IMF Working Papers

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

2016/080: Understanding Corporate Vulnerabilities in Latin America

Carlos Caceres and Fabiano Rodrigues Bastos

2016/079: Fiscal Multipliers for Brazil

Troy Matheson and Joana Pereira

2016/078: Macroeconomic Dimensions of Public-Private Partnerships

Edward Buffie, Michele Andreolli, Grace Li and Luis-Felipe Zanna

2016/077: Reassessing the Productivity Gains from Trade Liberalization

JaeBin Ahn, Era Dabla-Norris, Romain Duval, Bingjie Hu and Lamin Njie

2016/076: Credit, Securitization and Monetary Policy: Watch Out for Unintended Consequences

Andrea Pescatori and Juan Sole

2016/075: Trilemma or Dilemma: Inspecting the Heterogeneous Response of Local Currency Interest Rates to Foreign Rates

Luca Ricci and Wei Shi

2016/074: Macroprudential and Monetary Policy Interactions in a DSGE Model for Sweden

Jiaqian Chen and Francesco Columba

2016/073: Financial Stability and Interest-Rate Policy: A Quantitative Assessment of Costs and Benefits

Andrea Pescatori and Stefan Laséen

2016/072: Monetary Policy in the Presence of Islamic Banking

Mariam El Hamiani Khatat

2016/071: Nowcasting Annual National Accounts with Quarterly Indicators: An Assessment of Widely Used Benchmarking Methods

Marco Marini

2016/070: Implications of Food Subsistence for Monetary Policy and Inflation

Rafael Portillo, Luis-Felipe Zanna, Stephen O'Connell and Richard Peck

2016/069: Optimal Fiscal Adjustment under Uncertainty

Rossen Rozenov

2016/068: Tax Administration Reform in China: Achievements, Challenges, and Reform Priorities

John Brondolo and Zhiyong Zhang

2016/067: Foreign Exchange Intervention under Policy Uncertainty

Gustavo Adler, Ruy Lama and Juan Medina

2016/066: Serial Sovereign Defaults and Debt Restructurings

Tamon Asonuma

2016/065: Natural Disasters and Food Crises in Low-Income Countries: Macroeconomic Dimensions

Olumuyiwa Adedeji, Jana Bricco ('Gieck') and Vera Kehayova

2016/064: Bank Solvency and Funding Cost

Christoph Aymanns, Carlos Caceres, Christina Daniel and Liliana Schumacher

2016/063: China's Slowdown and Global Financial Market Volatility: Is World Growth Losing Out?

Paul Cashin, Kamiar Mohaddes and Mehdi Raissi

2016/062: When Do Structural Reforms Work? On the Role of the Business Cycle and Macroeconomic Policies

Anna Bordon, Christian Hubert Ebeke and Kazuko Shirono

2016/061: Winning the Oil Lottery: The Impact of Natural Resource Extraction on Growth

Tiago Cavalcanti, Daniel Da Mata and Frederik Toscani

2016/060: Can Government Demand Stimulate Private Investment? Evidence from U.S. Federal Procurement

Shafik Hebous and Tom Zimmermann

2016/059: Stochastic Trends, Debt Sustainability and Fiscal Policy

Karim Barhoumi, Reda Cherif and Nooman Rebei

2016/058: Unconventional Policy Instruments in the New Keynesian Model

Zineddine Alla, Raphael Espinoza and Atish Ghosh

2016/057: Dynamic Connectedness of Asian Equity Markets

Roberto Guimarães-Filho and Gee Hee Hong

2016/056: Seeing in the Dark: A Machine-Learning Approach to Nowcasting in Lebanon

Andrew Tiffin

2016/055: Inflation Targeting and Exchange Rate Management In Less Developed Countries

Marco Airaudo, Edward Buffie and Luis-Felipe Zanna

2016/054: Has Globalization Really Increased Business Cycle Synchronization?

Eric Monnet and Damien Puy

2016/053: Caribbean Energy: Macro-Related Challenges

Arnold McIntyre, Ahmed El-Ashram, Márcio Ronci, Julien Reynaud, Natasha Che, Ke Wang, Sebastian Acevedo and Mark Lutz

2016/052: Singapore’s Export Elasticities: A Disaggregated Look into the Role of Global Value Chains and Economic Complexity

Elif Arbatli Saxegaard and Gee Hee Hong

2016/051: China’s Imports Slowdown: Spillovers, Spillins, and Spillbacks

Alexei Kireyev and Andrei Leonidov

2016/050: Gender Diversity in Senior Positions and Firm Performance: Evidence from Europe

Lone Engbo Christiansen, Huidan Lin, Joana Pereira, Petia Topalova and Rima Turk Ariss

2016/049: Individual Choice or Policies? Drivers of Female Employment in Europe

Lone Engbo Christiansen, Huidan Lin, Joana Pereira, Petia Topalova and Rima Turk Ariss

2016/048: Sharing the Growth Dividend: Analysis of Inequality in Asia

Sonali Jain-Chandra, Tidiane Kinda, Kalpana Kochhar, Shi Piao and Johanna Schauer

2016/047: Macroeconomic Impact of Product and Labor Market Reforms on Informality and Unemployment in India

Rahul Anand and Purva Khera

2016/046: Sustainability and Equity Challenges: Some Arithmetic on Lebanon’s Pension System

Mariusz Jarmuzek and Najla Nakhle

2016/045: A Closer Look at Sectoral Financial Linkages in Brazil I: Corporations’ Financial Statements

Izabela Karpowicz, Fabian Lipinsky and Jongho Park

2016/044: What’s Different about Monetary Policy Transmission in Remittance-Dependent Countries?

Adolfo Barajas, Ralph Chami, Christian Hubert Ebeke and Anne Oeking

2016/043: G-20 Data Gaps Initiative II: Meeting the Policy Challenge

Robert Heath and Evrim Bese Goksu

2016/042: Islamic Finance and Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT)

Nadim Kyriakos-Saad, Manuel Vasquez, Chady El Khoury and Arz El Murr