IMF Working Papers

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

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