IMF Working Papers

From International Monetary Fund
International Monetary Fund, Washington, DC USA.
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2016/180: Market Frictions, Interbank Linkages and Excessive Interconnections

Pragyan Deb

2016/179: Smoke Screen: Estimating the Tax Pass-Through to Cigarette Prices in Pakistan

Serhan Cevik

2016/178: Optimal Debt Policy Under Asymmetric Risk

Julio Escolano and Vitor Gaspar

2016/177: Changing Times for Frontier Markets: A Perspective from Portfolio Investment Flows and Financial Integration

Nordine Abidi, Burcu Hacibedel and Mwanza Nkusu

2016/176: Growing Apart, Losing Trust? The Impact of Inequality on Social Capital

Eric Gould and Alexander Hijzen

2016/175: Profitability and Balance Sheet Repair of Italian Banks

Andreas Jobst and Anke Weber

2016/174: Aggregate Uncertainty and Sectoral Productivity Growth: The Role of Credit Constraints

Sangyup Choi, Davide Furceri, Yifei Huang and Prakash Loungani

2016/173: China’s Growing Influence on Asian Financial Markets

Serkan Arslanalp, Wei Liao, Shi Piao and Dulani Seneviratne

2016/172: Negative Interest Rate Policy (NIRP): Implications for Monetary Transmission and Bank Profitability in the Euro Area

Andreas Jobst and Huidan Lin

2016/171: Can Reform Waves Turn the Tide? Some Case Studies Using the Synthetic Control Method

Bibek Adhikari, Romain Duval, Bingjie Hu and Prakash Loungani

2016/170: Spillovers from China’s Growth Slowdown and Rebalancing to the ASEAN-5 Economies

Allan Dizioli, Jaime Guajardo, Vladimir Klyuev, Rui Mano and Mehdi Raissi

2016/169: Demographic Dividends, Gender Equality, and Economic Growth: The Case of Cabo Verde

Heloisa Marone

2016/168: The Real Exchange Rate: Assessment and Trade Impact in the Context of Fiji and Samoa

Jan Gottschalk, Carl Miller, Lanieta Rauqeuqe, Isoa Wainiqolo and Yongzheng Yang

2016/167: Monetary Transmission in Developing Countries: Evidence from India

Prachi Mishra, Peter Montiel and Rajeswari Sengupta

2016/166: What is Responsible for India’s Sharp Disinflation?

Sajjid Chinoy, Pankaj Kumar and Prachi Mishra

2016/165: Evolution of Exchange Rate Behavior in the ASEAN-5 Countries

Vladimir Klyuev and To-Nhu Dao

2016/164: Investing to Mitigate and Adapt to Climate Change: A Framework Model

Anthony Bonen, Prakash Loungani, Willi Semmler and Sebastian Koch

2016/163: A Probabilistic Approach to Fiscal Space and Prudent Debt Level: Application to Low-Income Developing Countries

Olumuyiwa Adedeji, Calixte Ahokpossi, Claudio Battiati and Mai Farid

2016/162: From Firm-Level Imports to Aggregate Productivity: Evidence from Korean Manufacturing Firms Data

JaeBin Ahn and Moon Jung Choi

2016/161: The Impact of Oil Prices on the Banking System in the GCC

Padamja Khandelwal, Ken Miyajima and Andre Santos

2016/160: Testing Piketty’s Hypothesis on the Drivers of Income Inequality: Evidence from Panel VARs with Heterogeneous Dynamics

Carlos Góes

2016/159: Inflation and the Black Market Exchange Rate in a Repressed Market: A Model of Venezuela

Valerie Cerra

2016/158: Measuring Concentration Risk - A Partial Portfolio Approach

Pierpaolo Grippa and Lucyna Gornicka

2016/157: Reflating Japan: Time to Get Unconventional?

Elif Arbatli Saxegaard, Dennis Botman, Kevin Clinton, Pietro Cova, Vitor Gaspar, Zoltán Jakab, Douglas Laxton, Constant Lonkeng Ngouana, Joannes Mongardini and Hou Wang

2016/156: The Case for an Independent Fiscal Institution in Japan

George Kopits

2016/155: Europe: A Survey of Gender Budgeting Efforts

Sheila Quinn

2016/154: Caribbean and Pacific Islands: A Survey of Gender Budgeting Efforts

Tamoya Christie and Dhanaraj Thakur

2016/153: Western Hemisphere: A Survey of Gender Budgeting Efforts

Lucía Pérez Fragoso and Corina Rodríguez Enríquez

2016/152: Sub-Saharan Africa: A Survey of Gender Budgeting Efforts

Janet Stotsky, Lisa Kolovich and Suhaib Kebhaj

2016/151: Middle East and Central Asia: A Survey of Gender Budgeting Efforts

Lisa Kolovich and Sakina Shibuya

2016/150: Asia: A Survey of Gender Budgeting Efforts

Lekha Chakraborty

2016/149: Gender Budgeting: Fiscal Context and Current Outcomes

Janet Stotsky

2016/148: Climate Mitigation in China: Which Policies Are Most Effective?

