IMF Working Papers

From International Monetary Fund
International Monetary Fund, Washington, DC USA.
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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

2017/291: Why are Countries’ Asset Portfolios Exposed to Nominal Exchange Rates?

Jonathan Adams and Philip Barrett

2017/290: Monetary Policy and the Relative Price of Durable Goods

Alessandro Cantelmo and Giovanni Melina

2017/289: Structural Transformation and the Agricultural Wage Gap

Jorge Alvarez

2017/288: China’s Impacts on SSA through the Lens of Growth and Exports

Yibin Mu, Chu Wang and Dong Frank Wu

2017/287: Oil Price Shocks and Economic Growth in Oil-Exporting Countries: Does the Size of Government Matter?

Amir Sadeghi

2017/286: Australia’s Fiscal Framework: Revisiting Options for a Fiscal Anchor

Allan Dizioli, Philippe Karam, Dirk Muir and Siegfried Steinlein

2017/285: Shadow Banking and Market Discipline on Traditional Banks

Anil Ari, Matthieu Darracq-Paries and Christoffer Kok

2017/284: FDI, Global Value Chains, and Local Sourcing in Developing Countries

Vito Amendolagine, Andrea Presbitero, Roberta Rabellotti, Marco Sanfilippo and Adnan Seric

2017/283: Exchange Rate Misalignment and Growth: A Myth?

Carlos Goncalves and Mauro Rodrigues

2017/282: A Model to Assess the Probabilities of Growth, Fiscal, and Financial Crises

Suman Basu, Marcos Chamon and Christopher Crowe

2017/281: The Impact of Fiscal Consolidations on Growth in Sub-Saharan Africa

Francisco Arizala, Jesus Gonzalez-Garcia, Charalambos Tsangarides and Mustafa Yenice

2017/280: Sovereign Risk and Bank Risk-Taking

Anil Ari

2017/279: International Commodity Prices and Domestic Bank Lending in Developing Countries

Isha Agrawal, Rupa Duttagupta and Andrea Presbitero

2017/278: Firms and the Decline in Earnings Inequality in Brazil

Jorge Alvarez, Felipe Benguria, Niklas Engbom and Christian Moser

2017/277: Job Protection Deregulation in Good and Bad Times

Romain Duval, Davide Furceri and Joao Jalles

2017/276: Identical Twins? Destination-Based Cash-Flow Taxes Versus Consumption Taxes with Payroll Subsidies

Benjamin Carton, Emilio Fernández Corugedo and Benjamin Hunt

2017/275: Collective Bargaining Through the Magnifying Glass: A Comparison Between the Netherlands and Portugal

Alexander Hijzen, Pedro Martins and Jante Parlevliet

2017/274: Crisis and Reform: The 1893 Demise of Banca Romana

Marco Pani

2017/273: Credit and Fiscal Multipliers in China

Sophia Chen, Lev Ratnovski and Pi-Han Tsai

2017/272: Reassessing the Perimeter of Government Accounts in China

Rui Mano and Phil Stokoe

2017/271: Welfare vs. Income Convergence and Environmental Externalities

Geoffrey Bannister and Alex Mourmouras

2017/270: Djibouti’s Quest for Inclusive Growth

Alexei Kireyev

2017/269: Incorporating Macro-Financial Linkages into Forecasts Using Financial Conditions Indices: The Case of France

Piyabha Kongsamut, Christian Mumssen, Anne-Charlotte Paret and Thierry Tressel

2017/268: Unconventional Monetary Policy in a Small Open Economy

Margaux MacDonald and Michal Popiel

2017/267: External Adjustment in a Resource-Rich Economy: The Case of Papua New Guinea

Ryota Nakatani

2017/266: Resolving China's Zombies: Tackling Debt and Raising Productivity

Waikei Lam, Alfred Schipke, Yuyan Tan and Zhibo Tan

2017/265: Fiscal Federalism and Regional Performance

C. Di Bella, Oksana Dynnikova and Francesco Grigoli

2017/264: Dominant Currency Paradigm: A New Model for Small Open Economies

Camila Casas, Federico Diez, Gita Gopinath and Pierre-Olivier Gourinchas

2017/263: Currency Mismatches and Vulnerability to Exchange Rate Shocks: Nonfinancial Firms in Colombia

Adolfo Barajas, Sergio Restrepo-Ángel, Roberto Steiner, Juan Medellín and Cesar Pabon

2017/262: Winning Connections? Special Interests and the Sale of Failed Banks

Deniz Igan, Thomas Lambert, Wolf Wagner and Quxian Zhang

2017/261: Asymmetries in the Coordinated Direct Investment Survey: What Lies Behind?

