IMF Working Papers

From International Monetary Fund
International Monetary Fund, Washington, DC USA.
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2020/197: Do FX Interventions Lead to Higher FX Debt? Evidence from Firm-Level Data

Minsuk Kim, Rui Mano and Mico Mrkaic

2020/196: Should Inequality Factor into Central Banks' Decisions?

Niels-Jakob Hansen, Alessandro Lin and Rui Mano

2020/195: The Macroeconomic Effects of Structural Reforms in Latin America and the Caribbean

Antonio David, Takuji Komatsuzaki and Samuel Pienknagura

2020/194: To Pass (or Not to Pass) Through International Fuel Price Changes to Domestic Fuel Prices in Developing Countries: What Are the Drivers?

Kangni Kpodar and Patrick Imam

2020/193: Fintech Credit Risk Assessment for SMEs: Evidence from China

Yiping Huang, Longmei Zhang, Zhenhua Li, Han Qiu, Tao Sun and Xue Wang

2020/192: Benchmark-Driven Investments in Emerging Market Bond Markets: Taking Stock

Serkan Arslanalp, Dimitris Drakopoulos, Rohit Goel and Robin Koepke

2020/191: What are the Economic Effects of Pandemic Containment Policies? Evidence from Sweden

Jana Bricco ('Gieck'), Florian Misch and Alexandra Solovyeva

2020/190: Intangible Investment and Low Inflation: A Framework and Some Evidence

Subir Lall and Li Zeng

2020/189: Financial Amplification of Labor Supply Shocks

Nina Biljanovska and Alexandros Vardoulakis

2020/188: Information and Inequality in the Time of a Pandemic

Allan Dizioli and Roberto Pinheiro

2020/187: Exchange Rates and Domestic Credit—Can Macroprudential Policy Reduce the Link?

Erlend Nier, Thorvardur Tjoervi Olafsson and Yuan Gao Rollinson

2020/186: What Drives Bank Lending Spreads and Collateral Requirements in the Kyrgyz Republic

Iulia Ruxandra Teodoru

2020/185: Impact of Remittances on Natural Rate of Dollarization—Trends in Caucasus and Central Asia

Rocio Gondo Mori, Altynai Aidarova and Manmohan Singh

2020/184: Will the AI Revolution Cause a Great Divergence?

Cristian Alonso, Andrew Berg, Siddharth Kothari, Chris Papageorgiou and Sidra Rehman

2020/183: Review of the Public Financial Management Reform Strategy for Pacific Island Countries, 2010-2020

Richard Allen, Majdeline El Rayess, Laura Doherty and Priya Goel

2020/182: Structural Changes in Japanese Firms: Business Dynamism in an Aging Society

Gee Hee Hong, Arata Ito, Yukiko Saito and Anh Thi Ngoc Nguyen

2020/181: Reducing Risk While Sharing It: A Fiscal Recipe for The EU at the Time of COVID-19

Nicoletta Batini, Francesco Lamperti and Andrea Roventini

2020/180: Monetary Policy Under an Exchange Rate Anchor

Mariam El Hamiani Khatat, Mark Buessings-Loercks and Vincent Fleuriet

2020/179: Offshore Currency Markets: Non-Deliverable Forwards (NDFs) in Asia

Jochen M. Schmittmann and Han Teng Chua

2020/178: Global Firms, National Corporate Taxes: An Evolution of Incompatibility

Shafik Hebous

2020/177: Strengthening Public Investment Management in the Eastern Caribbean Currency Union: Getting more bang for the dollar!

