IMF Working Papers

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International Monetary Fund, Washington, DC USA.
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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

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