Ian Parry, Baoping Shang, Philippe Wingender, Nate Vernon-Lin and Tarun Narasimhan

2016/147: Sovereign Debt Restructuring and Growth

Lorenzo Forni, Geremia Palomba, Joana Pereira and Christine Richmond

2016/146: The Design of Fiscal Reform Packages: Insights from a Theoretical Endogenous Growth Model

Andrew Hodge

2016/145: Sovereign Risk and Deposit Dynamics: Evidence from Europe

David Grigorian and Vlad Manole

2016/144: Fiscal Multipliers and Institutions in Peru: Getting the Largest Bang for the Sol

Svetlana Vtyurina and Zulima Leal

2016/143: No Extension without Representation? Evidence from a Natural Experiment in Collective Bargaining

Alexander Hijzen and Pedro Martins

2016/142: Does Conditionality Mitigate the Potential Negative Effect of Aid on Revenues?

Ernesto Crivelli and Sanjeev Gupta

2016/141: The Role of Fiscal Transfers in Smoothing Regional Shocks: Evidence from Existing Federations

Tigran Poghosyan, Abdelhak Senhadji and Carlo Cottarelli

2016/140: Gender Equality and Economic Diversification

Romina Kazandjian, Lisa Kolovich, Kalpana Kochhar and Monique Newiak

2016/139: 6½ Decades of Global Trade and Income: “New Normal” or “Back to Normal” after GTC and GFC?

Sanjay Kalra

2016/138: The Fiscal Multiplier in Small Open Economy: The Role of Liquidity Frictions

Jasmin Sin

2016/137: South Africa: Labor Market Dynamics and Inequality

Rahul Anand, Siddharth Kothari and Naresh Kumar

2016/136: The Dynamics of Sovereign Debt Crises and Bailouts

Francisco Roch and Harald Uhlig

2016/135: Cleaning-up Bank Balance Sheets: Economic, Legal, and Supervisory Measures for Italy

Jose Garrido, Emanuel Kopp and Anke Weber

2016/134: Insolvency and Enforcement Reforms in Italy

Jose Garrido

2016/133: Fixed Base Year vs. Chain Linking in National Accounts: Experience of Sub-Saharan African Countries

Robert Dippelsman, Venkat Josyula and Eric Métreau

2016/132: Inflation, Financial Developments, and Wealth Distribution

Wai-Yip Alex Ho and Chun-Yu Ho

2016/131: An Analysis of OPEC’s Strategic Actions, US Shale Growth and the 2014 Oil Price Crash

Alberto Behar and Robert Ritz

2016/130: A Network Model of Multilaterally Equilibrium Exchange Rates

Alexei Kireyev and Andrei Leonidov

2016/129: Outside the Band: Depreciation and Inflation Dynamics in Chile

Esther Perez Ruiz

2016/128: A National Wealth Approach to Banking Crises and Financial Stability

Olivier Frecaut

2016/127: U.S. Corporate Income Tax Reform and its Spillovers

Kimberly Clausing, Edward Kleinbard and Thornton Matheson

2016/126: Did the Global Financial Crisis Break the U.S. Phillips Curve?

Stefan Laséen and Marzie Taheri Sanjani

2016/125: U.S. Dollar Dynamics: How Important Are Policy Divergence and FX Risk Premiums?

Ravi Balakrishnan, Stefan Laséen and Andrea Pescatori

2016/124: What is Keeping U.S. Core Inflation Low: Insights from a Bottom-Up Approach

Yasser Abdih, Ravi Balakrishnan and Baoping Shang

2016/123: Syria’s Conflict Economy

Jeanne Gobat and Kristina Kostial

2016/122: What's Up with U.S. Wage Growth and Job Mobility?

Stephan Danninger

2016/121: Income Polarization in the United States

Ali Alichi, Kory Kantenga and Juan Sole

2016/120: Monetary Policy Implementation and Volatility Transmission along the Yield Curve: The Case of Kenya

C. Emre Alper, Rogelio Morales and Fan Yang

2016/119: The Impact of Product Market Reforms on Firm Productivity in Italy

Sergi Lanau and Petia Topalova

2016/118: Women’s Opportunities and Challenges in Sub-Saharan African Job Markets

Christine Dieterich, Anni Huang and Alun Thomas

2016/117: The Impact of Trade Agreements: New Approach, New Insights

Swarnali Hannan

2016/116: The Short-Term Impact of Product Market Reforms: A cross-country firm-level analysis

Peter Gal and Alexander Hijzen

2016/115: Investing in Electricity, Growth, and Debt Sustainability: The Case of Lesotho

Michele Andreolli and Aidar Abdychev

2016/114: Product Market Deregulation and Growth: New Country-Industry-Level Evidence

Romain Bouis, Romain Duval and Johannes Eugster

2016/113: The Consequences of Policy Uncertainty: Disconnects and Dilutions in the South African Real Effective Exchange Rate-Export Relationship