A. E. Wayne Mitchell, Ann Marie Wickham and Manuel Rosales Torres

2020/176: Coordinating Revenue Incentive Policies in the Caribbean

Ding Ding, Samira Kalla, Manuel Rosales Torres and Abdoul Karim Sidibé

2020/175: Intelligent Export Diversification: An Export Recommendation System with Machine Learning

Natasha Che

2020/174: Non-Primary Home Buyers, Shadow Banking, and the US Housing Market

Adrian Alter and Zaki Dernaoui

2020/173: Destabilizing Stability? Exchange Rate Arrangements and Foreign Currency Debt

Balázs Csontó and Tryggvi Gudmundsson

2020/172: Tackling Private Over-Indebtedness in Asia: Economic and Legal Aspects

Jose Garrido, Sanaa Nadeem, Nagwa Riad, Anjum Rosha, Chanda DeLong and Nadia Rendak

2020/171: Capital Flow Data – A Guide for Empirical Analysis and Real-time Tracking

Robin Koepke and Simon Paetzold

2020/170: Socio-Economic Spillovers from Special Economic Zones: Evidence from Cambodia

Mariya Brussevich

2020/169: Japan’s Inbound Tourism Boom: Lessons for its Post-COVID-19 Revival

Anh Thi Ngoc Nguyen

2020/168: Mitigating Long-term Unemployment in Europe

Nujin Suphaphiphat and Hiroaki Miyamoto

2020/167: Tunisia Monetary Policy Since the Arab Spring: The Fall of the Exchange Rate Anchor and Rise of Inflation Targeting

Nicolas End, Mariam El Hamiani Khatat and Rym Kolsi

2020/166: Investor Sentiment, Sovereign Debt Mispricing, and Economic Outcomes

Ramzy Al Amine and Tim Willems

2020/165: Stress Testing and Calibration of Macroprudential Policy Tools

Lucyna Gornicka and Laura Valderrama

2020/164: Measuring Income Inequality and Implications for Economic Transmission Channels

Robert Blotevogel, Eslem Imamoglu, Kenji Moriyama and Babacar Sarr

2020/163: Trade, Productivity and (Mis)allocation

Antoine Berthou, John Jong-Hyun Chung, Kalina Manova and Charlotte Sandoz

2020/162: Do Enhanced Collective Action Clauses Affect Sovereign Borrowing Costs?

Kay Chung and Michael Papaioannou

2020/161: Financial Intermediation and Technology: What’s Old, What’s New?

Arnoud Boot, Peter Hoffmann, Luc Laeven and Lev Ratnovski

2020/160: Monetary Policy and Intangible Investment

Robin Döttling and Lev Ratnovski

2020/159: The Effect of Containment Measures on the COVID-19 Pandemic

Pragyan Deb, Davide Furceri, Jonathan Ostry and Nour Tawk

2020/158: The Economic Effects of COVID-19 Containment Measures

Pragyan Deb, Davide Furceri, Jonathan Ostry and Nour Tawk

2020/157: Financial Inclusion: What Have We Learned So Far? What Do We Have to Learn?

Adolfo Barajas, Thorsten Beck, Mohammed Belhaj and Sami Ben Naceur

2020/156: The Nature of Islamic Banking and Solvency Stress Testing - Conceptual Considerations

Andreas Jobst and Juan Sole

2020/155: Productivity in the Netherlands

Sakai Ando

2020/154: Exchange Rate Pass-Through in the Caucasus and Central Asia

Tigran Poghosyan

2020/153: Demographic Transition and Pension Reforms: Adding Demographics to GIMF

Benjamin Carton, Emilio Fernández Corugedo, Benjamin Hunt and Simon Voigts

2020/152: Do Multi-Sector Bond Funds Pose Risks to Emerging Markets?

Fabio Cortes and Luca Sanfilippo

2020/151: Managing Macrofinancial Risk

Tobias Adrian and Francis Vitek

2020/150: Filling the Gap: Digital Credit and Financial Inclusion

Majid Bazarbash and Kimberly Beaton

2020/149: Immigration and Employment: Substitute Versus Complementary Labor in Selected African Countries

Arina Viseth

2020/148: Privacy Provision, Payment Latency, and Role of Collateral

Charles Kahn, Caitlin Long and Manmohan Singh

2020/147: Poverty and Social Protection in Bulgaria

Jean-Jacques Hallaert

2020/146: Accounting Standards and Insurer Solvency Assessment

Peter Windsor, Jeffery Yong and Michelle Chong-Tai Bell

2020/145: A Framework for Estimating Health Spending in Response to COVID-19

Paolo Dudine, Klaus-Peter Hellwig and Samir Jahan

2020/144: Network Effects and Research Collaborations

Dennis Essers, Francesco Grigoli and Evgenia Pugacheva

2020/143: Tax Revenues in Fragile and Conflict-Affected States—Why Are They Low and How Can We Raise Them?

