IMF Working Papers

From International Monetary Fund
International Monetary Fund, Washington, DC USA.
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2015/070: Spillovers in the Nordic Countries

Borislava Mircheva and Dirk Muir

2015/069: Investment Scaling-up and the Role of Government: the Case of Benin

Matteo Ghilardi and Sergio Sola

2015/068: Growing (Un)equal: Fiscal Policy and Income Inequality in China and BRIC+

Serhan Cevik and Carolina Correa-Caro

2015/067: Playing by the Rules: Reforming Fiscal Governance in Europe

Luc Eyraud and Tao Wu

2015/066: China: How Can Revenue Reforms Contribute to Inclusive and Sustainable Growth?

Waikei Lam and Philippe Wingender

2015/065: Uncertainty and Investment: The Financial Intermediary Balance Sheet Channel

Sophia Chen

2015/064: The Flexible System of Global Models – FSGM

Michal Andrle, Patrick Blagrave, Pedro Espaillat, Keiko Honjo, Benjamin Hunt, Mika Kortelainen, René Lalonde, Douglas Laxton, Eleonora Mavroeidi, Dirk Muir, Susanna Mursula and Stephen Snudden

2015/063: Soft Power and Exchange Rate Volatility

Serhan Cevik, Richard Harris and Fatih Yilmaz

2015/062: Estimating Potential Growth in the Middle East and Central Asia

Pritha Mitra, Amr Hosny, Gohar Abajyan and Mark Fischer

2015/061: The Use and Effectiveness of Macroprudential Policies: New Evidence

Eugenio Cerutti, Stijn Claessens and Luc Laeven

2015/060: Central Banking in Latin America: From the Gold Standard to the Golden Years

Luis Jácome

2015/059: Fiscal Decentralization and the Efficiency of Public Service Delivery

Moussé Sow and Ivohasina Razafimahefa

2015/058: A Stock-Flow Accounting Model of the Labor Market: An Application to Israel

Yossi Yakhin and Natalya Presman

2015/057: The Role of Bank Capital in Bank Holding Companies’ Decisions

Adolfo Barajas, Thomas Cosimano, Dalia Hakura and Sebastian Roelands

2015/056: What Can Boost Female Labor Force Participation in Asia?

Yuko Kinoshita and Fang Guo

2015/055: Women Workers in India: Why So Few Among So Many?

Sonali Das, Sonali Jain-Chandra, Kalpana Kochhar and Naresh Kumar

2015/054: How Inclusive Is Abenomics?

Chie Aoyagi, Giovanni Ganelli and Kentaro Murayama

2015/053: Pressing the Indian Growth Accelerator: Policy Imperatives

Rakesh Mohan and Muneesh Kapur

2015/052: How Delaying Fiscal Consolidation Affects the Present Value of GDP

Kevin Fletcher and Damiano Sandri

2015/051: Structural Transformation — How Does Thailand Compare?

Vladimir Klyuev

2015/050: A Global Projection Model for Euro Area Large Economies

Zoltán Jakab, Pavel Lukyantsau and Shengzu Wang

2015/049: Remittances and Macroeconomic Volatility in African Countries

Ahmat Jidoud

2015/048: The Level of Productivity in Traded and Non-Traded Sectors for a Large Panel of Countries

Rui Mano and Marola Castillo

2015/047: Central and Commercial Bank Balance Sheet Risk Before, During, and After the Global Financial Crisis

Joe Crowley

2015/046: Interconnectedness, Systemic Crises and Recessions

Marco Espinosa-Vega and Steven Russell

2015/045: Made in Mexico: Energy Reform and Manufacturing Growth

Jorge Alvarez and Fabian Valencia

2015/044: Is Banks’ Home Bias Good or Bad for Public Debt Sustainability?

Tamon Asonuma, Said Bakhache and Heiko Hesse

2015/043: Are Foreign Banks a 'Safe Haven'? Evidence from Past Banking Crises

Gustavo Adler and Eugenio Cerutti

2015/042: Asia’s Quest for Inclusive Growth Revisited

Chie Aoyagi and Giovanni Ganelli

2015/041: Are Islamic Banks More Resilient during Financial Panics?

Moazzam Farooq and Sajjad Zaheer

2015/040: The Sources of Business Cycles in a Low Income Country

Romain Houssa, Jolan Mohimont and Christopher Otrok

2015/039: A Phillips Curve with Anchored Expectations and Short-Term Unemployment

Laurence Ball and Sandeep Mazumder

2015/038: Financial Decisions and Investment Outcomes in Developing Countries: The Role of Institutions

Rima Turk Ariss

2015/037: Value of WTO Trade Agreements in a New Keynesian Model

Giovanni Ganelli and Juha Tervala

2015/036: Uncertainty and Unemployment: The Effects of Aggregate and Sectoral Channels

Sangyup Choi and Prakash Loungani

2015/035: Private Sector Deleveraging and Growth Following Busts

Sally Chen, Minsuk Kim, Marijn Otte, Kevin Wiseman and Aleksandra Zdzienicka

2015/034: ASEAN Financial Integration

Gerard Almekinders, Alex Mourmouras, Jianping Zhou, Satoshi Fukuda and Yong Sarah Zhou

2015/033: On the First-Round Effects of International Food Price Shocks: the Role of the Asset Market Structure

Rafael Portillo and Luis-Felipe Zanna

2015/032: Investment in the Euro Area: Why Has It Been Weak?

