IMF Working Papers

From International Monetary Fund
International Monetary Fund, Washington, DC USA.
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2017/125: Structural Reform Packages, Sequencing, and the Informal Economy

Zsuzsa Munkacsi and Magnus Saxegaard

2017/124: Labor Market Adjustments to Shocks in Australia

Adil Mohommad

2017/123: The Algebraic Galaxy of Simple Macroeconomic Models: A Hitchhiker’s Guide

Evan Tanner

2017/122: Trading with China: Productivity Gains, Job Losses

JaeBin Ahn and Romain Duval

2017/121: Portfolio Inflows and Real Effective Exchange Rates: Does the Sectorization Matter?

Rasmane Ouedraogo

2017/120: Riding the Energy Transition: Oil Beyond 2040

Reda Cherif, Fuad Hasanov and Aditya Pande

2017/119: Sovereign Bond Prices, Haircuts and Maturity

Tamon Asonuma, Dirk Niepelt and Romain Ranciere

2017/118: Disinflation, External Vulnerability, and Fiscal Intransigence: Some Unpleasant Mundellian Arithmetic

Evan Tanner

2017/117: Debt Limits and the Structure of Public Debt

Alex Pienkowski

2017/116: Bank Solvency and Funding Cost: New Data and New Results

Stefan Schmitz, Michael Sigmund and Laura Valderrama

2017/115: International Financial Integration in the Aftermath of the Global Financial Crisis

Philip Lane and Gian Maria Milesi-Ferretti

2017/114: Debt Sustainability in Low-Income Countries: Policies, Institutions, or Shocks?

Yasemin Bal Gündüz

2017/113: Collateral Reuse and Balance Sheet Space

Manmohan Singh

2017/112: Farms, Fertiliser, and Financial Frictions: Yields from a DSGE Model

Sébastien Walker

2017/111: Bank Balance Sheets and the Value of Lending

Jiaqian Chen and Giuseppe Vera

2017/110: Can They Do It All? Fiscal Space in Low-Income Countries

Anja Baum, Andrew Hodge, Aiko Mineshima, Marialuz Moreno Badia and René Tapsoba

2017/109: Evaluating the Impact of Non-Financial IMF Programs Using the Synthetic Control Method

Monique Newiak and Tim Willems

2017/108: Lasso Regressions and Forecasting Models in Applied Stress Testing

Jorge Chan-Lau

2017/107: Variance Decomposition Networks: Potential Pitfalls and a Simple Solution

Jorge Chan-Lau

2017/106: Multivariate Filter Estimation of Potential Output for the United States

Ali Alichi, Olivier Bizimana, Douglas Laxton, Kadir Tanyeri, Hou Wang, Jiaxiong Yao and Fan Zhang

2017/105: Investing in Public Infrastructure: Roads or Schools?

Manoj Atolia, Grace Li, Ricardo Marto and Giovanni Melina

2017/104: Taking Stock: Who Benefited from the Oil Price Shocks?

Diego Cerdeiro and Dmitry Plotnikov

2017/103: Reforming Energy Policy in India: Assessing the Options

Ian Parry, Victor Mylonas and Nate Vernon-Lin

2017/102: Macroprudential Liquidity Stress Testing in FSAPs for Systemically Important Financial Systems

Andreas Jobst, Li Ong and Christian Schmieder

2017/101: Central Bank Legal Frameworks in the Aftermath of the Global Financial Crisis

Ashraf Khan

2017/100: Revisiting the Potential Impact to the Rest of the Caribbean from Opening US-Cuba Tourism

Sebastian Acevedo, Trevor Alleyne and Rafael Romeu

2017/099: Fiscal Challenges of Population Aging in Brazil

Alfredo Cuevas, Izabela Karpowicz, Carlos Mulas-Granados and Mauricio Soto

2017/098: Long-Run Biological Interest Rate for Pay-As-You-Go Pensions in Advanced and Developing Countries

Masahiro Nozaki

2017/097: Assessing Corporate Vulnerabilities in Indonesia: A Bottom-Up Default Analysis

Jorge Chan-Lau, Weimin Miao, Ken Miyajima and Jongsoon Shin

2017/096: Understanding the Use of Long-term Finance in Developing Economies

Maria Martinez Peria and Sergio Schmukler

2017/095: Tax Administration and Firm Performance: New Data and Evidence for Emerging Market and Developing Economies

Era Dabla-Norris, Florian Misch, Duncan Cleary and Munawer Khwaja

2017/094: Demographic Changes in Latin America: The Good, the Bad and …

Santiago Acosta Ormaechea, Marco Espinosa-Vega and Diego Wachs

2017/093: Growth Inclusiveness in Djibouti

Alexei Kireyev

2017/092: Late to the game? Capital flows to the Western Balkans

Zsoka Koczan

2017/091: Thick vs. Thin-Skinned: Technology, News, and Financial Market Reaction

