IMF Working Papers

From International Monetary Fund
International Monetary Fund, Washington, DC USA.
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2018/100: Real Sectoral Spillovers: A Dynamic Factor Analysis of the Great Recession

Nan Li and Vance Martin

2018/099: Where Have All the Profits Gone? European Bank Profitability Over the Financial Cycle

Enrica Detragiache, Thierry Tressel and Rima Turk Ariss

2018/098: Oil Prices and GCC Stock Markets: New Evidence from Smooth Transition Models

Nidhaleddine Ben Cheikh, Sami Ben Naceur, Oussama Kanaan and Christophe Rault

2018/097: Foreign Currency Bank Funding and Global Factors

Signe Krogstrup and Cédric Tille

2018/096: Scarcity Effects of Quantitative Easing on Market Liquidity: Evidence from the Japanese Government Bond Market

Fei Han and Dulani Seneviratne

2018/095: Instruments, Investor Base, and Recent Developments in the Malaysian Government Bond Market

Yinqiu Lu and Dmitry Yakovlev

2018/094: A New Action-based Dataset of Fiscal Consolidation in Latin America and the Caribbean

Antonio David and Daniel Leigh

2018/093: Financial Crises, Macroeconomic Shocks, and the Government Balance Sheet: A Panel Analysis

Matteo Ruzzante

2018/092: On Bank Consolidation in a Currency Union

Fabio Di Vittorio, Delong Li and Hanlei Yun

2018/091: A New Strategy for Korea’s Fiscal Policy in a Low Growth Environment

Edda Zoli, Hou Wang and Douglas Laxton

2018/090: An Estimated DSGE Model to Analyze Housing Market Policies in Hong Kong SAR

Pau Rabanal

2018/089: Stabilizing China’s Housing Market

Richard Koss and Xinrui Shi

2018/088: Intergovernmental Fiscal Reform in China

Philippe Wingender

2018/087: Thou Shalt Not Breach: The Impact on Sovereign Spreads of Noncomplying with the EU Fiscal Rules

Federico Diaz Kalan, Adina Popescu and Julien Reynaud

2018/086: Economic Benefits of Export Diversification in Small States

Arnold McIntyre, Mike Xin Li, Ke Wang and Hanlei Yun

2018/085: Decoupling of Emissions and GDP: Evidence from Aggregate and Provincial Chinese Data

Gail Cohen, Joao Jalles, Prakash Loungani, Ricardo Marto and Gewei Wang

2018/084: How Do Regulations of Entry and Credit Access Relate to Industry Competition? International Evidence

Deniz Igan, Ali Mirzaei and Tomoe Moore

2018/083: The Aggregate and Distributional Effects of Financial Globalization: Evidence from Macro and Sectoral Data

Davide Furceri, Prakash Loungani and Jonathan Ostry

2018/082: Interest-Growth Differentials and Debt Limits in Advanced Economies

Philip Barrett

2018/081: The Global Macrofinancial Model

Francis Vitek

2018/080: Relationship Between Short-Term Interest Rates and Excess Reserves: A Logistic Approach

Romain Veyrune, Guido della Valle and Shaoyu Guo

2018/079: The Stabilizing Role of Net Foreign Asset Returns

Gustavo Adler and Daniel Garcia-Macia

2018/078: Finland’s Public Sector Balance Sheet: A Novel Approach to Analysis of Public Finance

Maren Brede and Christian Henn

2018/077: When Do We Repair the Roof? Insights from Responses to Fiscal Crisis Early Warning Signals

Jiro Honda, René Tapsoba and Ismael Issifou

2018/076: Understanding the Macro-Financial Effects of Household Debt: A Global Perspective

Adrian Alter, Alan Xiaochen Feng and Nico Valckx

2018/075: Globalization and the New Normal

Alina Carare, Bertrand Candelon, Jean-Baptiste Hasse and Jing Lu

2018/074: A Primer on Managing Sovereign Debt-Portfolio Risks

Thordur Jonasson and Michael Papaioannou

2018/073: On the Impact of Structural Reforms on Output and Employment: Evidence from a Cross-country Firm-level Analysis

Luiza Antoun de Almeida and Vybhavi Balasundharam

2018/072: Policy Conflicts and Inflation Targeting: The Role of Credit Markets

Woon Gyu Choi and David Cook

2018/071: Tax Incentives in Cambodia

Manuk Ghazanchyan, Alexander Klemm and Yong Sarah Zhou

2018/070: Monetary Policy Transmission in the Eastern Caribbean Currency Union

Alla Myrvoda and Julien Reynaud

2018/069: At A Cost: the Real Effects of Transfer Pricing Regulations

Ruud de Mooij and Li Liu

2018/068: Independent Fiscal Councils: Recent Trends and Performance

Roel Beetsma, Xavier Debrun, Xiangming Fang, Young-Bae Kim, Victor Lledo, Samba Mbaye and Xiaoxiao Zhang

