IMF Working Papers

From International Monetary Fund
International Monetary Fund, Washington, DC USA.
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2017/025: Currency Wars or Efficient Spillovers? A General Theory of International Policy Cooperation

Anton Korinek

2017/024: Banks’ Adjustment to Basel III Reform: A Bank-Level Perspective for Emerging Europe

Michal Andrle, Vladimír Tomšík and Jan Vlcek

2017/023: Household Consumption in Japan – Role of Income and Asset Developments

Erkki Vihriälä

2017/022: Curbing Corporate Debt Bias

Ruud de Mooij and Shafik Hebous

2017/021: Czech Magic: Implementing Inflation-Forecast Targeting at the CNB

Kevin Clinton, Tibor Hlédik, Tomas Holub, Douglas Laxton and Hou Wang

2017/020: International Remittances, Migration, and Primary Commodities in FSGM

Stephen Snudden

2017/019: Financial Deepening in Mexico

Alexander Herman and Alexander Klemm

2017/018: Fiscal Politics in the Euro Area

Luc Eyraud, Vitor Gaspar and Tigran Poghosyan

2017/017: Corporate Restructuring and Its Macro Effects

Jongsoon Shin

2017/016: Risk Taking and Interest Rates: Evidence from Decades in the Global Syndicated Loan Market

Seung Jung Lee, Lucy Qian Liu and Viktors Stebunovs

2017/015: Oil Prices and the Global Economy

Rabah Arezki, Zoltán Jakab, Douglas Laxton, Akito Matsumoto, Armen Nurbekyan, Hou Wang and Jiaxiong Yao

2017/014: Money and Credit: Theory and Applications

Liang Wang, Randall Wright and Lucy Qian Liu

2017/013: What Are Reference Rates For?

Divya Kirti

2017/012: Financial and Business Cycles in Brazil

Ivo Krznar and Troy Matheson

2017/011: The Relative Effectiveness of Spot and Derivatives Based Intervention: The Case of Brazil

Milan Nedeljkovic and Christian Saborowski

2017/010: Collect More, Spend Better: Public Investment in Asian Frontier Markets

Manuk Ghazanchyan, Ricardo Marto, Jiri Jonas and Kaitlyn Douglass

2017/009: Price and Wage Flexibility in Hong Kong SAR

Si Guo

2017/008: Optimal Tax Administration

Michael Keen and Joel Slemrod

2017/007: Indian Financial Sector: Structure, Trends and Turns

Rakesh Mohan and Partha Ray

2017/006: Fiscal Rules to Tame the Political Budget Cycle: Evidence from Italian Municipalities

Lorenzo Forni and Andrea Bonfatti

2017/005: On the Determinants of Fiscal Non-Compliance: An Empirical Analysis of Spain’s Regions

Mar Delgado-Téllez, Victor Lledo and Javier Pérez

2017/004: How Buoyant is the Tax System? New Evidence from a Large Heterogeneous Panel

Paolo Dudine and Joao Jalles

2017/003: Why Do Bank-Dependent Firms Bear Interest-Rate Risk?

Divya Kirti

2017/002: Korea’s Challenges Ahead—Lessons from Japan’s Experience

Edda Zoli

2017/001: Benefits of Global and Regional Financial Integration in Latin America

Luc Eyraud, Diva Singh and Bennett Sutton

2016/255: Strategic Corporate Layoffs

Ruchir Agarwal and Julian Kolev

2016/254: Dynamic Fuel Price Pass-Through: Evidence from a New Global Retail Fuel Price Database

Kangni Kpodar and Chadi Abdallah

2016/253: Lost and Found: Market Access and Public Debt Dynamics

Carlo Cottarelli, Andrea Presbitero and Antonio Bassanetti

2016/252: Capital Account Openness in Low-income Developing Countries: Evidence from a New Database

Sarwat Jahan and Daili Wang

2016/251: Financial Information and Macroeconomic Forecasts

Sophia Chen and Romain Ranciere

2016/250: Potential Output Growth Estimates for Central America and the Dominican Republic

Roberto Garcia-Saltos, Fan Zhang and Iulia Ruxandra Teodoru

2016/249: China’s Rising IQ (Innovation Quotient) and Growth: Firm-level Evidence

Hui He, Nan Li and Jing Fang

2016/248: Does Balance Sheet Strength Drive the Investment Cycle? Evidence from Pre- and Post-Crisis Cyprus

Sophia Chen and Yinqiu Lu

2016/247: Food Inflation in Sub-Saharan Africa: Causes and Policy Implications

C. Emre Alper, Niko Hobdari and Ali Uppal

2016/246: Does Gross or Net Debt Matter More for Emerging Market Spreads?