Emma Angulo and Alicia Hierro

2017/260: Korea’s Paradigm Shift for Sustainable and Inclusive Growth: A Proposal

Yangho Byeon, Kwanghae Choi, Heenam Choi and Jun Kim

2017/259: No Business Taxation Without Model Representation: Adding Corporate Income and Cash Flow Taxes to GIMF

Benjamin Carton, Emilio Fernández Corugedo and Benjamin Hunt

2017/258: The Global FDI Network: Searching for Ultimate Investors

Jannick Damgaard and Thomas Elkjaer

2017/257: Growth and Jobs in Developing Economies: Trends and Cycles

Zidong An, Tayeb Ghazi, Nathalie Gonzalez and Aomar Ibourk

2017/256: Credit Growth and Economic Recovery in Europe After the Global Financial Crisis

Sergei Antoshin, Marco Arena, Nikolay Gueorguiev, Tonny Lybek, John Ralyea and Etienne Yehoue

2017/255: Corruption, Taxes and Compliance

Anja Baum, Sanjeev Gupta, Elijah Kimani and Sampawende Tapsoba

2017/254: How Should Shale Gas Extraction Be Taxed?

Philip Daniel, Alan Krupnick, Thornton Matheson, Peter Mullins, Ian Parry and Artur Swistak

2017/253: Does Import Competition Induce R&D Reallocation? Evidence from the U.S

Rui Xu and Kaiji Gong

2017/252: Bank Capital and Lending: An Extended Framework and Evidence of Nonlinearity

Mario Catalan, Alexander Hoffmaister and Cicilia Harun

2017/251: LAO P.D.R.: Assessing the Quality of Trade Statistics

Geoffrey Bannister, Manuk Ghazanchyan and Theodore Bikoi

2017/250: Booms, Crises, and Recoveries: A New Paradigm of the Business Cycle and its Policy Implications

Valerie Cerra and Sweta Saxena

2017/249: The Sectoral Effects of Real Depreciations in Latin America

Sergi Lanau

2017/248: Assessing China’s Residential Real Estate Market

Ding Ding, Xiaoyu Huang, Tao Jin and Waikei Lam

2017/247: Taxing Telecommunications in Developing Countries

Thornton Matheson and Patrick Petit

2017/246: Assessing Loss of Market Access: Conceptual and Operational Issues

Anastasia Guscina, Sheheryar Malik and Michael Papaioannou

2017/245: Basel III and Bank-Lending: Evidence from the United States and Europe

Sami Ben Naceur, Jérémy Pépy and Caroline Roulet

2017/244: Hollowing Out: The Channels of Income Polarization in the United States

Ali Alichi, Rodrigo Mariscal and Daniela Muhaj

2017/243: Enforcing Public-Private Partnership Contract: How do Fiscal Institutions Matter?

Manabu Nose

2017/242: The Slowdown in Global Trade: A Symptom of A Weak Recovery

Aqib Aslam, Emine Boz, Eugenio Cerutti, Marcos Poplawski Ribeiro and Petia Topalova

2017/241: Fiscal Spillovers in the Euro Area: Letting the Data Speak

Era Dabla-Norris, Pietro Dallari and Tigran Poghosyan

2017/240: Fear Thy Neighbor: Spillovers from Economic Policy Uncertainty

Nina Biljanovska, Francesco Grigoli and Martina Hengge

2017/239: Global Trade and the Dollar

Emine Boz, Gita Gopinath and Mikkel Plagborg-Moller

2017/238: Potential Growth in Colombia

Sergi Lanau, Jorge Roldos and Jose Daniel Rodríguez-Delgado

2017/237: Unconventional Policies and Exchange Rate Dynamics

Gustavo Adler, Ruy Lama and Juan Medina

2017/236: Inequality in Financial Inclusion and Income Inequality

Goksu Aslan, Corinne Delechat, Monique Newiak and Fan Yang

2017/235: The Macro-Fiscal Aftermath of Weather-Related Disasters: Do Loss Dimensions Matter?

Kerstin Gerling

2017/234: Bank Lending in the Knowledge Economy

Giovanni Dell'ariccia, Dalida Kadyrzhanova, Camelia Minoiu and Lev Ratnovski

2017/233: Trends and Challenges in Infrastructure Investment in Low-Income Developing Countries

Daniel Gurara, Vladimir Klyuev, Nkunde Mwase, Andrea Presbitero, Xin Xu and Geoffrey Bannister

2017/232: The Global Banking Network in the Aftermath of the Crisis: Is There Evidence of De-globalization?

Eugenio Cerutti and Haonan Zhou

2017/231: Trade and Income in the Long Run: Are There Really Gains, and Are They Widely Shared?

Diego Cerdeiro and András Komáromi

2017/230: Problem Loans in the Caribbean: Determinants, Impact and Strategies for Resolution

Kimberly Beaton, Thomas Dowling, Dmitriy Kovtun, Franz Loyola, Alla Myrvoda, Joel Chiedu Okwuokei, Inci Ötker-Robe and Jarkko Turunen

2017/229: The Granular Origins of Macroeconomic Fluctuations in Europe

Christian Ebeke and Kodjovi Eklou

2017/228: A Generalized Framework for the Assessment of Household Financial Vulnerability

Mindaugas Leika and Daniela Marchettini

2017/227: Nowcashing: Using Daily Fiscal Data for Real-Time Macroeconomic Analysis

Florian Misch, Brian Olden, Marcos Poplawski Ribeiro and Lamya Kejji

2017/226: Liquidity Stress Tests for Investment Funds: A Practical Guide

Antoine Bouveret