Barry Eichengreen, Romain Lafarguette and Arnaud Mehl

2017/090: Challenges in Correspondent Banking in the Small States of the Pacific

Jihad Alwazir, Fazurin Jamaludin, Dongyeol Lee, Niamh Sheridan and Patrizia Tumbarello

2017/089: Policy, Risk and Spillover Analysis in the World Economy: A Panel Dynamic Stochastic General Equilibrium Approach

Francis Vitek

2017/088: Tax Administration Reforms in the Caribbean: Challenges, Achievements, and Next Steps

Stephane Schlotterbeck

2017/087: Labor Market Institutions and the Cost of Recessions

Tom Krebs and Martin Scheffel

2017/086: Fiscal Crises

Kerstin Gerling, Paulo Medas, Tigran Poghosyan, Juan Farah-Yacoub and Yizhi Xu

2017/085: Should Unconventional Monetary Policies Become Conventional?

Dominic Quint and Pau Rabanal

2017/084: Effectiveness of Fiscal Incentives for R&D: Quasi-Experimental Evidence

Irem Guceri and Li Liu

2017/083: Exchange Rate Regimes in Central, Eastern and Southeastern Europe: A Euro Bloc and a Dollar Bloc?

Slavi Slavov

2017/082: Identifying Structural Reform Gaps in Emerging Europe, the Caucasus, and Central Asia

Norbert Funke, Asel Isakova and Maksym Ivanyna

2017/081: Real Exchange Rate and External Balance: How Important Are Price Deflators?

JaeBin Ahn, Rui Mano and Jing Zhou

2017/080: Das House-Kapital: A Long Term Housing & Macro Model

Volker Grossman and Thomas Steger

2017/079: Education Systems and Foreign Direct Investment: Does External Efficiency Matter?

Elisé Miningou and Sampawende Tapsoba

2017/078: Optimal Fiscal and Monetary Policy, Debt Crisis and Management

Cristiano Cantore, Paul Levine, Giovanni Melina and Joseph Pearlman

2017/077: World Trade in Services: Evidence from A New Dataset

Prakash Loungani, Saurabh Mishra, Chris Papageorgiou and Ke Wang

2017/076: Inequality Overhang

Francesco Grigoli and Adrian Robles

2017/075: Consumption in Brazil: Where to Next?

Troy Matheson and Carlos Góes

2017/074: The Effects of Data Transparency Policy Reforms on Emerging Market Sovereign Bond Spreads

Sangyup Choi and Yuko Hashimoto

2017/073: Financial Stability Reports in Latin America and the Caribbean

Cheng Lim, Alexander Klemm, Sumiko Ogawa, Marco Pani and Claudio Visconti

2017/072: Excessive Private Sector Leverage and Its Drivers: Evidence from Advanced Economies

Mariusz Jarmuzek and Rossen Rozenov

2017/071: The Macroeconomics of De-Cashing

Alexei Kireyev

2017/070: Foreign Exchange Intervention and the Dutch Disease

Julia Faltermeier, Ruy Lama and Juan Medina

2017/069: Managing the Tide: How Do Emerging Markets Respond to Capital Flows?

Atish Ghosh, Jonathan Ostry and Mahvash Qureshi

2017/068: How is the likelihood of fire sales in a crisis affected by the interaction of various bank regulations?

Divya Kirti and Vijay Narasiman

2017/067: Credit-Supply Shocks and Firm Productivity in Italy

Sebastian Dörr, Mehdi Raissi and Anke Weber

2017/066: Can Italy Grow Out of Its NPL Overhang? A Panel Threshold Analysis

Kamiar Mohaddes, Mehdi Raissi and Anke Weber

2017/065: Does Prolonged Monetary Policy Easing Increase Financial Vulnerability?

Stephen Cecchetti, Tommaso Mancini-Griffoli and Machiko Narita

2017/064: Fiscal Decentralization and Fiscal Policy Performance

Moussé Sow and Ivohasina Razafimahefa

2017/063: Fiscal Policy Effectiveness in a Small Open Economy: Estimates of Tax and Spending Multipliers in Paraguay

Antonio David

2017/062: Lower Bound Beliefs and Long-Term Interest Rates

Christian Grisse, Signe Krogstrup and Silvio Schumacher

2017/061: Private and Public Debt: Are Emerging Markets at Risk?

Marco Bernardini and Lorenzo Forni

2017/060: Bank Ownership: Trends and Implications

Robert Cull, Maria Martinez Peria and Jeanne Verrier

2017/059: Macroprudential Policy, Incomplete Information and Inequality: The case of Low-Income and Developing Countries

Margarita Rubio and Filiz Unsal

2017/058: Exchange Rates and Trade: A Disconnect?