Metodij Hadzi-Vaskov and Luca Ricci

2016/245: The Effects of Monetary Policy Shocks on Inequality

Davide Furceri, Prakash Loungani and Aleksandra Zdzienicka

2016/244: Inequality and Growth: A Heterogeneous Approach

Francesco Grigoli, Evelio Paredes and C. Di Bella

2016/243: Emerging Market Corporate Leverage and Global Financial Conditions

Adrian Alter and Selim Elekdag

2016/242: Automatic Adjustment Mechanisms in Asian Pension Systems?

Elif Arbatli Saxegaard, Csaba Feher, Jack Ree, Ikuo Saito and Mauricio Soto

2016/241: Output and Inflation Co-movement: An Update on Business-Cycle Stylized Facts

Michal Andrle, Jan Bruha and Serhat Solmaz

2016/240: Monetary Policy Credibility and Exchange Rate Pass-Through

Yan Carrière-Swallow, Bertrand Gruss, Nicolas Magud and Fabian Valencia

2016/239: A Tale of Transition: An Empirical Analysis of Economic Inequality in Urban China, 1986–2009

Haiyan Ding and Hui He

2016/238: The Impact of Workforce Aging on European Productivity

Shekhar Aiyar and Christian Ebeke

2016/237: The Impact of Demographics on Productivity and Inflation in Japan

Niklas Westelius and Yihan Liu

2016/236: Macro-Financial Linkages and Heterogeneous Non-Performing Loans Projections: An Application to Ecuador

Francesco Grigoli, Mario Mansilla and Martin Saldias

2016/235: Real Effects of Capital Inflows in Emerging Markets

Deniz Igan, Ali Kutan and Ali Mirzaei

2016/234: Tax Capacity and Growth: Is there a Tipping Point?

Vitor Gaspar, Laura Jaramillo and Philippe Wingender

2016/233: Political Institutions, State Building, and Tax Capacity: Crossing the Tipping Point

Vitor Gaspar, Laura Jaramillo and Philippe Wingender

2016/232: Minimum Wage as a Wage Policy Tool in Japan

Chie Aoyagi, Giovanni Ganelli and Nour Tawk

2016/231: System Priors for Econometric Time Series

Michal Andrle and Miroslav Plašil

2016/230: Fiscal Discipline and Exchange Rates: Does Politics Matter?

Joao Jalles, Carlos Mulas-Granados and José Tavares

2016/229: Non-Performing Loans in the ECCU: Determinants and Macroeconomic Impact

Kimberly Beaton, Alla Myrvoda and Shernnel Thompson

2016/228: Forecast Errors and Uncertainty Shocks

Sylwia Nowak and Pratiti Chatterjee

2016/227: The Influence of Gender Budgeting in Indian States on Gender Inequality and Fiscal Spending

Janet Stotsky and Asad Zaman

2016/226: A Balancing Act: Reform Options for Paraguay’s Fiscal Responsibility Law

Antonio David and Natalija Novta

2016/225: Arrears to the IMF – A Ghost of the Past?

Anne Oeking and Mariusz Sumlinski

2016/224: Whose Credit Line is it Anyway: An Update on Banks' Implicit Subsidies

Tryggvi Gudmundsson

2016/223: Stock Market Liquidity in Chile

Luis Brandão-Marques

2016/222: Trade Costs of Sovereign Debt Restructurings: Does a Market-Friendly Approach Improve the Outcome?

Tamon Asonuma, Marcos Chamon and Akira Sasahara

2016/221: Securitization and Credit Quality

David Marques-Ibanez

2016/220: A Tale of Two Sectors: Why is Misallocation Higher in Services than in Manufacturing?

Daniel Dias, Christine Richmond and Carlos Marques

2016/219: Quantifying the Spillovers from China Rebalancing Using a Multi-Sector Ricardian Trade Model

Rui Mano

2016/218: To Bet or Not to Bet: Copper Price Uncertainty and Investment in Chile

Fabio Comelli and Esther Perez Ruiz

2016/217: Financial Sector Debt Bias

Oana Luca and Alexander Tieman

2016/216: Can Property Taxes Reduce House Price Volatility? Evidence from U.S. Regions

Tigran Poghosyan

2016/215: Tuning in RBC Growth Spectra

Szilard Benk, Tamas Csabafi, Jing Dang, Max Gillman and Michal Kejak

2016/214: When China Sneezes Does ASEAN Catch a Cold?

