IMF Working Papers

From International Monetary Fund
International Monetary Fund, Washington, DC USA.
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2016/009: Risks of Stagnation in the Euro Area

Huidan Lin

2016/008: Flexible Fiscal Rules and Countercyclical Fiscal Policy

Martine Guerguil, Pierre Mandon and René Tapsoba

2016/007: From Containment to Rationalization: Increasing Public Expenditure Efficiency in France

Jean-Jacques Hallaert and Maximilien Queyranne

2016/006: The Labor Market Performance of Immigrants in Germany

Robert Beyer

2016/005: Introducing a New Broad-based Index of Financial Development

Katsiaryna Svirydzenka

2016/004: Effectiveness and Channels of Macroprudential Instruments: Lessons from the Euro Area

Thierry Tressel and Yuanyan Zhang

2016/003: Cost-Benefit Analysis of Leaning Against the Wind: Are Costs Larger Also with Less Effective Macroprudential Policy?

Lars Svensson

2016/002: Understanding India’s Food Inflation: The Role of Demand and Supply Factors

Rahul Anand, Naresh Kumar and Volodymyr Tulin

2016/001: Non-Linear Exchange Rate Pass-Through in Emerging Markets

Francesca Caselli and Agustin Roitman

2015/288: Effects of Monetary and Macroprudential Policies on Financial Conditions: Evidence from the United States

Aleksandra Zdzienicka, Sally Chen, Federico Diaz Kalan, Stefan Laséen and Katsiaryna Svirydzenka

2015/287: The Impact of Unconventional Monetary Policy Measures by the Systemic Four on Global Liquidity and Monetary Conditions

Yevgeniya Korniyenko and Elena Loukoianova

2015/286: Government Spending Effects in Low-income Countries

Wenyi Shen, Susan Yang and Luis-Felipe Zanna

2015/285: Corporate Investment in Emerging Markets: Financing vs. Real Options Channel

Delong Li, Nicolas Magud and Fabian Valencia

2015/284: Floating with a Load of FX Debt?

Tatsiana Kliatskova and Uffe Mikkelsen

2015/283: Will Macroprudential Policy Counteract Monetary Policy’s Effects on Financial Stability?

Itai Agur and Maria Demertzis

2015/282: Long-term Gain, Short-Term Pain: Assessing the Potential Impact of Structural Reforms in Chile

Marika Santoro

2015/281: The Game of Anchors: Studying the Causes of Currency Crises in Belarus

Alex Miksjuk, Sam Ouliaris and Mikhail Pranovich

2015/280: Sharing a Ride on the Commodities Roller Coaster: Common Factors in Business Cycles of Emerging Economies

Andrés Fernández Martin, Andres Gonzalez and Diego Rodriguez Guzman

2015/279: Reforming the Legal and Institutional Framework for the Enforcement of Civil and Commercial Claims in Portugal

Sebastiaan Pompe and Wolfgang Bergthaler

2015/278: From Expenditure Consolidation to Expenditure Efficiency: Addressing Public Expenditure Pressures in Lithuania

David Coady and Nan Geng

2015/277: Changes in the Global Investor Base and the Stability of Portfolio Flows to Emerging Markets

Luis Brandão-Marques, R. Gaston Gelos, Hibiki Ichiue and Hiroko Oura

2015/276: Housing Price and Household Debt Interactions in Sweden

Rima Turk Ariss

2015/275: International Sovereign Bonds by Emerging Markets and Developing Economies: Drivers of Issuance and Spreads

Andrea Presbitero, Dhaneshwar Ghura, Olumuyiwa Adedeji and Lamin Njie

2015/274: Financial Distortions in China: A General Equilibrium Approach

Diego Anzoategui, Mali Chivakul and Wojciech Maliszewski

2015/273: A Macro-Model Approach to Monetary Policy Analysis and Forecasting for Vietnam

Allan Dizioli and Jochen M. Schmittmann

2015/272: Some Misconceptions about Public Investment Efficiency and Growth

Andrew Berg, Edward Buffie, Catherine Pattillo, Rafael Portillo, Andrea Presbitero and Luis-Felipe Zanna

2015/271: March Madness in Wall Street: (What) Does the Market Learn from Stress Tests?

