IMF Working Papers

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International Monetary Fund, Washington, DC USA.
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2015/115: New Energy Sources for Jordan: Macroeconomic Impact and Policy Considerations

Andrea Gamba

2015/114: (Not) Dancing Together: Monetary Policy Stance and the Government Spending Multiplier

Vincent Belinga and Constant Lonkeng Ngouana

2015/113: China’s Growth: Can Goldilocks Outgrow Bears?

Wojciech Maliszewski and Longmei Zhang

2015/112: It’s Not All Fiscal: Effects of Income, Fiscal Policy, and Wealth on Private Consumption

Laura Jaramillo and Alexandre Chailloux

2015/111: A Network Analysis of Sectoral Accounts: Identifying Sectoral Interlinkages in G-4 Economies

Luiza Antoun de Almeida

2015/110: Assessing Fiscal Risks in Bangladesh

Leandro Medina

2015/109: Correcting “Beyond the Cycle": Accounting for Asset Prices in Structural Fiscal Balances

Estelle Liu, Todd Mattina and Tigran Poghosyan

2015/108: Saving in Latin America and the Caribbean: Performance and Policies

Francesco Grigoli, Alexander Herman and Klaus Schmidt-Hebbel

2015/107: Islamic Finance, Consumer Protection, and Financial Stability

Inutu Lukonga

2015/106: Issuance of Central Bank Securities: International Experiences and Guidelines

Simon Gray and Runchana Pongsaparn

2015/105: How Large Are Global Energy Subsidies?

David Coady, Ian Parry, Louis Sears and Baoping Shang

2015/104: Domestic and Foreign Mutual Funds in Mexico: Do They Behave Differently?

Jasmine Xiao

2015/103: High Liquidity Creation and Bank Failures: Do They Behave Differently?

Zuzana Fungáčová, Rima Turk Ariss and Laurent Weill

2015/102: Are African Households Heterogeneous Agents?: Stylized Facts on Patterns of Consumption, Employment, Income and Earnings for Macroeconomic Modelers

Louise Fox

2015/101: Energy Subsidies and Public Social Spending: Theory and Evidence

Christian Ebeke and Constant Lonkeng Ngouana

2015/100: Does Basel Compliance Matter for Bank Performance?

Rym Ayadi, Sami Ben Naceur, Barbara Casu and Barry Quinn

2015/099: How to Improve the Effectiveness of Monetary Policy in the West African Economic and Monetary Union

Alexei Kireyev

2015/098: Tax Policy in MENA Countries: Looking Back and Forward

Mario Mansour

2015/097: Determinants of Firm Profitability in Colombia’s Manufacturing Sector: Exchange Rate or Structural?

Naomi Griffin

2015/096: What Drives Interest Rate Spreads in Pacific Island Countries? An Empirical Investigation

Fazurin Jamaludin, Vladimir Klyuev and Anuk Serechetapongse

2015/095: The Macroeconomic Effects of Public Investment: Evidence from Advanced Economies

Abdul Abiad, Davide Furceri and Petia Topalova

2015/094: How Important are Debt and Growth Expectations for Interest Rates?

Sohrab Rafiq

2015/093: Too Much of a Good Thing? Prudent Management of Inflows under Economic Citizenship Programs

Xin Xu, Ahmed El-Ashram and Judith Gold

2015/092: The Potential Macroeconomic Impact of the Unconventional Oil and Gas Boom in the United States

Benjamin Hunt, Dirk Muir and Martin Sommer

2015/091: The Role of Productivity, Transportation Costs, and Barriers to Intersectoral Mobility in Structural Transformation

Cem Karayalcin and Mihaela Pintea

2015/090: From Natural Resource Boom to Sustainable Economic Growth: Lessons for Mongolia

Pranav Gupta, Grace Li and Jiangyan Yu

2015/089: Fair Weather or Foul? The Macroeconomic Effects of El Niño

Paul Cashin, Kamiar Mohaddes and Mehdi Raissi

2015/088: What has Capital Liberalization Meant for Economic and Financial Statistics

Robert Heath

2015/087: Determinants of Bank Interest Margins in the Caucasus and Central Asia

Raja Almarzoqi and Sami Ben Naceur

2015/086: Non-FDI Capital Inflows in Low-Income Developing Countries: Catching the Wave?

Juliana Araujo, Antonio David, Carlos Eduardo van Hombeeck and Chris Papageorgiou

2015/085: Financial Crisis, US Unconventional Monetary Policy and International Spillovers

Qianying Chen, Andrew Filardo, Dong He and Feng Zhu

2015/084: Understanding Residential Real Estate in China

Mali Chivakul, Waikei Lam, Xiaoguang Liu, Wojciech Maliszewski and Alfred Schipke

2015/083: Do Resource Windfalls Improve the Standard of Living in Sub-Saharan African Countries?: Evidence from a Panel of Countries

Munseob Lee and Cheikh Gueye

2015/082: Hong Kong’s Growth Synchronization with China and the U.S.: A Trend and Cycle Analysis

Dong He, Wei Liao and Tommy Wu

2015/081: Is Islamic Banking Good for Growth?

Patrick Imam and Kangni Kpodar

2015/080: Capital Control Measures: A New Dataset

Andrés Fernández Martin, Michael Klein, Alessandro Rebucci, Martin Schindler and Martin Uribe

2015/079: A Simple Multivariate Filter for Estimating Potential Output

Patrick Blagrave, Roberto Garcia-Saltos, Douglas Laxton and Fan Zhang

2015/078: Macroprudential Policy and Labor Market Dynamics in Emerging Economies

Alan Finkelstein Shapiro and Andres Gonzalez

2015/077: Investment in Emerging Markets We Are Not in Kansas Anymore…Or Are We?

Nicolas Magud and Sebastian Sosa

2015/076: Recent U.S. Labor Force Dynamics: Reversible or not?

Ravi Balakrishnan, Mai Dao, Juan Sole and Jeremy Zook

2015/075: How Did Markets React to Stress Tests?

Bertrand Candelon and Amadou Sy

2015/074: Frontiers of Monetary Policymaking: Adding the Exchange Rate as a Tool to Combat Deflationary Risks in the Czech Republic

Ali Alichi, Jaromir Benes, Joshua Felman, Irene Feng, Charles Freedman, Douglas Laxton, Evan Tanner, David Vavra and Hou Wang

2015/073: Electronic Fiscal Devices (EFDs) An Empirical Study of their Impact on Taxpayer Compliance and Administrative Efficiency

Peter Casey and Patricio Castro

2015/072: Assessing China’s Corporate Sector Vulnerabilities

Mali Chivakul and Waikei Lam

2015/071: Fiscal Multipliers in Ukraine

Pritha Mitra and Tigran Poghosyan

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