IMF Working Papers

From International Monetary Fund
International Monetary Fund, Washington, DC USA.
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2021/212: Global Corporate Stress Tests—Impact of the COVID-19 Pandemic and Policy Responses

Thierry Tressel and Xiaodan Ding

2021/211: Resolving Bank Failures and Institutions: Is there a Link? Some Empirical Evidence

Marlon Rawlins and Luisa Zanforlin

2021/210: Evolution of Bilateral Swap Lines

Michael Perks, Yudong Rao, Jongsoon Shin and Kiichi Tokuoka

2021/209: Unintended Consequences of U. S. Monetary Policy Shocks: Dutch Disease and Capital Flow Measures in Emerging Markets and Developing Economies

Juan Yepez

2021/208: Endogenous Growth, Downward Wage Rigidities and Optimal Inflation

Mirko Abbritti, Agostino Consolo and Sebastian Weber

2021/207: Revisiting Carbon Leakage

Florian Misch and Philippe Wingender

2021/206: Real Estate in the Netherlands: A Taxonomy of Risks and Policy Challenges

André Geis and Oana Luca

2021/205: Mask Mandates Save Lives

Niels-Jakob Hansen and Rui Mano

2021/204: Sectoral Shocks and Spillovers: An Application to COVID-19

Sonali Das, Giacomo Magistretti, Evgenia Pugacheva and Philippe Wingender

2021/203: After-Effects of the COVID-19 Pandemic: Prospects for Medium-Term Economic Damage

Philip Barrett, Sonali Das, Giacomo Magistretti, Evgenia Pugacheva and Philippe Wingender

2021/202: A Diversification Strategy for South Asia

Weicheng Lian, Fei Liu, Katsiaryna Svirydzenka and Biying Zhu

2021/201: Distributional Effects of Monetary Policy

Valentina Bonifacio, Luis Brandão-Marques, Balazs Csonto, Chiara Fratto, Philipp Engler, Davide Furceri, Deniz Igan, Rui Mano, Machiko Narita, Murad Omoev, Gurnain Pasricha and Hélène Poirson

2021/200: What Can We Learn from Financial Stability Reports?

Fabio Comelli and Sumiko Ogawa

2021/199: No Easy Solution: A Smorgasbord of Factors Drive Remittance Costs

Tito Nícias da Silva Filho

2021/198: What Shapes Current Account Adjustment During Recessions?

Christina Kolerus

2021/197: Can Financial Soundness Indicators Help Predict Financial Sector Distress?

Marcin Pietrzak

2021/196: Numerical Fiscal Rules for Economic Unions: the Role of Sovereign Spreads

Juan Carlos Hatchondo, Leonardo Martinez and Francisco Roch

2021/195: Mitigating Climate Change: Growth-Friendly Policies to Achieve Net Zero Emissions by 2050

Florence Jaumotte, Weifeng Liu and Warwick McKibbin

2021/194: How Green are Green Debt Issuers?

Jochen M. Schmittmann and Han Teng Chua

2021/193: How do Climate Shocks Affect the Impact of FDI, ODA and Remittances on Economic Growth?

Alassane Drabo

2021/192: A Sentiment-Enhanced Corruption Perception Index

Yongquan Cao, Yingjie Fan, Sandile Hlatshwayo, Monica Petrescu and Zaijin Zhan

2021/191: Pooling Fiscal Risk in the ECCU: Quantifying Savings of a Regional Fund for Stabilization and Investment

Alejandro Guerson

2021/190: A Simple Macrofiscal Model for Policy Analysis: An Application to Morocco

Daniel Baksa, Ales Bulir and Roberto Cardarelli

2021/189: Health Care Reform in Greece: Progress and Reform Priorities

Niki Kalavrezou and Hui Jin

2021/188: Reforming the Greek Pension System

Alvar Kangur, Niki Kalavrezou and Daehaeng Kim

2021/187: For the Benefit of All: Fiscal Policies and Equity-Efficiency Trade-offs in the Age of Automation

Andrew Berg, Lahcen Bounader, Nikolay Gueorguiev, Hiroaki Miyamoto, Kenji Moriyama, Ryota Nakatani and Luis-Felipe Zanna

2021/186: Defying the Odds: Remittances During the COVID-19 Pandemic

Kangni Kpodar, Montfort Mlachila, Saad Quayyum and Gammadigbe Vigninou

2021/185: U.S. Dollar Currency Premium in Corporate Bonds

John Caramichael, Gita Gopinath and Gordon Liao

2021/184: Market Power and Monetary Policy Transmission

Romain Duval, Davide Furceri, Raphael Lee and Marina Tavares

2021/183: Managing Fiscal Risks from National Airlines in Pacific Island Countries