Marcelo Fernandes, Deniz Igan and Marcelo Pinheiro

2015/270: Monetary Policy in a Developing Country: Loan Applications and Real Effects

Charles Abuka, Ronnie Alinda, Camelia Minoiu, Jose-Luis Peydro and Andrea Presbitero

2015/269: How External Factors Affect Domestic Economy: Nowcasting an Emerging Market

Serhat Solmaz and Marzie Taheri Sanjani

2015/268: Exiting From Fragility in sub-Saharan Africa: The Role of Fiscal Policies and Fiscal Institutions

Corinne Delechat, Ejona Fuli, Dafina Glaser, Gustavo Ramirez and Rui Xu

2015/267: Impact of the New Financial Services Law in Bolivia on Financial Stability and Inclusion

Dyna Heng

2015/266: Inflation Dynamics and Monetary Policy in Bolivia

Alejandro Guerson

2015/265: Explaining Inequality and Poverty Reduction in Bolivia

Jose P Mauricio Vargas and Santiago Garriga

2015/264: Crowding-Out or Crowding-In? Public and Private Investment in India

Girish Bahal, Mehdi Raissi and Volodymyr Tulin

2015/263: Emerging Market Portfolio Flows: The Role of Benchmark-Driven Investors

Serkan Arslanalp and Takahiro Tsuda

2015/262: Fiscal Consolidation During Times of High Unemployment: The Role of Productivity Gains and Wage Restraint

Ruy Lama and Juan Medina

2015/261: The Whole Elephant: A Proposal for Integrating Cash, Accrual, and Sustainability-Gap Accounts

Timothy Irwin

2015/260: Interest Rate Pass-Through in the Dominican Republic

Francesco Grigoli and Jose Manuel Mota Aquino

2015/259: The U.S. Oil Supply Revolution and the Global Economy

Kamiar Mohaddes and Mehdi Raissi

2015/258: Taylor Visits Africa

Carlos Goncalves

2015/257: Debt Maturity: Does It Matter for Fiscal Space?

Jun Kim

2015/256: If the Fed Acts, How Do You React? The Liftoff Effect on Capital Flows

Swarnali Hannan

2015/255: Contingent Liabilities from Banks: How to Track Them?

Serkan Arslanalp and Yin Liao

2015/254: The Nordic Labor Market and Migration

Giang Ho and Kazuko Shirono

2015/253: Multivariate Filter Estimation of Potential Output for the Euro Area and the United States

Ali Alichi, Olivier Bizimana, Silvia Domit, Emilio Fernández Corugedo, Douglas Laxton, Kadir Tanyeri, Hou Wang and Fan Zhang

2015/252: Global Value Chains and the Exchange Rate Elasticity of Exports

Swarnali Hannan, Maximiliano Appendino and Michele Ruta

2015/251: Forecasting the Nominal Brent Oil Price with VARs—One Model Fits All?

Benjamin Beckers and Samya Beidas-Strom

2015/250: The Unequal Benefits of Fuel Subsidies Revisited: Evidence for Developing Countries

David Coady, Valentina Flamini and Louis Sears

2015/249: Bank Profitability and Risk-Taking

Natalya Martynova, Lev Ratnovski and Razvan Vlahu

2015/248: How Do Public Debt Cycles Interact with Financial Cycles?

Tigran Poghosyan

2015/247: Resolution Frameworks for Islamic Banks

Elsie Addo Awadzi, Carine Chartouni and Mario Tamez

2015/246: Recognizing the Bias: Financial Cycles and Fiscal Policy

Nina Budina, Borja Gracia, Xingwei Hu and Sergejs Saksonovs

2015/245: Informality in Paraguay: Macro-Micro Evidence and Policy Implications

Jose P Mauricio Vargas

2015/244: Functional Income Distribution and Its Role in Explaining Inequality

Maura Francese and Carlos Mulas-Granados

2015/243: Capital Account Liberalization and Inequality

Davide Furceri and Prakash Loungani

2015/242: End of the Supercycle and Growth of Commodity Producers: The Case of Chile

Luc Eyraud

2015/241: Spillovers from Global and Regional Shocks to Armenia

Knarik Ayvazyan and Teresa Daban Sanchez

2015/240: External Devaluations: Are Small States Different?

Sebastian Acevedo, Aliona Cebotari, Kevin Greenidge and Geoffrey Keim

2015/239: Monetary Transmission: Are Emerging Market and Low Income Countries Different?

Ales Bulir and Jan Vlcek

2015/238: Defining the Government’s Debt and Deficit

Timothy Irwin

2015/237: Natural Resource Booms in the Modern Era: Is the curse still alive?

Andrew Warner

2015/236: Public Investment in a Developing Country Facing Resource Depletion

Adrian Alter, Matteo Ghilardi and Dalia Hakura

2015/235: Financial Inclusion and Development in the CEMAC

Adrian Alter and Boriana Yontcheva

2015/234: Monetary Operations and Islamic Banking in the GCC: Challenges and Options

Ritu Basu, Ananthakrishnan Prasad and Sergio Rodriguez

2015/233: Steady as She Goes—Estimating Potential Output During Financial “Booms and Busts”

Helge Berger, Thomas Dowling, Sergi Lanau, Mico Mrkaic, Pau Rabanal and Marzie Taheri Sanjani

2015/232: The Evolving Functions and Organization of Finance Ministries

Richard Allen, Yasemin Hurcan, Peter Murphy, Maximilien Queyranne and Sami Yläoutinen

