IMF Working Papers

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

2014/211: Regional Labor Market Adjustments in the United States

Mai Dao, Davide Furceri and Prakash Loungani

2014/210: Impact of Demographic Changes on Inflation and the Macroeconomy

Jong-Won Yoon, Jinill Kim and Jungjin Lee

2014/209: Vertical Fiscal Imbalances and the Accumulation of Government Debt

Iñaki Aldasoro and Mike Seiferling

2014/208: Identifying Speculative Bubbles: A Two-Pillar Surveillance Framework

Bradley Jones

2014/207: The Transmission of Liquidity Shocks: The Role of Internal Capital Markets and Bank Funding Strategies

Philippe Karam, Ouarda Merrouche, Moez Souissi and Rima Turk Ariss

2014/206: Does conditionality in IMF-supported programs promote revenue reform?

Ernesto Crivelli and Sanjeev Gupta

2014/205: Slowdown in Emerging Markets: Sign of a Bumpy Road Ahead?

Evridiki Tsounta

2014/204: World Saving

Francesco Grigoli, Alexander Herman and Klaus Schmidt-Hebbel

2014/203: Limiting Taxpayer "Puts" - An Example from Central Counterparties

Manmohan Singh

2014/202: Do IMF-Supported Programs Catalyze Donor Assistance to Low-Income Countries?

Yasemin Bal Gündüz and Masyita Crystallin

2014/201: Fiscal Devaluation in a Monetary Union

Philipp Engler, Giovanni Ganelli, Juha Tervala and Simon Voigts

2014/200: Policy and Spillover Analysis in the World Economy: A Panel Dynamic Stochastic General Equilibrium Approach

Francis Vitek

2014/199: Official Financial Flows, Capital Mobility, and Global Imbalances

Tamim Bayoumi, Joseph Gagnon and Christian Saborowski

2014/198: Non-Defaultable Debt and Sovereign Risk

Juan Carlos Hatchondo, Leonardo Martinez and Yasin Onder

2014/197: The Impact of the Global Financial Crisis on Banking Globalization

Stijn Claessens and Neeltje Van Horen

2014/196: Gross Private Capital Flows to Emerging Markets: Can the Global Financial Cycle Be Tamed?

Erlend Nier, Tahsin Saadi Sedik and Tomas Mondino

2014/195: Global Risks and Collective Action Failures: What Can the International Community Do?

Inci Ötker-Robe

2014/194: Financial Frictions and Sources of Business Cycle

Marzie Taheri Sanjani

2014/193: Designing a Fiscal Framework for a Prospective Commodity Producer: Options for Lebanon

Mariusz Jarmuzek, Diego Mesa Puyo and Najla Nakhle

2014/192: Public Employment and Compensation Reform During Times of Fiscal Consolidation

Lorenzo Forni and Natalija Novta

2014/191: Are Non-Euro Area EU Countries Importing Low Inflation from the Euro Area?

Plamen Iossifov and Jiri Podpiera

2014/190: Unraveling the Monetary Policy Transmission Mechanism in Sri Lanka

Manuk Ghazanchyan

2014/189: Unconventional Monetary Policy and Long-Term Interest Rates

Tao Wu

2014/188: Regulating Capital Flows at Both Ends: Does it Work?

Atish Ghosh, Mahvash Qureshi and Naotaka Sugawara

2014/187: Determinants of Financial Market Spillovers: The Role of Portfolio Diversification, Trade, Home Bias, and Concentration

Yoko Shinagawa

2014/186: A Model-Based Analysis of Spillovers: The Case of Poland and the Euro Area

Michal Andrle, Roberto Garcia-Saltos and Giang Ho

2014/185: Financial Crises and the Composition of Cross-Border Lending

Eugenio Cerutti, Galina Hale and Camelia Minoiu

2014/184: Minimum Wages and Firm Employment: Evidence from China

Yifei Huang, Prakash Loungani and Gewei Wang

2014/183: The Making of a Continental Financial System: Lessons for Europe from Early American History

Vitor Gaspar

2014/182: Food Prices and the Multiplier Effect of Trade Policy

Paolo Giordani, Nadia Rocha and Michele Ruta

2014/181: Reforming the Corporate Governance of Italian Banks

Nadège Jassaud

2014/180: The Great Cross-Border Bank Deleveraging: Supply Constraints and Intra-Group Frictions

Eugenio Cerutti and Stijn Claessens

2014/179: How Much is A Lot? Historical Evidence on the Size of Fiscal Adjustments

Julio Escolano, Laura Jaramillo, Carlos Mulas-Granados and G. Terrier

2014/178: Food Inflation in India: The Role for Monetary Policy

Rahul Anand, Ding Ding and Volodymyr Tulin

2014/177: Soaring of the Gulf Falcons: Diversification in the GCC Oil Exporters in Seven Propositions

Reda Cherif and Fuad Hasanov

2014/176: A Constrained Choice? Impact of Concessionality Requirements on Borrowing Behavior

Calixte Ahokpossi, Laurence Allain and Giovanna Bua

2014/175: Does the Clarity of Inflation Reports Affect Volatility in Financial Markets?

Ales Bulir, Martin Cihak and David-Jan Jansen

2014/174: How Much Carbon Pricing is in Countries’ Own Interests? The Critical Role of Co-Benefits

Ian Parry, Chandara Veung and Dirk Heine

2014/173: Growth Surprises and Synchronized Slowdowns in Emerging Markets––An Empirical Investigation

Ghada Fayad and Roberto Perrelli

2014/172: A Quality of Growth Index for Developing Countries: A Proposal

Montfort Mlachila, René Tapsoba and Sampawende Tapsoba

2014/171: Bank Ownership and Credit Growth in Emerging Markets During and After the 2008–09 Financial Crisis — A Cross-Regional Comparison

Guodong Chen and Yi Wu