa ElGanainy, Ekkehard Ernst, Rossana Merola, Richard Rogerson and Martin Schindler

2021/140: Employment Effects of Environmental Policies – Evidence From Firm-Level Data

Adil Mohommad

2021/139: How to Gain the Most from Structural Conditionality of IMF-Supported Programs

Jochen Andritzky, Zsuzsa Munkacsi and Ke Wang

2021/138: China's Rebalancing and Gender Inequality

Mariya Brussevich and Era Dabla-Norris

2021/137: Determinants of and Prospects for Market Access in Frontier Economies

Luiza Antoun de Almeida and Diva Singh

2021/136: Patterns in IMF Growth Forecast Revisions: A Panel Study at Multiple Horizons

Metodij Hadzi-Vaskov, Luca Ricci, Alejandro Mariano Werner and Rene Zamarripa

2021/135: The Macroeconomic Impact of Social Unrest

Metodij Hadzi-Vaskov, Samuel Pienknagura and Luca Ricci

2021/134: License to Spill: How Do We Discuss Spillovers in Article IV Staff Reports

Jelle Barkema, Borislava Mircheva, Mico Mrkaic and Yuanchen Yang

2021/133: Avoid a Fall or Fly Again: Turning Points of State Fragility

Olusegun Ayodele Akanbi, Nikolay Gueorguiev, Jiro Honda, Paulomi Mehta, Kenji Moriyama, Keyra Primus and Mouhamadou Sy

2021/132: An Empirical Assessment of the Exchange Rate Pass-through in Mozambique

Edson Manguinhane and Felix Simione

2021/131: The Direct Employment Impact of Public Investment

Marian Moszoro

2021/130: Who Doesn’t Want to be Vaccinated? Determinants of Vaccine Hesitancy During COVID-19

Hibah Khan, Era Dabla-Norris, Frederico Lima and Alexandre Sollaci

2021/129: Macroeconomic Impact of the Itaipú Treaty Review for Paraguay

Natasha Che

2021/128: The Cost of Future Policy: Intertemporal Public Sector Balance Sheets in the G7

Yugo Koshima, Jason Harris, Alexander Tieman and Alessandro De Sanctis

2021/127: Will COVID-19 Have Long-Lasting Effects on Inequality? Evidence from Past Pandemics

Davide Furceri, Prakash Loungani, Jonathan Ostry and Pietro Pizzuto

2021/126: Macroeconomic Impact of Foreign Exchange Intervention: Some Cross-country Empirical Findings

Zhongxia Jin, Haobin Wang and Yue Zhao

2021/125: Balance Sheets and Debt Crises – Empirical Regularities for Modern Cases of Sovereign Distress

Alexis Meyer-Cirkel and Gonzalo Huertas

2021/124: Impact of COVID-19: Nowcasting and Big Data to Track Economic Activity in Sub-Saharan Africa

Brandon Buell, Reda Cherif, Carissa Chen, Karl Walentin, Jiawen Tang and Nils Wendt

2021/123: What Determines Social Distancing? Evidence from Advanced and Emerging Market Economies

Era Dabla-Norris, Hibah Khan and Frederico Lima

2021/122: The Morocco Policy Analysis Model: Theoretical Framework and Policy Scenarios

Aya Achour, Ales Bulir, Omar Chafik and Adam Remo

2021/121: Austerity and Elections

Alberto Alesina, Gabriele Ciminelli, Davide Furceri and Giorgio Saponaro

2021/120: The Rise in Inequality after Pandemics: Can Fiscal Support Play a Mitigating Role?

Davide Furceri, Prakash Loungani, Jonathan Ostry and Pietro Pizzuto

2021/119: Will the Economic Impact of COVID-19 Persist? Prognosis from 21st Century Pandemics

Johannes Emmerling, Davide Furceri, Francisco Líbano Monteiro, Prakash Loungani, Jonathan Ostry, Pietro Pizzuto and Massimo Tavoni

2021/118: The Fiscal Multiplier of European Structural Investment Funds: Aggregate and Sectoral Effects with an Application to Slovenia

Raphael Espinoza

2021/117: Scaling Up Quality Infrastructure Investment

Olivier Bizimana, Laura Jaramillo and Saji Thomas

2021/116: Financial Cycles – Early Warning Indicators of Banking Crises?

Sally Chen and Katsiaryna Svirydzenka

2021/115: SDG Financing Options in Rwanda: A Post-Pandemic Assessment

Victor Lledo and Roberto Perrelli

2021/114: Can Fintech Foster Competition in the Banking System in Latin America and the Caribbean?