Bernardin Akitoby, Jiro Honda and Keyra Primus

2020/142: Raising Tax Revenue: How to Get More from Tax Administrations?

Eui Soon Chang, Elizabeth Gavin, Nikolay Gueorguiev and Jiro Honda

2020/141: Who Drains Bond Market Liquidity in an Emerging Market?

Ricardo Hoyos, Yang Liu, Hui Miao and Christian Saborowski

2020/140: Forbearance Patterns in the Post-Crisis Period

Katharina Bergant and Thore Kockerols

2020/139: Do Monetary Policy Frameworks Matter in Low Income Countries?

Alina Carare, Carlos de Resende, Andrew Levin and Chelsea Zhang

2020/138: The Real Effects of Mobile Money: Evidence from a Large-Scale Fintech Expansion

Manasa Patnam and Weijia Yao

2020/137: Public Debt and r - g at Risk

Weicheng Lian, Andrea Presbitero and Ursula Wiriadinata

2020/136: Reading the Stars

Peter Williams, Yasser Abdih and Emanuel Kopp

2020/135: Harnessing Digital Technologies to Promote SMEs in the MENAP Region

Inutu Lukonga

2020/134: The Effectiveness of Borrower-Based Macroprudential Measures: A Quantitative Analysis for Slovakia

Pavol Jurca, Ján Klacso, Eugen Tereanu, Marco Forletta and Marco Gross

2020/133: COVID-19 and Emerging Markets: An Epidemiological Model with International Production Networks and Capital Flows

Cem Çakmaklı, Selva Demiralp, Sebnem Kalemli-Ozcan, Sevcan Yesiltas and Muhammed Yildirim

2020/132: A Framework for Assessing the Costs of Pension Reform Reversals

Daniel Baksa, Zsuzsa Munkacsi and Carolin Nerlich

2020/131: International Trade and Corporate Market Power

Jesus Gonzalez-Garcia and Yuanchen Yang

2020/130: Public Sector Balance Sheet Database: Overview and Guide for Compilers and Users

Miguel Alves, Sage De Clerck and Juliana Gamboa-Arbelaez

2020/129: Measuring Social Unrest Using Media Reports

Philip Barrett, Maximiliano Appendino, Kate Nguyen and Jorge de Leon Miranda

2020/128: Remittances in Russia and Caucasus and Central Asia: the Gravity Model

Tigran Poghosyan

2020/127: Accounting for Cloud Computing in the National Accounts

Andrew Baer, Kwangwon Lee and James Tebrake

2020/126: Patterns in Invoicing Currency in Global Trade

Emine Boz, Camila Casas, Georgios Georgiadis, Gita Gopinath, Helena Le Mezo, Arnaud Mehl and Tra Nguyen

2020/125: Tracking the Economic Impact of COVID-19 and Mitigation Policies in Europe and the United States

Sophia Chen, Deniz Igan, Nicola Pierri and Andrea Presbitero

2020/124: Reexamining the National Savings-Investment Nexus Across Time and Countries

Antonio David, Carlos Goncalves and Alejandro Werner

2020/123: Leaning Against the Wind: A Cost-Benefit Analysis for an Integrated Policy Framework

Luis Brandão-Marques, R. Gaston Gelos, Machiko Narita and Erlend Nier

2020/122: A Quantitative Model for the Integrated Policy Framework

Tobias Adrian, Christopher Erceg, Jesper Lindé, Pawel Zabczyk and Jianping Zhou

2020/121: A Conceptual Model for the Integrated Policy Framework

Suman Basu, Emine Boz, Gita Gopinath, Francisco Roch and Filiz Unsal

2020/120: Non-Financial Corporate Debt in Advanced Economies, 2010–17

Luiza Antoun de Almeida and Thierry Tressel

2020/119: Gender Inequality and Economic Growth: Evidence from Industry-Level Data