2018/067: Aging, Secular Stagnation and the Business Cycle

Callum Jones

2018/066: Organizing Central Securities Depositories in Developing Markets—7 Considerations

Froukelien Wendt, Peter Katz and Alice Zanza

2018/065: Central Counterparties Resolution—An Unresolved Problem

Manmohan Singh and Dermot Turing

2018/064: Structural Reforms and Labor Reallocation: A Cross-Country Analysis

Khalid ElFayoumi, Anta Ndoye, Sanaa Nadeem and Allan Gregory Auclair

2018/063: Structural Reforms and Firms’ Productivity: Evidence from Developing Countries

Wilfried Kouamé and Sampawende Tapsoba

2018/062: Leverage—A Broader View

Manmohan Singh and Zohair Alam

2018/061: Competitiveness and Wage Bargaining Reform in Italy

Alvar Kangur

2018/060: Italy: Quantifying the Benefits of a Comprehensive Reform Package

Michal Andrle, Alvar Kangur and Mehdi Raissi

2018/059: Italy: Toward a Growth-Friendly Fiscal Reform

Michal Andrle, Shafik Hebous, Alvar Kangur and Mehdi Raissi

2018/058: Carry Trade vs. Deposit-Driven Euroization

Nan Geng, Tiberiu Scutaru and Johannes Wiegand

2018/057: The Distributional Effects of Government Spending Shocks in Developing Economies

Davide Furceri, Jun Ge, Prakash Loungani and Giovanni Melina

2018/056: The Long-Run Decoupling of Emissions and Output: Evidence from the Largest Emitters

Gail Cohen, Joao Jalles, Prakash Loungani and Ricardo Marto

2018/055: The Effective Lower Bound for the Policy Rate in Euroized Economies—An Application to the Case of Albania

Guido della Valle, Erald Themeli, Romain Veyrune, Ezequiel Cabezon and Shaoyu Guo

2018/054: The Distribution of Gains from Globalization

Valentin Lang and Marina Tavares

2018/053: Financial Development and Inclusion in the Caribbean

Chuan Li and Joyce Wong

2018/052: Growth Accelerations and Reversals in Emerging Market and Developing Economies: The Role of External Conditions

Bertrand Gruss, Malhar Nabar and Marcos Poplawski Ribeiro

2018/051: International Technology Sourcing and Knowledge Spillovers: Evidence from OECD Countries

Sophia Chen and Estelle Dauchy

2018/050: More Slack than Meets the Eye? Recent Wage Dynamics in Advanced Economies

Gee Hee Hong, Zsoka Koczan, Weicheng Lian and Malhar Nabar

2018/049: Macroprudential Stress Tests: A Reduced-Form Approach to Quantifying Systemic Risk Losses

Zineddine Alla, Raphael Espinoza, Qiaoluan Li and Miguel Segoviano

2018/048: Forecasts in Times of Crises

Theo Eicher, David Kuenzel, Chris Papageorgiou and Charalambos Christofides

2018/047: Estimating the Demand for Reserve Assets Across Diverse Groups

Rina Bhattacharya, Katja Mann and Mwanza Nkusu

2018/046: The Global Banking Network: What is Behind the Increasing Regionalization Trend?

Eugenio Cerutti and Haonan Zhou

2018/045: Banks’ Maturity Transformation: Risk, Reward, and Policy

Pierluigi Bologna

2018/044: Is There a Phillips Curve? A Full Information Partial Equilibrium Approach

Roberto Piazza

2018/043: Is Credit Easing Viable in Emerging and Developing Economies? An Empirical Approach

Luis Jácome, Tahsin Saadi Sedik and Alexander Ziegenbein

2018/042: Canada’s Carbon Price Floor

Ian Parry and Victor Mylonas

2018/041: Sustainable Development Goals (SDGs) and GDP: What National Accounts Bring to the Table

Thomas Alexander, Claudia Dziobek and Tadeusz Galeza

2018/040: Economic Fluctuations in Sub-Saharan Africa

Giovanni Melina and Rafael Portillo

2018/039: How Well Do Economists Forecast Recessions?

Zidong An, Joao Jalles and Prakash Loungani

2018/038: What is Driving Women’s Financial Inclusion Across Countries?

Corinne Delechat, Monique Newiak, Rui Xu, Fan Yang and Goksu Aslan

2018/037: The Status of GDP Compilation Practices in 189 Economies and the Relevance for Policy Analysis

Francien Berry, Massimiliano Iommi, Michael Stanger and Louis Venter

2018/036: Inflation Anchoring and Growth: Evidence from Sectoral Data

Sangyup Choi, Davide Furceri and Prakash Loungani

2018/035: Welfare Gains from Market Insurance: The Case of Mexican Oil Price Risk

Chang Ma and Fabian Valencia

2018/034: Does Taxation Stifle Corporate Investment? Firm-Level Evidence from ASEAN Countries

Serhan Cevik and Fedor Miryugin

2018/033: Corporate Indebtedness and Low Productivity Growth of Italian Firms

Gareth Anderson and Mehdi Raissi

2018/032: A Multidimensional Approach to Trade Policy Indicators

Diego Cerdeiro and Rachel Nam

2018/031: Central Bank Reserve Management and International Financial Stability—Some Post-Crisis Reflections

Bradley Jones

2018/030: International Capital Flow Pressures

Linda Goldberg and Signe Krogstrup

2018/029: Portfolio Inflows Eclipsing Banking Inflows: Alternative Facts?