Suchanan Tambunlertchai, Kotaro Ishi, Takuji Komatsuzaki, Ippei Shibata and Jasmin Sin

2021/113: Leakages from Macroprudential Regulations: The Case of Household-Specific Tools and Corporate Credit

Lucyna Gornicka and Peichu Xie

2021/112: Limits to Private Climate Change Mitigation

Dalya Elmalt, Divya Kirti and Deniz Igan

2021/111: Is There a One-Size-Fits-All Approach to Inclusive Growth? A Case Study Analysis

Sriram Balasubramanian, Lahcen Bounader, Jana Bricco and Dmitry Vasilyev

2021/110: The Macroeconomic Impacts of Digitalization in Sub-Saharan Africa: Evidence from Submarine Cables

Felix Simione and Yiruo Li

2021/109: Risks and Vulnerabilities in the U.S. Bond Mutual Fund Industry

Antoine Bouveret and Jie Yu

2021/108: Pakistan: Spending Needs for Reaching Sustainable Development Goals (SDGs)

Fernanda Brollo, Emine Hanedar and Sébastien Walker

2021/107: Impacts of Interest Rate Cap on Financial Inclusion in Cambodia

Dyna Heng, Serey Chea and Bomakara Heng

2021/106: Unintended Effects From the Expansion of the Non-Contributory Health System in Peru

José Torres

2021/105: Central Bank Risk Management, Fintech, and Cybersecurity

Ashraf Khan and Majid Malaika

2021/104: Commodity Shocks and Exchange Rate Regimes: Implications for the Caribbean Commodity Exporters

Ali Al-Sadiq and Inci Ötker-Robe

2021/103: Credit Reversals

Francisco Vazquez

2021/102: Competition vs. Stability: Oligopolistic Banking System with Run Risk

Damien Capelle

2021/101: Parameterizing Debt Maturity

Philip Barrett and Christopher Johns

2021/100: Assessing the Macroeconomic Impact of Structural Reforms in Ukraine

Anil Ari and Gabor Pula

2021/099: Smart Containment: Lessons from Countries with Past Experience

Alexandra Fotiou and Andresa Lagerborg

2021/098: Governance for Inclusive Growth

Maksym Ivanyna and Andrea Salerno

2021/097: Sharing Resource Wealth Inclusively Within and Across Generations

Nathalie Pouokam

2021/096: Enhancing Resilience to Climate Change in the Maldives

Giovanni Melina and Marika Santoro

2021/095: Gender and Employment in the COVID-19 Recession: Evidence on “She-cessions”

John Bluedorn, Francesca Caselli, Niels-Jakob Hansen, Ippei Shibata and Marina Tavares

2021/094: Emerging Market Securities Access to Global Plumbing

Gongpil Choi, Federico Ortega and Manmohan Singh

2021/093: What's in the R- Stars for Korea?

Sohrab Rafiq

2021/092: Korea’s Growth Prospects: Overcoming Demographics and COVID-19

Andrew Swiston

2021/091: Search Externalities in Firm-to-Firm Trade

John Spray

2021/090: Digital Financial Inclusion in Emerging and Developing Economies: A New Index

Purva Khera, Stephanie Ng, Sumiko Ogawa and Ratna Sahay

2021/089: Firms’ Environmental Performance and the COVID-19 Crisis

Pierre Guérin and Felix Suntheim

2021/088: The Impact of International Migration on Inclusive Growth: A Review

Zsoka Koczan, Magali Pinat and Dmitriy Rozhkov

2021/087: Building Back Better: How Big Are Green Spending Multipliers?

Nicoletta Batini, Mario di Serio, Matteo Fragetta and Giovanni Melina

2021/086: Corporate Funding and the COVID-19 Crisis

Andrea Deghi, Dulani Seneviratne, Tomohiro Tsuruga and Jerome Vandenbussche

2021/085: Does a Wealth Tax Improve Equality of Opportunity? Evidence from Norway