Daniel Leigh, Weicheng Lian, Marcos Poplawski Ribeiro, Rachel Szymanski, Viktor Tsyrennikov and Hong Yang

2017/057: Public Debt Sustainability Under Uncertainty: An Invariant Set Approach

Rossen Rozenov

2017/056: Direct and Spillover Effects of Unconventional Monetary and Exchange Rate Policies

Joseph Gagnon, Tamim Bayoumi, Juan M. Londono, Christian Saborowski and Horacio Sapriza

2017/055: Aftershocks of Monetary Unification: Hysteresis with a Financial Twist

Tamim Bayoumi and Barry Eichengreen

2017/054: Labor Force Participation in Chile: Recent Trends, Drivers, and Prospects

Patrick Blagrave and Marika Santoro

2017/053: Pension Reform Options in Chile: Some Tradeoffs

Marika Santoro

2017/052: The Drivers of Capital Flows in Emerging Markets Post Global Financial Crisis

Swarnali Hannan

2017/051: Brazilian Market Portfolio

Cristina Tessari and Alexis Meyer-Cirkel

2017/050: Spillovers from U.S. Monetary Policy Normalization on Brazil and Mexico’s Sovereign Bond Yields

Carlos Góes, Herman Kamil, Phil De Imus, Mercedes Garcia-Escribano, Roberto Perrelli, Shaun Roache and Jeremy Zook

2017/049: Evaluating Changes in the Transmission Mechanism of Government Spending Shocks

Nooman Rebei

2017/048: Understanding Inflation in Malawi: A Quantitative Investigation

Dong Frank Wu

2017/047: Trade Liberalization in Peru: Adjustment Costs Amidst High Labor Mobility

Elin Baldárrago and Gonzalo Salinas

2017/046: Revisiting the Link between Trade, Growth and Inequality: Lessons for Latin America and the Caribbean

Kimberly Beaton, Aliona Cebotari and András Komáromi

2017/045: The Impact of Trade Agreements in Latin America using the Synthetic Control Method

Swarnali Hannan

2017/044: Effects of Timeliness on the Trade Pattern between Primary and Processed Goods

Suprabha Baniya

2017/043: Launching Export Accelerations in Latin America and the World

Valerie Cerra and Martha Tesfaye Woldemichael

2017/042: Composition of Trade in Latin America and the Caribbean

Xiaodan Ding and Metodij Hadzi-Vaskov

2017/041: The Volatility of Capital Flows in Emerging Markets: Measures and Determinants

Maria Sole Pagliari and Swarnali Hannan

2017/040: Sectoral Labor Mobility and Optimal Monetary Policy

Alessandro Cantelmo and Giovanni Melina

2017/039: Governments and Promised Fiscal Consolidations: Do They Mean What They Say?

Sanjeev Gupta, Joao Jalles, Carlos Mulas-Granados and Michela Schena

2017/038: Banks, Firms, and Jobs

Fabio Berton, Sauro Mocetti, Andrea Presbitero and Matteo Richiardi

2017/037: A Fresh Look at Potential Output in Central, Eastern, and Southeastern European Countries

Jiri Podpiera, Faezeh Raei and Ara Stepanyan

2017/036: What has happened to Sub-Regional Public Sector Efficiency in England since the Crisis?

Samya Beidas-Strom

2017/035: The Growth Return of Infrastructure in Latin America

Sergi Lanau

2017/034: Women at Work in Latin America and the Caribbean

Natalija Novta and Joyce Wong

2017/033: Quarterly Projection Model for India: Key Elements and Properties

Jaromir Benes, Kevin Clinton, Asish George, Pranav Gupta, Joice John, Ondrej Kamenik, Douglas Laxton, Pratik Mitra, G.V. Nadhanael, Rafael Portillo, Hou Wang and Fan Zhang

2017/032: Inflation-Forecast Targeting for India: An Outline of the Analytical Framework

Jaromir Benes, Kevin Clinton, Asish George, Joice John, Ondrej Kamenik, Douglas Laxton, Pratik Mitra, G.V. Nadhanael, Hou Wang and Fan Zhang

2017/031: What Influences Bank Lending in Saudi Arabia?

Ken Miyajima

2017/030: Assessing the Fragility of Global Trade: The Impact of Localized Supply Shocks Using Network Analysis

Yevgeniya Korniyenko, Magali Pinat and Brian Dew

2017/029: Terms-of-Trade Cycles and External Adjustment

Gustavo Adler, Nicolas Magud and Alejandro Werner

2017/028: Exploring the Role of Foreign Investors in Russia's Local Currency Government Bond (OFZ) Market

Yinqiu Lu and Dmitry Yakovlev

2017/027: The Impact of Natural Resource Discoveries in Latin America and the Caribbean: A Closer Look at the Case of Bolivia

Frederik Toscani

2017/026: What’s Different about Bank Holding Companies?

Ralph Chami, Thomas Cosimano, Jun Ma and Celine Rochon