2015/231: Monetary Policy Transmission and Financial Stability in a LIC: The Case of Bangladesh

Sohrab Rafiq

2015/230: Inflation and Activity – Two Explorations and their Monetary Policy Implications

Olivier Blanchard, Eugenio Cerutti and Lawrence Summers

2015/229: Employment and the Great Recession: The Role of Real Wages

Bas Bakker

2015/228: Inflation Targeting and Exchange Rate Regimes in Emerging Markets

Christian Ebeke and Armand Fouejieu

2015/227: Macrofinancial Analysis in the World Economy: A Panel Dynamic Stochastic General Equilibrium Approach

Francis Vitek

2015/226: Are Capital Inflows Expansionary or Contractionary? Theory, Policy Implications, and Some Evidence

Olivier Blanchard, Jonathan Ostry, Atish Ghosh and Marcos Chamon

2015/225: Fiscal Consequences of Terrorism

Serhan Cevik and John Ricco

2015/224: Breaking Through the Zero Lower Bound

Ruchir Agarwal and Miles Kimball

2015/223: Dealing with Systemic Sovereign Debt Crises: Fiscal Consolidation, Bail-ins or Official Transfers?

Damiano Sandri

2015/222: Fragilities in the U.S. Treasury Market: Lessons from the “Flash Rally” of October 15, 2014

Antoine Bouveret, Peter Breuer, Yingyuan Chen, David Jones and Tsuyoshi Sasaki

2015/221: Spillovers from China onto Sub-Saharan Africa: Insights from the Flexible System of Global Models (FSGM)

Derek Anderson, Jorge Canales Kriljenko, Paulo Drummond, Pedro Espaillat and Dirk Muir

2015/220: A Financial Conditions Index for Greece

Jonathan Manning and Maral Shamloo

2015/219: Emerging Powers and Global Governance: Whither the IMF?

Rakesh Mohan and Muneesh Kapur

2015/218: Capital Controls or Macroprudential Regulation?

Anton Korinek and Damiano Sandri

2015/217: Optimal Bank Recovery

C. Goodhart and Miguel Segoviano

2015/216: Stress Testing Corporate Balance Sheets in Emerging Economies

Julian Chow

2015/215: Big Players Out of Synch: Spillovers Implications of US and Euro Area Shocks

Carolina Osorio-Buitron and Esteban Vesperoni

2015/214: Estimating VAT Pass Through

Dora Benedek, Ruud de Mooij and Philippe Wingender

2015/213: Domestic Market Integration and the Law of One Price in Brazil

Carlos Góes and Troy Matheson

2015/212: Credit Expansion in Emerging Markets: Propeller of Growth?

Mercedes Garcia-Escribano and Fei Han

2015/211: The Impact of Global Liquidity on Financial Landscapes and Risks in the ASEAN-5 Countries

Tao Sun

2015/210: How Does Bank Competition Affect Solvency, Liquidity and Credit Risk? Evidence from the MENA Countries

Raja Almarzoqi, Sami Ben Naceur and Alessandro Scopelliti

2015/209: News Shocks in Open Economies: Evidence from Giant Oil Discoveries

Rabah Arezki, Valerie Ramey and Liugang Sheng

2015/208: Getting the Dog to Bark: Disclosing Fiscal Risks from the Financial Sector

Timothy Irwin

2015/207: Monetary Policy Transmission in Emerging Asia: The Role of Banks and the Effects of Financial Globalization

Nasha Ananchotikul and Dulani Seneviratne

2015/206: Financial Inclusion: Zooming in on Latin America

Era Dabla-Norris, Yixi Deng, Anna Ivanova, Izabela Karpowicz, Filiz Unsal, Eva VanLeemput and Joyce Wong

2015/205: What Measure of Inflation Should a Developing Country Central Bank Target?

Rahul Anand, Eswar Prasad and Boyang Zhang

2015/204: Reaping the Benefits from Global Value Chains

Kevin Cheng, Sidra Rehman, Dulani Seneviratne and Shiny Zhang

2015/203: How to De-Dollarize Financial Systems in the Caucasus and Central Asia?

Sami Ben Naceur, Amr Hosny and Gregory Hadjian

2015/202: Managing the Fed’s Liftoff and Transmission of Monetary Policy

Manmohan Singh

2015/201: Building a Better Union: Incentivizing Structural Reforms in the Euro Area

Angana Banerji, Bergljot Barkbu, James John, Tidiane Kinda, Sergejs Saksonovs, Hanni Schoelermann and Tao Wu

2015/200: “But we are different!”: 12 Common Weaknesses in Banking Laws, and What to Do About Them

Wouter Bossu and Dawn Chew

2015/199: Demand for Value Added and Value-Added Exchange Rates

Rudolfs Bems and Robert Johnson

2015/198: Delegated Portfolio Management, Benchmarking, and the Effects on Financial Markets

Deniz Igan and Marcelo Pinheiro