Kristoffer Berg and Shafik Hebous

2021/084: Equilibrium Foreign Currency Mortgages

Marcin Kolasa

2021/083: Public Expenditure and Inclusive Growth - A Survey

Younes Zouhar, Jon Jellema, Nora Lustig and Mohamed Trabelsi

2021/082: The Political Economy of Inclusive Growth: A Review

Simon Johnson and Priscilla Muthoora

2021/081: Macroeconomic Stability and Inclusive Growth

Hamid Davoodi, Peter Montiel and Anna Ter-Martirosyan

2021/080: Competition, Innovation, and Inclusive Growth

Reda Cherif and Fuad Hasanov

2021/079: Pricing Protest: The Response of Financial Markets to Social Unrest

Philip Barrett, Sophia Chen, Mali Chivakul and Deniz Igan

2021/078: Monetary Policy, Inflation, and Distributional Impact: South Africa’s Case

Ken Miyajima

2021/077: Fiscal Policy Challenges for Latin America during the Next Stages of the Pandemic: The Need for a Fiscal Pact

Luca Ricci, Jorge Roldos and Alejandro Werner

2021/076: Uncertainty Premia, Sovereign Default Risk, and State-Contingent Debt

Francisco Roch and Francisco Roldán

2021/075: Resource Misallocation Among Listed Firms in China: The Evolving Role of State-Owned Enterprises

Emilia Jurzyk and Cian Ruane

2021/074: Trade and Inclusive Growth

Valerie Cerra

2021/073: Managing the Impact of Resource Booms on the Real Effective Exchange Rate: The Role of Financial Sector Development

Johannes Herderschee and Luisa Zanforlin

2021/072: Generational Aspects of Inclusive Growth

Benedicte Baduel, Asel Isakova and Anna Ter-Martirosyan

2021/071: Quantum Computing and the Financial System: Spooky Action at a Distance?

Michael Gorbanyov, Majid Malaika and Tahsin Saadi Sedik

2021/070: Supply and Demand Effects of Unemployment Insurance Benefit Extensions: Evidence from U.S. Counties

Klaus-Peter Hellwig

2021/069: Sizing Up the Effects of Technological Decoupling

Diego Cerdeiro, Rui Mano, Johannes Eugster, Dirk Muir and Shanaka Peiris

2021/068: Links Between Growth, Inequality, and Poverty: A Survey

Valerie Cerra, Ruy Lama and Norman Loayza

2021/067: Beautiful Cycles: A Theory and a Model Implying a Curious Role for Interest

Marco Gross

2021/066: The Short-Term Impact of COVID-19 on Labor Markets, Poverty and Inequality in Brazil

Valentina Flamini and Frederik Toscani

2021/065: The Sooner (and the Smarter), the Better: COVID-19 Containment Measures and Fiscal Responses

Amr Hosny

2021/064: Proximity and Horizontal Policies: The Backbone of Export Diversification

Gonzalo Salinas

2021/063: Young Firms and Monetary Policy Transmission

Thomas McGregor

2021/062: Meeting the Sustainable Development Goals in Small Developing States with Climate Vulnerabilities: Cost and Financing

Dinar Prihardini and Aleksandra Zdzienicka

2021/061: The Role of Market Structure and Timing in Determining VAT Pass-Through

Matthieu Bellon

2021/060: Education and Health for Inclusiveness

Nikola Spatafora

2021/059: Gender Equality and Inclusive Growth

Asel Isakova and Francesco Luna

2021/058: COVID-19 She-Cession: The Employment Penalty of Taking Care of Young Children

Stefania Fabrizio and Marina Tavares

2021/057: Implementing the United States’ Domestic and International Climate Mitigation Goals: A Supportive Fiscal Policy Approach

Ian Parry

2021/056: Corporate Liquidity and Solvency in Europe during COVID-19: The Role of Policies

Christian Ebeke, Nemanja Jovanovic, Laura Valderrama and Jing Zhou

2021/055: Robust Optimal Macroprudential Policy

Giselle Montamat and Francisco Roch

2021/054: Labor and Product Market Reforms and External Imbalances: Evidence from Advanced Economies

Romain Duval, Davide Furceri and Joao Jalles

2021/053: Pandemics and Inequality: Perceptions and Preferences for Redistribution

Vybhavi Balasundharam and Era Dabla-Norris

2021/052: India’s Approach to Open Banking: Some Implications for Financial Inclusion

Yan Carrière-Swallow, V. Haksar and Manasa Patnam

2021/051: Resource Misallocation in India: The Role of Cross-State Labor Market Reform

Adil Mohommad, Charlotte Sandoz and Piyaporn Sodsriwiboon

2021/050: Inequality and Locational Determinants of the Distribution of Living Standards in India

Sriram Balasubramanian, Rishabh Kumar and Prakash Loungani