Bergljot Barkbu, Pelin Berkmen, Pavel Lukyantsau, Sergejs Saksonovs and Hanni Schoelermann

2015/031: Can Islamic Banking Increase Financial Inclusion?

Sami Ben Naceur, Adolfo Barajas and Alexander Massara

2015/030: Energy Subsidies in Latin America and the Caribbean: Stocktaking and Policy Challenges

C. Di Bella, Lawrence Norton, Joseph Ntamatungiro, Sumiko Ogawa, Issouf Samaké and Marika Santoro

2015/029: Expenditure Rules: Effective Tools for Sound Fiscal Policy?

Till Cordes, Tidiane Kinda, Priscilla Muthoora and Anke Weber

2015/028: Employment Impacts of Upstream Oil and Gas Investment in the United States

Mark Agerton, Peter Hartley, Kenneth Medlock and Ted Loch Temzelides

2015/027: Asset Bubbles: Re-thinking Policy for the Age of Asset Management

Bradley Jones

2015/026: Drivers of Peru's Equilibrium Real Exchange Rate: Is the Nuevo Sol a Commodity Currency?

Melesse Tashu

2015/025: Harnessing Resource Wealth for Inclusive Growth in Fragile States

Corinne Delechat, John Clark JR, Pranav Gupta, Malangu Kabedi-Mbuyi, Mesmin Koulet-Vickot, Carla Macario, Toomas Orav, Manuel Rosales Torres, René Tapsoba, Dmitry Zhdankin and Susan Yang

2015/024: A Strategy for Developing a Market for Nonperforming Loans in Italy

Nadège Jassaud and Kenneth Kang

2015/023: Global Liquidity, House Prices, and the Macroeconomy: Evidence from Advanced and Emerging Economies

Ambrogio Cesa-Bianchi, Luis Cespedes and Alessandro Rebucci

2015/022: Identifying Constraints to Financial Inclusion and Their Impact on GDP and Inequality: A Structural Framework for Policy

Era Dabla-Norris, Yan Ji, Robert Townsend and Filiz Unsal

2015/021: Central Counterparties: Addressing their Too Important to Fail Nature

Froukelien Wendt

2015/020: A World Trade Leading Index (WTLI)

Karim Barhoumi and Laurent Ferrara

2015/019: IMF Lending and Banking Crises

Luca Papi, Andrea Presbitero and Alberto Zazzaro

2015/018: The Effects of U.S. Unconventional Monetary Policy on Asia Frontier Developing Economies

Sohrab Rafiq

2015/017: Fiscal Policy Implications for Labor Market Outcomes in Middle-Income Countries

Ara Stepanyan and Lamin Leigh

2015/016: Learning, Monetary Policy and Asset Prices

Marco Airaudo, Salvatore Nisticò and Luis-Felipe Zanna

2015/015: Does Supply or Demand Drive the Credit Cycle? Evidence from Central, Eastern, and Southeastern Europe

Greetje Everaert, Natasha Che, Nan Geng, Bertrand Gruss, Gregorio Impavido, Yinqiu Lu, Christian Saborowski, Jerome Vandenbussche and Li Zeng

2015/014: Output Gap Uncertainty and Real-Time Monetary Policy

Francesco Grigoli, Alexander Herman, Andrew Swiston and C. Di Bella

2015/013: Governments’ Payment Discipline: The Macroeconomic Impact of Public Payment Delays and Arrears

Cristina Checherita-Westphal, Alexander Klemm and Paul Viefers

2015/012: Revisiting the Concept of Dollarization: The Global Financial Crisis and Dollarization in Low-Income Countries

Nkunde Mwase and Francis Kumah

2015/011: Credit Booms and Macroeconomic Dynamics: Stylized Facts and Lessons for Low-Income Countries

Marco Arena, Serpil Bouza, Era Dabla-Norris, Kerstin Gerling and Lamin Njie

2015/010: Corporate Financing Trends and Balance Sheet Risks in Latin America

Fabiano Rodrigues Bastos, Herman Kamil and Bennett Sutton

2015/009: Fiscal Transparency and the Performance of Government Financial Assets

Mike Seiferling and Shamsuddin Tareq

2015/008: A Volatility and Persistence-Based Core Inflation

Tito Nícias da Silva Filho

2015/007: The Liquidation of Government Debt

Carmen Reinhart and M. Belen Sbrancia

2015/006: The Global Trade Slowdown: Cyclical or Structural?

