IMF Working Papers

From International Monetary Fund
International Monetary Fund, Washington, DC USA.
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2017/225: Inequality in Brazil: A Regional Perspective

Carlos Góes and Izabela Karpowicz

2017/224: International Financial Integration and Funding Risks: Bank-Level Evidence from Latin America

Luis Catão, Valeriya Dinger and Daniel te Kaat

2017/223: Building Resilience to Natural Disasters: An Application to Small Developing States

Ricardo Marto, Chris Papageorgiou and Vladimir Klyuev

2017/222: Global Liquidity Transmission to Emerging Market Economies, and Their Policy Responses

Woon Gyu Choi, Taesu Kang, Geun-Young Kim and Byongju Lee

2017/221: State-Owned Enterprises in Emerging Europe: The Good, the Bad, and the Ugly

Uwe Böwer

2017/220: Debt Sustainability Analyses for Low-Income Countries: An Assessment of Projection Performance

Henry Mooney and Constance de Soyres

2017/219: Measuring Global and Country-Specific Uncertainty

Ezgi O. Ozturk and Xuguang Simon Sheng

2017/218: How Financial Conditions Matter Differently across Latin America

Luis Brandão-Marques and Esther Perez Ruiz

2017/217: The Macroeconomic (and Distributional) Effects of Public Investment in Developing Economies

Davide Furceri and Grace Li

2017/216: Understanding Correspondent Banking Trends: A Monitoring Framework

Dirk Grolleman and David Jutrsa

2017/215: Market Reforms at the Zero Lower Bound

Matteo Cacciatore, Romain Duval, Giuseppe Fiori and Fabio Ghironi

2017/214: Lessons from the Old Masters on Assessing Equity and Efficiency: A Primer for Fiscal Policymakers

Vitor Gaspar, Paolo Mauro and Tigran Poghosyan

2017/213: Settling the Inflation Targeting Debate: Lights from a Meta-Regression Analysis

Hippolyte Balima, Eric Kilama and René Tapsoba

2017/212: Quantitative Easing and Long-Term Yields in Small Open Economies

Antonio Diez de los Rios and Maral Shamloo

2017/211: Uncertainty, Financial Frictions and Nominal Rigidities: A Quantitative Investigation

Ambrogio Cesa-Bianchi and Emilio Fernández Corugedo

2017/210: Interconnectedness of Global Systemically-Important Banks and Insurers

Sheheryar Malik and TengTeng Xu

2017/209: Loss of Correspondent Banking Relationships in the Caribbean: Trends, Impact, and Policy Options

Trevor Alleyne, Jacques Bouhga-Hagbe, Thomas Dowling, Dmitriy Kovtun, Alla Myrvoda, Joel Chiedu Okwuokei and Jarkko Turunen

2017/208: The Adjustment to Commodity Price Shocks in Chile, Colombia, and Peru

Francisco Roch

2017/207: FX Intervention in the New Keynesian Model

Zineddine Alla, Raphael Espinoza and Atish Ghosh

2017/206: Did the Exchange Rate Floor Prevent Deflation in the Czech Republic?

Francesca Caselli

2017/205: Indexing Structural Distortion: Sectoral Productivity, Structural Change and Growth

Sakai Ando and Koffie Ben Nassar

2017/204: Policy Mix and the US Trade Balance

Carolina Osorio-Buitron and Gustavo Adler

2017/203: Medium-Term Budget Frameworks in Sub-Saharan African Countries

Richard Allen, Taz Chaponda, Lesley Fisher and Rohini Ray

2017/202: Growth Breaks and Growth Spells in Sub-Saharan Africa

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

2017/201: What Prevents a Real Business Cycle Model from Matching the U.S. Data? Decomposing the Labor Wedge

Dmitry Plotnikov

2017/200: The Effect of Leverage on Asset Sales Between Financial Institutions

Sonali Das

2017/199: Banking on Women Leaders: A Case for More?

Ratna Sahay, Martin Cihak, Papa N'Diaye, Adolfo Barajas, Annette Kyobe, Srobona Mitra, Yen Mooi and Seyed Reza Yousefi

2017/198: Fiscal Stabilization and Growth: Evidence from Industry-level Data for Advanced and Developing Economies

Sangyup Choi, Davide Furceri and Joao Jalles

2017/197: Benchmarking Social Spending Using Efficiency Frontiers

Javier Kapsoli and Iulia Ruxandra Teodoru

2017/196: Oil Prices and Inflation Dynamics: Evidence from Advanced and Developing Economies

Sangyup Choi, Davide Furceri, Prakash Loungani, Saurabh Mishra and Marcos Poplawski Ribeiro

2017/195: The Political Economy of Fiscal Transparency and Independent Fiscal Councils

Roel Beetsma, Xavier Debrun and Randolph Sloof

2017/194: Western Balkans: Increasing Women's Role in the Economy

Ruben Atoyan and Jesmin Rahman

2017/193: How Important is the Global Financial Cycle? Evidence from Capital Flows