Vybhavi Balasundharam, Leni Hunter, Iulai Lavea and Paul Seeds

2021/182: Addressing Spillovers from Prolonged U.S. Monetary Policy Easing

Stephen Cecchetti, Machiko Narita, Umang Rawat and Ratna Sahay

2021/181: Recoveries After Pandemics: The Role of Policies and Structural Features

Juan Pablo Cuesta Aguirre and Swarnali Hannan

2021/180: U.S. Healthcare: A Story of Rising Market Power, Barriers to Entry, and Supply Constraints

Li Lin, Mico Mrkaic and Anke Weber

2021/179: Guaranteed Minimum Income Schemes in Europe: Landscape and Design

David Coady, Samir Jahan, Baoping Shang and Riki Matsumoto

2021/178: Trade, Jobs, and Inequality

Kimberly Beaton, Valerie Cerra and Metodij Hadzi-Vaskov

2021/177: Is Mobile Money Part of Money? Understanding the Trends and Measurement

Kazuko Shirono, Esha Chhabra, Bidisha Das, Yingjie Fan and Hector Carcel

2021/176: The Sectoral Trade Losses from Financial Crises

Jean-Marc Atsebi, Jean-Louis Combes and Alexandru Minea

2021/175: Fintech Potential for Remittance Transfers: A Central America Perspective

Julia Bersch, Jean François Clevy, Naseem Muhammad, Esther Perez Ruiz and Yorbol Yakhshilikov

2021/174: Understanding Chile’s Social Unrest in an International Perspective

Metodij Hadzi-Vaskov and Luca Ricci

2021/173: Can International Technological Diffusion Substitute for Coordinated Global Policies to Mitigate Climate Change?

Philip Barrett

2021/172: The Poverty and Distributional Impacts of Carbon Pricing: Channels and Policy Implications

Baoping Shang

2021/171: Fiscal Policies for Achieving Finland’s Emission Neutrality Target

Ian Parry and Philippe Wingender

2021/170: Financial Crises, Investment Slumps, and Slow Recoveries

Valerie Cerra, Mai Hakamada and Ruy Lama

2021/169: Effects of COVID-19 on Regional and Gender Equality in Sub-Saharan Africa: Evidence from Nigeria and Ethiopia

Chie Aoyagi

2021/168: COVID-19 in Latin America: A High Toll on Lives and Livelihoods

Bas Bakker and Carlos Goncalves

2021/167: Is Digital Financial Inclusion Unlocking Growth?

Purva Khera, Stephanie Ng, Sumiko Ogawa and Ratna Sahay

2021/166: Technological Progress, Artificial Intelligence, and Inclusive Growth

Anton Korinek, Martin Schindler and Joseph Stiglitz

2021/165: Labor Market Reform Options to Boost Employment in South Africa

Romain Duval, Yi Ji and Ippei Shibata

2021/164: Finance, Growth, and Inequality

Ross Levine

2021/163: Asymmetric Non-Commodity Output Responses to Commodity Price Shocks

Amine Mati, Monique Newiak and James Wilson

2021/162: Electric Vehicles, Tax incentives and Emissions: Evidence from Norway

Youssouf Camara, Bjart Holtsmark and Florian Misch

2021/161: A Firm Lower Bound: Characteristics and Impact of Corporate Minimum Taxation

Aqib Aslam and Maria Coelho

2021/160: Chinese Investment in Latin America: Sectoral Complementarity and the Impact of China’s Rebalancing

Ding Ding, Fabio Di Vittorio, Ana Lariau and Yue Zhou

2021/159: How Have IMF Priorities Evolved? A Text Mining Approach

Gareth Anderson, Paolo Galang, Andrea Gamba, Leandro Medina and Tianxiao Zheng

2021/158: Are Passive Institutional Investors Engaged Monitors or Risk-Averse Owners? Both!

Yuanchen Yang

2021/157: COVID-19 Containment Measures and Expected Stock Volatility: High-Frequency Evidence from Selected Advanced Economies

Viral Acharya, Yang Liu and Yunhui Zhao

2021/156: Are Climate Change Policies Politically Costly?

Davide Furceri, Michael Ganslmeier and Jonathan Ostry

2021/155: The Long-Run Impact of Sovereign Yields on Corporate Yields in Emerging Markets

Delong Li, Nicolas Magud, Alejandro Werner and Samantha Witte

2021/154: Authorities’ Fiscal Forecasts in Latin America: Are They Optimistic?

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

2021/153: The Impact of Gray-Listing on Capital Flows: An Analysis Using Machine Learning

Mizuho Kida and Simon Paetzold

2021/152: Restructuring and Insolvency in Europe: Policy Options in the Implementation of the EU Directive

Jose Garrido, Chanda DeLong, Amira Rasekh and Anjum Rosha

2021/151: Do Lenders Make Less-Informed Investments in High-Growth Housing Markets?

Sophia Chen, Lev Ratnovski and Yangfan Sun

2021/150: Predicting Fiscal Crises: A Machine Learning Approach

Klaus-Peter Hellwig

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