Eugenio Cerutti and Gee Hee Hong

2018/028: Monetary Policy and Models of Currency Demand

Mariam El Hamiani Khatat

2018/027: Morocco: A Practical Approach to Monetary Policy Analysis in a Country with Capital Controls

Mokhtar Benlamine, Ales Bulir, Meryem Farouki, Ágnes Horváth, Faiçal Hossaini, Hasnae El Idrissi, Zineb Iraoui, Mihály Kovács, Douglas Laxton, Anass Maaroufi, Katalin Szilágyi, Mohamed Taamouti and David Vavra

2018/026: Commodity-based Sovereign Wealth Funds: Managing Financial Flows in the Context of the Sovereign Balance Sheet

Abdullah Alhassan, Sue Brake, Michael Papaioannou and Martin Skancke

2018/025: Foreign Direct Investment and Women Empowerment: New Evidence on Developing Countries

Rasmane Ouedraogo and Elodie Marlet

2018/024: Disagreement about Future Inflation: Understanding the Benefits of Inflation Targeting and Transparency

Steve Brito, Yan Carrière-Swallow and Bertrand Gruss

2018/023: Lending Standards and Output Growth

Divya Kirti

2018/022: A New Smartphone for Every Fifth Person on Earth: Quantifying the New Tech Cycle

Benjamin Carton, Joannes Mongardini and Yiqun Li

2018/021: Euroization Drivers and Effective Policy Response: An Application to the case of Albania

Guido della Valle, Vasilika Kota, Romain Veyrune, Ezequiel Cabezon and Shaoyu Guo

2018/020: Reserve Currency Blocs: A Changing International Monetary System?

Camilo Tovar and Tania Mohd Nor

2018/019: A Narrative Database of Major Labor and Product Market Reforms in Advanced Economies

Romain Duval, Davide Furceri, Bingjie Hu, Joao Jalles and Huy Nguyen

2018/018: On International Integration of Emerging Sovereign Bond Markets

Itai Agur, Melissa Chan, Mangal Goswami and Sunil Sharma

2018/017: Shadow Economies Around the World: What Did We Learn Over the Last 20 Years?

Leandro Medina and Friedrich Schneider

2018/016: New Estimates for Direction of Trade Statistics

Marco Marini, Robert Dippelsman and Michael Stanger

2018/015: Can Countries Manage Their Financial Conditions Amid Globalization?

Nicolas Arregui, Selim Elekdag, R. Gaston Gelos, Romain Lafarguette and Dulani Seneviratne

2018/014: A Comprehensive Multi-Sector Tool for Analysis of Systemic Risk and Interconnectedness (SyRIN)

Fabio Cortes, Peter Lindner, Sheheryar Malik and Miguel Segoviano

2018/013: Household Credit, Global Financial Cycle, and Macroprudential Policies: Credit Register Evidence from an Emerging Country

Mircea Epure, Irina Mihai, Camelia Minoiu and Jose-Luis Peydro

2018/012: An Application of Distribution-Neutral Fiscal Policy

Sanjeev Gupta, Sugata Marjit and Sandip Sarkar

2018/011: A New Wave of ECB’s Unconventional Monetary Policies: Domestic Impact and Spillovers

Richard Varghese and Yuanyan Zhang

2018/010: Economic Convergence in the Euro Area: Coming Together or Drifting Apart?

Jeffrey Franks, Bergljot Barkbu, Rodolphe Blavy, William Oman and Hanni Schoelermann

2018/009: Friend or Foe? Cross-Border Linkages, Contagious Banking Crises, and “Coordinated” Macroprudential Policies

Seung Mo Choi, Laura Kodres and Jing Lu

2018/008: Regulatory Cycles: Revisiting the Political Economy of Financial Crises

Jihad Dagher

2018/007: Where Does Multinational Investment Go with Territorial Taxation? Evidence from the UK

Li Liu

2018/006: Investment in Brazil: From Crisis to Recovery

Ivo Krznar and Troy Matheson

2018/005: Growth-Equity Trade-offs in Structural Reforms

Jonathan Ostry, Andrew Berg and Siddharth Kothari

2018/004: Uncertainty and Cross-Border Banking Flows

Sangyup Choi and Davide Furceri

2018/003: Foreign Banks and Credit Dynamics in CESEE

Maria Arakelyan

2018/002: Credit Booms—Is China Different?

Sally Chen and Joong Kang

2018/001: Optimism, Pessimism, and Short-Term Fluctuations

C. Di Bella and Francesco Grigoli