Eugenio Cerutti, Stijn Claessens and Andrew Rose

2017/192: Macroeconomic and Distributional Effects of Personal Income Tax Reforms: A Heterogenous Agent Model Approach for the U.S

Sandra Lizarazo, Adrian Peralta and Damien Puy

2017/191: Emissions and Growth: Trends and Cycles in a Globalized World

Gail Cohen, Joao Jalles, Prakash Loungani and Ricardo Marto

2017/190: Housing Finance and Real Estate Markets in Colombia

Francisco Roch

2017/189: Finance and Employment in Developing Countries: The Working Capital Channel

Mai Dao and Lucy Qian Liu

2017/188: Bankruptcy Technology, Finance, and Entrepreneurship

Nelson Sobrinho

2017/187: Taxation and the Peer-to-Peer Economy

Aqib Aslam and Alpa Shah

2017/186: Stabilizing the System of Mortgage Finance in the United States

Richard Koss

2017/185: Cyber Risk, Market Failures, and Financial Stability

Emanuel Kopp, Lincoln Kaffenberger and Christopher Wilson

2017/184: The Nonlinear Interaction Between Monetary Policy and Financial Stress

Martin Saldias

2017/183: Corporate Investment and the Real Exchange Rate

Mai Dao, Camelia Minoiu and Jonathan Ostry

2017/182: Structural Reforms and External Rebalancing

Alexander Culiuc and Annette Kyobe

2017/181: Back to the Future: The Nature of Regulatory Capital Requirements

Ralph Chami, Thomas Cosimano, Emanuel Kopp and Celine Rochon

2017/180: When Gambling for Resurrection is Too Risky

Divya Kirti

2017/179: Leaning Against Windy Bank Lending

Giovanni Melina and Stefania Villa

2017/178: Calculating Trade in Value Added

Aqib Aslam, Natalija Novta and Fabiano Rodrigues Bastos

2017/177: Mining Spillovers in Chile

Esther Perez Ruiz

2017/176: The Financing of Ideas and the Great Deviation

Daniel Garcia-Macia

2017/175: Bank Consolidation, Efficiency, and Profitability in Italy

Anke Weber

2017/174: Uphill Capital Flows and the International Monetary System

Balázs Csontó and Camilo Tovar

2017/173: Government Financial Assets and Debt Sustainability

Camila Henao Arbelaez and Nelson Sobrinho

2017/172: Central Bank Balance Sheet Policies and Spillovers to Emerging Markets

Manmohan Singh and Haobin Wang

2017/171: Sovereign Debt Restructurings in Grenada: Causes, Processes, Outcomes, and Lessons Learned

Tamon Asonuma, Xin Li, Michael Papaioannou, Saji Thomas and Eriko Togo

2017/170: Macroprudential Policy Spillovers: A Quantitative Analysis

Heedon Kang, Francis Vitek, Rina Bhattacharya, Phakawa Jeasakul, Sònia Muñoz, Naixi Wang and Rasool Zandvakil

2017/169: Why Is Labor Receiving a Smaller Share of Global Income? Theory and Empirical Evidence

Mai Dao, Mitali Das, Zsoka Koczan and Weicheng Lian

2017/168: Efficiency-Adjusted Public Capital, Capital Grants, and Growth

Ernesto Crivelli

2017/167: What Explains the Decline of the U.S. Labor Share of Income? An Analysis of State and Industry Level Data

Yasser Abdih and Stephan Danninger

2017/166: Women Are Key for Future Growth: Evidence from Canada

Bengt Petersson, Rodrigo Mariscal and Kotaro Ishi

2017/165: Smooth Operator: Remittances and Fiscal Shocks

Kimberly Beaton, Serhan Cevik and Seyed Reza Yousefi

2017/164: Designing a Simple Loss Function for Central Banks: Does a Dual Mandate Make Sense?

Davide Debortoli, Jinill Kim, Jesper Lindé and Ricardo Nunes

2017/163: Financial Resource Curse in Resource-Rich Countries

Montfort Mlachila and Rasmane Ouedraogo

2017/162: The Re-Emerging Privilege of Euro Area Membership

Johannes Wiegand

2017/161: Basel Compliance and Financial Stability: Evidence from Islamic Banks

Mohammad Bitar, Sami Ben Naceur, Rym Ayadi and Thomas Walker

2017/160: A Crude Shock: Explaining the Impact of the 2014-16 Oil Price Decline Across Exporters

Francesco Grigoli, Alexander Herman and Andrew Swiston

2017/159: On Swing Pricing and Systemic Risk Mitigation

Sheheryar Malik and Peter Lindner

2017/158: The Evolution of Potential VAT Revenues and C-Efficiency in Advanced Economies

Junji Ueda

2017/157: A License to Issue (Anywhere): Patterns and Drivers of Corporate Bonds in Latin America

Svetlana Vtyurina, Adrian Robles and Bennett Sutton

2017/156: The Informal Economy in Sub-Saharan Africa: Size and Determinants

Leandro Medina, Andrew Jonelis and Mehmet Cangul

2017/155: IMF Lending in an Interconnected World

Jean-Guillaume Poulain and Julien Reynaud

2017/154: Exchange Rate Choices with Inflexible Markets and Costly Price Adjustments

Tara Iyer

2017/153: Financial Stability Analysis: What are the Data Needs?