Ata Bertay, Ljubica Dordevic and Can Sever

2020/118: Determinants of Inclusive Growth in ASEAN

Victoriia Alekhina and Giovanni Ganelli

2020/117: Global Value Chains and Productivity: Micro Evidence from Estonia

Hang Banh, Philippe Wingender and Cheikh Gueye

2020/116: It is Only Natural: Europe’s Low Interest Rates

Marco Arena, C. Di Bella, Alfredo Cuevas, Borja Gracia, Huong Nguyen and Alex Pienkowski

2020/115: Agricultural Market Integration in India

Michal Andrle and Patrick Blagrave

2020/114: A TIP Against the COVID-19 Pandemic

Reda Cherif and Fuad Hasanov

2020/113: Global Banks’ Dollar Funding: A Source of Financial Vulnerability

Adolfo Barajas, Andrea Deghi, Claudio Raddatz, Dulani Seneviratne, Peichu Xie and Yizhi Xu

2020/112: Going Viral: A Gravity Model of Infectious Diseases and Tourism Flows

Serhan Cevik

2020/111: Expected Credit Loss Modeling from a Top-Down Stress Testing Perspective

Marco Gross, Dimitrios Laliotis, Mindaugas Leika and Pavel Lukyantsau

2020/110: The Macroeconomic Costs of Conflict

Natalija Novta and Evgenia Pugacheva

2020/109: The Impact of Monetary Policy Communication in an Emerging Economy: The Case of Indonesia

Calixte Ahokpossi, Agnes Isnawangsih, Md. Shah Naoaj and Ting Yan

2020/108: One Money, Many Markets: Monetary Transmission and Housing Financing in the Euro Area

Giancarlo Corsetti, Joao Duarte and Samuel Mann

2020/107: Wealth Inequality and Private Savings: The Case of Germany

Mai Dao

2020/106: Dampening Global Financial Shocks: Can Macroprudential Regulation Help (More than Capital Controls)?

Katharina Bergant, Francesco Grigoli, Niels-Jakob Hansen and Damiano Sandri

2020/105: Designing Fiscal Redistribution: The Role of Universal and Targeted Transfers

David Coady and Nghia-Piotr Le

2020/104: A Survey of Research on Retail Central Bank Digital Currency

John Kiff, Jihad Alwazir, Sonja Davidovic, Aquiles Farias, Ashraf Khan, Tanai Khiaonarong, Majid Malaika, Hunter Monroe, Nobu Sugimoto, Hervé Tourpe and Peter Zhou

2020/103: Does Going Tough on Banks Make the Going Get Tough? Bank Liquidity Regulations, Capital Requirements, and Sectoral Activity

Deniz Igan and Ali Mirzaei

2020/102: Debt, Investment, and Growth in Developing Countries with Segmented Labor Markets

Edward Buffie, Luis-Felipe Zanna, Christopher Adam, Lacina Balma, Dawit Tessema and Kangni Kpodar

2020/101: The Non-U.S. Bank Demand for U.S. Dollar Assets

Tobias Adrian and Peichu Xie

2020/100: Comfort in Floating: Taking Stock of Twenty Years of Freely-Floating Exchange Rate in Chile

Elías Albagli, Mauricio Calani, Metodij Hadzi-Vaskov, Mario Marcel and Luca Ricci

2020/099: Social Programs and Formal Employment: Evidence from the Brazilian Bolsa Família Program

Anna Fruttero, Alexandre Ribeiro Leichsenring and Luis Henrique Paiva

2020/098: The Lack of Convergence of Latin-America Compared with CESEE: Is Low Investment to Blame?

Bas Bakker, Manuk Ghazanchyan, Alex Ho and Vibha Nanda