Sohrab Rafiq

2016/213: How to Better Measure Hedonic Residential Property Price Indexes

Mick Silver

2016/212: Spillovers from the Maturing of China’s Economy

Allan Dizioli, Benjamin Hunt and Wojciech Maliszewski

2016/211: Corporate Sector Vulnerabilities in Ireland

Nir Klein

2016/210: Oil Prices and the Global Economy: Is It Different This Time Around?

Kamiar Mohaddes and Mohammad Pesaran

2016/209: Can Statistical Capacity Building Help Reduce Procyclical Fiscal Policy in Developing Countries?

Sampawende Tapsoba, Robert York and Neree Noumon

2016/208: Dominican Republic: Sectoral Financial Positions and Macroeconomic Vulnerabilities

Svetlana Cerovic and Jose Saboin

2016/207: The Role of Newly Industrialized Economies in Global Value Chains

Dominik Boddin

2016/206: National Insurance Scheme Reforms in the Caribbean

Koffie Ben Nassar, Joel Chiedu Okwuokei, Mike Li, Timothy Robinson and Saji Thomas

2016/205: Surprise, Surprise: What Drives the Rand / U.S. Dollar Exchange Rate Volatility?

Nasha Maveé, Roberto Perrelli and Axel Schimmelpfennig

2016/204: Benefits and Costs of Corporate Debt Restructuring: An Estimation for Korea

Jae Chung and Lev Ratnovski

2016/203: Resolving China’s Corporate Debt Problem

Wojciech Maliszewski, Serkan Arslanalp, John Caparusso, Jose Garrido, Si Guo, Joong Kang, Waikei Lam, Daniel Law, Wei Liao, Nadia Rendak, Philippe Wingender, Jiangyan Yu and Longmei Zhang

2016/202: The Blind Side of Public Debt Spikes

Laura Jaramillo, Carlos Mulas-Granados and Elijah Kimani

2016/201: Estimating Potential Output in Chile: A Multivariate Filter for Mining and Non-Mining Sectors

Patrick Blagrave and Marika Santoro

2016/200: Assessing Liquidity Buffers in the Panamanian Banking Sector

András Komáromi, Metodij Hadzi-Vaskov and Torsten Wezel

2016/199: Gone with the Wind: Estimating Hurricane and Climate Change Costs in the Caribbean

Sebastian Acevedo

2016/198: Negative Interest Rates: How Big a Challenge for Large Danish and Swedish Banks?

Rima Turk Ariss

2016/197: Central Banking in Latin America: The Way Forward

Yan Carrière-Swallow, Luis Jácome, Nicolas Magud and Alejandro Werner

2016/196: Is Capping Executive Bonuses Useful?

Kentaro Asai

2016/195: U.S. Monetary Policy Normalization and Global Interest Rates

Carlos Caceres, Yan Carrière-Swallow, İshak Demir and Bertrand Gruss

2016/194: Fading Ricardian Equivalence in Ageing Japan

Ikuo Saito

2016/193: Products and Provinces: A Disaggregated Panel Analysis of Canada’s Manufacturing Exports

Itai Agur

2016/192: How to Improve Inflation Targeting in Canada

Maurice Obstfeld, Kevin Clinton, Ondrej Kamenik, Douglas Laxton, Yulia Ustyugova and Hou Wang

2016/191: An Assessment of the Exchange Rate Pass-Through in Angola and Nigeria

Ana Lariau, Moataz El-Said and Misa Takebe

2016/190: Fragmented Politics and Public Debt

Ernesto Crivelli, Sanjeev Gupta, Carlos Mulas-Granados and Carolina Correa-Caro

2016/189: The Effectiveness of Monetary Policy in Small Open Economies: An Empirical Investigation

Keyra Primus

2016/188: Fiscal Rules for Resource Windfall Allocation: The Case of Trinidad and Tobago

Keyra Primus

2016/187: Regulating Local Government Financing Vehicles and Public-Private Partnerships in China

Hui Jin and Isabel Rial

2016/186: Supervisory Incentives in a Banking Union

Elena Carletti, Giovanni Dell'ariccia and Robert Marquez

2016/185: Highways to Heaven: Infrastructure Determinants and Trends in Latin America and the Caribbean

Valerie Cerra, Alfredo Cuevas, Carlos Góes, Izabela Karpowicz, Troy Matheson, Issouf Samaké and Svetlana Vtyurina

2016/184: Spatial Dependence and Data-Driven Networks of International Banks

Ben Craig and Martin Saldias

2016/183: Rebalancing in China—Progress and Prospects

Longmei Zhang

2016/182: Unlocking Pakistan’s Revenue Potential

Serhan Cevik

2016/181: China’s Financial Interlinkages and Implications For Inter-Agency Coordination

Min Liao, Tao Sun and Jinfan Zhang