IMF Working Papers

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

2014/170: Supervisory Roles in Loan Loss Provisioning in Countries Implementing IFRS

Ellen Gaston and In Song

2014/169: Reconsidering Bank Capital Regulation: A New Combination of Rules, Regulators, and Market Discipline

Connel Fullenkamp and Celine Rochon

2014/168: Optimal Maturity Structure of Sovereign Debt in Situation of Near Default

Gabriel Desgranges and Celine Rochon

2014/167: News and Monetary Shocks at a High Frequency: A Simple Approach

Troy Matheson and Emil Stavrev

2014/166: Financial Inclusion, Growth and Inequality: A Model Application to Colombia

Izabela Karpowicz

2014/165: Demand Patterns in France, Germany, and Belgium: Can We Explain the Differences?

Igor Lebrun and Esther Perez Ruiz

2014/164: Budget Institutions in Low-Income Countries: Lessons from G-20

Sanjeev Gupta and Sami Yläoutinen

2014/163: Determinants of Banks' Net Interest Margins in Honduras

Koffie Ben Nassar, Edder Martinez and Anabel Pineda

2014/162: Sovereign Debt Composition in Advanced Economies: A Historical Perspective

S. M. Ali Abbas, Laura Blattner, Mark De Broeck, Asmaa ElGanainy and Malin Hu

2014/161: Measuring External Risks for Peru: Insights from a Macroeconomic Model for a Small Open and Partially Dollarized Economy

Fei Han

2014/160: Conventional and Insidious Macroeconomic Balance-Sheet Crises

Bas Bakker and Leslie Lipschitz

2014/159: Introducing a Semi-Structural Macroeconomic Model for Rwanda

Luisa Charry, Pranav Gupta and Vimal Thakoor

2014/158: Pacific Island Countries: In Search of a Trade Strategy

Hong Chen, Lanieta Rauqeuqe, Shiu raj Singh, Yiqun Wu and Yongzheng Yang

2014/157: Capital Flows, Financial Intermediation and Macroprudential Policies

Matteo Ghilardi and Shanaka Peiris

2014/156: Portfolio Flows, Global Risk Aversion and Asset Prices in Emerging Markets

Nasha Ananchotikul and Longmei Zhang

2014/155: Macro-Prudential Policies to Mitigate Financial System Vulnerabilities

Stijn Claessens, Swart Ghosh and Roxana Mihet

2014/154: After the Boom–Commodity Prices and Economic Growth in Latin America and the Caribbean

Bertrand Gruss