Cristina Constantinescu, Aaditya Mattoo and Michele Ruta

2015/005: Youth Unemployment in Advanced Europe: Okun’s Law and Beyond

Angana Banerji, Huidan Lin and Sergejs Saksonovs

2015/004: Uncertainty and the Employment Dynamics of Small and Large Businesses

Vivek Ghosal and Yang Ye

2015/003: Identifying Binding Constraints to Growth: Does Firm Size Matter?

Jose P Mauricio Vargas

2015/002: Increasing Productivity Growth in Middle Income Countries

Aidar Abdychev, La-Bhus Jirasavetakul, Andrew Jonelis, Lamin Leigh, Ashwin Moheeput, Friska Parulian, Ara Stepanyan and Albert Touna Mama

2015/001: Shedding Light on Shadow Banking

Artak Harutyunyan, Alexander Massara, Giovanni Ugazio, Goran Amidžic and Richard Walton

2014/241: Global Financial Transmission into Sub-Saharan Africa – A Global Vector Autoregression Analysis

Jorge Canales Kriljenko, Mehdi Hosseinkouchack and Alexis Meyer-Cirkel

2014/240: Spillovers from United States Monetary Policy on Emerging Markets: Different This Time?

Jiaqian Chen, Tommaso Mancini-Griffoli and Ratna Sahay

2014/239: Market Signals and the Cost of Credit Risk Protection: An Analysis of CDS Settlement Auctions

Luisa Zanforlin and Nobuyuki Kanazawa

2014/238: Financial Frictions in Data: Evidence and Impact

Marzie Taheri Sanjani

2014/237: Centrality-based Capital Allocations

Adrian Alter, Ben Craig and Peter Raupach

2014/236: The Size Distribution of Manufacturing Plants and Development

Siddharth Kothari

2014/235: A Simple Macroprudential Liquidity Buffer

Daniel Hardy and Philipp Hochreiter

2014/234: The Development of Local Capital Markets: Rationale and Challenges

Luc Laeven

2014/233: Fragmentation and Vertical Fiscal Imbalances Lessons from Moldova

Serhan Cevik

2014/232: Corporate Vulnerabilities in India and Banks' Loan Performance

Peter Lindner and Sung Eun Jung

2014/231: Safe Debt and Uncertainty in Emerging Markets: An Application to South Africa

Magnus Saxegaard

2014/230: Does Lower Debt Buy Higher Growth? The Impact of Debt Relief Initiatives on Growth

Sandra Marcelino and Ivetta Hakobyan

2014/229: Revisiting Tourism Flows to the Caribbean: What is Driving Arrivals?

Nicole Laframboise, Nkunde Mwase, Joonkyu Park and Yingke Zhou

2014/228: Taxing Fossil Fuels under Speculative Storage

Semih Tumen, Deren Ünalmış, Ibrahim Unalmis and Filiz Unsal

2014/227: Das Public Kapital: How Much Would Higher German Public Investment Help Germany and the Euro Area?

Selim Elekdag and Dirk Muir

2014/226: Resolving Residential Mortgage Distress: Time to Modify?

Jochen Andritzky

2014/225: The Rich and the Great Recession

Bas Bakker and Joshua Felman

2014/224: Demand Composition and Income Distribution

David Pothier and Damien Puy

2014/223: Private Saving Accelerations

Christian Ebeke

2014/222: Does Inflation Slow Long-Run Growth in India?

Kamiar Mohaddes and Mehdi Raissi

2014/221: Cashing in for Growth: Corporate Cash Holdings as an Opportunity for Investment in Japan

Galen Sher

2014/220: Islamic Banking Regulation and Supervision: Survey Results and Challenges

In Song and Carel Oosthuizen

2014/219: Regulation and Supervision of Islamic Banks

Aledjandro Lopez Mejia, Suliman Aljabrin, Rachid Awad, Mohamed Norat and In Song

2014/218: Oil Price Volatility and the Role of Speculation

Samya Beidas-Strom and Andrea Pescatori

2014/217: Motives and Effectiveness of Forex Interventions: Evidence from Peru

Melesse Tashu

2014/216: A Fiscal Job? An Analysis of Fiscal Policy and the Labor Market

Elva Bova, Christina Kolerus and Sampawende Tapsoba

2014/215: Global Monetary Tightening: Emerging Markets Debt Dynamics and Fiscal Crises

Julio Escolano, Christina Kolerus and Constant Lonkeng Ngouana

2014/214: An Overview of Macroprudential Policy Tools

Stijn Claessens

2014/213: Medium-Term Fiscal Multipliers during Protracted Recessions

Salvatore Dell'Erba, Marcos Poplawski Ribeiro and Ksenia Koloskova

2014/212: Borrower Protection and the Supply of Credit: Evidence from Foreclosure Laws

Jihad Dagher and Yangfan Sun