Robert Heath and Evrim Bese Goksu

2017/152: Central Bank Emergency Support to Securities Markets

Darryl King, Luis Brandão-Marques, Kelly Eckhold, Peter Lindner and Diarmuid Murphy

2017/151: The Macroeconomic Effects of Trade Tariffs: Revisiting the Lerner Symmetry Result

Jesper Lindé and Andrea Pescatori

2017/150: Panama’s Growth Prospects: Determinants and Sectoral Perspectives

Kimberly Beaton and Metodij Hadzi-Vaskov

2017/149: Towards Macroprudential Stress Testing: Incorporating Macro-Feedback Effects

Ivo Krznar and Troy Matheson

2017/148: Trade Integration in Latin America: A Network Perspective

Kimberly Beaton, Aliona Cebotari, Xiaodan Ding and András Komáromi

2017/147: Does the Stock Market Boost Firm Innovation?: Evidence from Chinese Firms

Hui He, Hanya Li and Jinfan Zhang

2017/146: Extensive Margin Adjustment of Multi-Product Firm and Risk Diversification

Carlos Carvalho, Gee Hee Hong and Jing Zhou

2017/145: Fiscal Reforms, Long-term Growth and Income Inequality

Santiago Acosta Ormaechea, Takuji Komatsuzaki and Carolina Correa-Caro

2017/144: Migration and Remittances in Latin America and the Caribbean: Engines of Growth and Macroeconomic Stabilizers?

Kimberly Beaton, Svetlana Cerovic, Misael Galdamez, Metodij Hadzi-Vaskov, Franz Loyola, Zsoka Koczan, Bogdan Lissovolik, Jan Martijn, Yulia Ustyugova and Joyce Wong

2017/143: Financial Development and Source of Growth: New Evidence

Sami Ben Naceur, Robert Blotevogel, Mark Fischer and Haiyan Shi

2017/142: Tipping the Scale? The Workings of Monetary Policy through Trade

Gustavo Adler and Carolina Osorio-Buitron

2017/141: Who Dares, Wins: Labor Market Reforms and Sovereign Yields

Christian Ebeke

2017/140: Cross-Country Spillovers of Fiscal Consolidations in the Euro Area

Tigran Poghosyan

2017/139: The Right Kind of Help? Tax Incentives for Staying Small

Dora Benedek, Pragyan Deb, Borja Gracia, Sergejs Saksonovs, Anna Shabunina and Nina Budina

2017/138: Public Investment Scaling-up and Debt Sustainability: The Case of Energy Sector Investments in the Caribbean

Ahmed El-Ashram

2017/137: Heterogeneity of Bank Risk Weights in the EU: Evidence by Asset Class and Country of Counterparty Exposure

Rima Turk Ariss

2017/136: ABBA: An Agent-Based Model of the Banking System

Jorge Chan-Lau

2017/135: Capital Controls and the Cost of Debt

Eugenia Andreasen, Martin Schindler and Patricio Valenzuela

2017/134: Financial Frictions, Underinvestment, and Investment Composition: Evidence from Indian Corporates

Sonali Das and Volodymyr Tulin

2017/133: Bottom-Up Default Analysis of Corporate Solvency Risk: An Application to Latin America

Jorge Chan-Lau, Cheng Lim, Jose Daniel Rodríguez-Delgado, Bennett Sutton and Melesse Tashu

2017/132: Deposit Insurance, Remittances, and Dollarization: Survey-Based Evidence from a Top Remittance-Receiving Country

David Grigorian and Maxym Kryshko

2017/131: Financial Disruptions and the Cyclical Upgrading of Labor

Brendan Epstein, Alan Finkelstein Shapiro and Andres Gonzalez

2017/130: A Tie That Binds: Revisiting the Trilemma in Emerging Market Economies

Maurice Obstfeld, Jonathan Ostry and Mahvash Qureshi

2017/129: Financial Frictions and the Great Productivity Slowdown

Romain Duval, Gee Hee Hong and Yannick Timmer

2017/128: Policy Uncertainty in Japan

Elif Arbatli Saxegaard, Steven Davis, Arata Ito, Naoko Miake and Ikuo Saito

2017/127: Inclusive Growth Framework

Alexei Kireyev and Jingyang Chen

2017/126: Income Inequality and Education Revisited: Persistence, Endogeneity, and Heterogeneity

David Coady and Allan Dizioli