Sandile Hlatshwayo and Magnus Saxegaard

2016/112: What Does Aid Do to Fiscal Policy? New Evidence

Jean-Louis Combes, Rasmane Ouedraogo and Sampawende Tapsoba

2016/111: Inequality, Gender Gaps and Economic Growth: Comparative Evidence for Sub-Saharan Africa

Dalia Hakura, Mumtaz Hussain, Monique Newiak, Vimal Thakoor and Fan Yang

2016/110: Changes in Prudential Policy Instruments — A New Cross-Country Database

Eugenio Cerutti, Ricardo Correa, Elisabetta Fiorentino and Esther Segalla

2016/109: Foreign Bank Subsidiaries’ Default Risk during the Global Crisis: What Factors Help Insulate Affiliates from their Parents?

Deniz Anginer, Eugenio Cerutti and Maria Martinez Peria

2016/108: Global Financial Conditions and Monetary Policy Autonomy

Carlos Caceres, Yan Carrière-Swallow and Bertrand Gruss

2016/107: External Adjustment in Oil Exporters: The Role of Fiscal Policy and the Exchange Rate

Alberto Behar and Armand Fouejieu

2016/106: Chinese Imports: What’s Behind the Slowdown?

Joong Kang and Wei Liao

2016/105: China and Asia in Global Trade Slowdown

Gee Hee Hong, Jaewoo Lee, Wei Liao and Dulani Seneviratne

2016/104: Fiscal Buffers, Private Debt, and Stagnation: The Good, the Bad and the Ugly

Nicoletta Batini, Giovanni Melina and Stefania Villa

2016/103: Monetary and Fiscal Policies and the Dynamics of the Yield Curve in Morocco

Calixte Ahokpossi, Pilar Garcia Martinez and Laurent Kemoe

2016/102: Testing Shock Transmission Channels to Low-Income Developing Countries

Nina Biljanovska and Alexis Meyer-Cirkel

2016/101: Estimating the Effects of the Trans-Pacific Partnership (TPP) on Latin America and the Caribbean (LAC)

Diego Cerdeiro

2016/100: How do Experts Forecast Sovereign Spreads?

Jacopo Cimadomo, Peter Claeys and Marcos Poplawski Ribeiro

2016/099: Spillovers from Japan’s Unconventional Monetary Policy to Emerging Asia: a Global VAR approach

Giovanni Ganelli and Nour Tawk

2016/098: Macroprudential Policy and Financial Stability in the Arab Region

Ananthakrishnan Prasad, Heba Abdel Monem and Pilar Garcia Martinez

2016/097: Financial De-Dollarization: A Global Perspective and the Peruvian Experience

Luis Catão and Marco Terrones

2016/096: Structural Reform in Germany

Tom Krebs and Martin Scheffel

2016/095: Dispelling Fiscal Illusions: How Much Progress Have Governments Made in Getting Assets and Liabilities on Balance Sheet?

Timothy Irwin

2016/094: Effective Macroprudential Policy: Cross-Sector Substitution from Price and Quantity Measures

Janko Cizel, Jon Frost, Aerdt Houben and Peter Wierts

2016/093: Shifting the Beveridge Curve: What Affects Labor Market Matching?

Elva Bova, Joao Jalles and Christina Kolerus

2016/092: Optimal Reserves in Financially Closed Economies

Olivier Jeanne and Damiano Sandri

2016/091: Crisis Transmission in the Global Banking Network

Galina Hale, Tümer Kapan and Camelia Minoiu

2016/090: VAR meets DSGE: Uncovering the Monetary Transmission Mechanism in Low-Income Countries

Grace Li, Stephen O'Connell, Christopher Adam, Andrew Berg and Peter Montiel

2016/089: The Cost of Foreign Exchange Intervention: Concepts and Measurement

Gustavo Adler and Rui Mano

2016/088: Post-crisis International Banking: An Analysis with New Regulatory Survey Data

Hibiki Ichiue and Frederic Lambert

2016/087: Mitigating the Deadly Embrace in Financial Cycles: Countercyclical Buffers and Loan-to-Value Limits

Jaromir Benes, Douglas Laxton and Joannes Mongardini

2016/086: Fiscal Councils: Rationale and Effectiveness

Roel Beetsma and Xavier Debrun

2016/085: Power It Up: Strengthening the Electricity Sector to Improve Efficiency and Support Economic Activity

C. Di Bella and Francesco Grigoli

2016/084: Do Subnational Fiscal Rules Foster Fiscal Discipline? New Empirical Evidence from Europe

Ananya Kotia and Victor Lledo

2016/083: Amortization Requirements May Increase Household Debt: A Simple Example

Lars Svensson

2016/082: Structural Reform and Growth: What Really Matters? Evidence from the Caribbean

Kevin Greenidge, Meredith McIntyre and Hanlei Yun

2016/081: Advancing Financial Development in Latin America and the Caribbean

Dyna Heng, Anna Ivanova, Rodrigo Mariscal, Uma Ramakrishnan and Joyce Wong