IMF Working Papers

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International Monetary Fund, Washington, DC USA.
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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

2014/153: Unemployment and Structural Unemployment in the Baltics

Christian Ebeke and Greetje Everaert

2014/152: The Effects of Unconventional Monetary Policies on Bank Soundness

Frederic Lambert and Kenichi Ueda

2014/151: Global Imbalances and External Adjustment after the Crisis

Philip Lane and Gian Maria Milesi-Ferretti

2014/150: How Solid Is Economic Growth in the East African Community?

Nikoloz Gigineishvili, Paolo Mauro and Ke Wang

2014/149: Islamic Finance in Sub-Saharan Africa: Status and Prospects

Enrique Gelbard, Mumtaz Hussain, Rodolfo Maino, Yibin Mu and Etienne Yehoue

2014/148: Public Investment as an Engine of Growth

Andrew Warner

2014/147: Do the Type of Sukuk and Choice of Shari'a Scholar Matter?

Christophe Godlewski, Rima Turk Ariss and Laurent Weill

2014/146: Friedman Redux: External Adjustment and Exchange Rate Flexibility

Atish Ghosh, Mahvash Qureshi and Charalambos Tsangarides

2014/145: Capital Flow Deflection

Paolo Giordani, Michele Ruta, Hans Weisfeld and Ling Zhu

2014/144: Credit Quality in Developing Economies: Remittances to the Rescue?

Christian Ebeke, Boileau Loko and Arina Viseth

2014/143: Africa Rising: Harnessing the Demographic Dividend

Paulo Drummond, Vimal Thakoor and Shu Yu

2014/142: Health Spending in Japan: Macro-Fiscal Implications and Reform Options

Masahiro Nozaki, Kenichiro Kashiwase and Ikuo Saito

2014/141: Balance Sheet Repair and Corporate Investment in Japan

Joong Kang

2014/140: Unstash the Cash! Corporate Governance Reform in Japan

Chie Aoyagi and Giovanni Ganelli

2014/139: Is Japan’s Population Aging Deflationary?

Derek Anderson, Dennis Botman and Benjamin Hunt

2014/138: Japan’s Corporate Income Tax: Facts, Issues and Reform Options

Ruud de Mooij and Ikuo Saito

2014/137: Strategies for Reforming Korea’s Labor Market to Foster Growth

Mai Dao, Davide Furceri, Tae-Jeong Kim, Meeyeon Kim and Jisoo Hwang

2014/136: Real and Financial Vulnerabilities from Crossborder Banking Linkages

Kyunghun Kim and Srobona Mitra

2014/135: Middle East Transitions: A Long, Hard Road

Shahid Yusuf

2014/134: Mauritius The Drivers of Growth—Can the Past be Extended?

Katsiaryna Svirydzenka and Martin Petri

2014/133: Macroprudential Solvency Stress Testing of the Insurance Sector

Andreas Jobst, Nobuyasu Sugimoto and Timo Broszeit

2014/132: Sovereign Debt Restructurings in Belize: Achievements and Challenges Ahead

Tamon Asonuma, Gerardo Peraza, Kristine Vitola and Takahiro Tsuda

2014/131: Progress Towards External Adjustment in the Euro Area Periphery and the Baltics

Joong Kang and Jay Shambaugh

2014/130: Rebalancing in the Euro Area and Cyclicality of Current Account Adjustments

Thierry Tressel and Shengzu Wang

2014/129: Liquidity Trap and Excessive Leverage

Anton Korinek and Alp Simsek

2014/128: Output Gap in Presence of Financial Frictions and Monetary Policy Trade-offs

Francesco Furlanetto, Paolo Gelain and Marzie Taheri Sanjani

2014/127: First-Time International Bond Issuance—New Opportunities and Emerging Risks

Anastasia Guscina, Guilherme Pedras and Gabriel Presciuttini

2014/126: Future of Asia’s Finance: How Can it Meet Challenges of Demographic Change and Infrastructure Needs?

Ding Ding, Waikei Lam and Shanaka Peiris

2014/125: Debt, Growth and Natural Disasters A Caribbean Trilogy

Sebastian Acevedo

2014/124: What is Behind Latin America’s Declining Income Inequality?

Evridiki Tsounta and Anayochukwu Osueke

2014/123: Oversight Issues in Mobile Payments

Tanai Khiaonarong

2014/122: Fiscal Rules and the Procyclicality of Fiscal Policy in the Developing World

Elva Bova, Nathalie Carcenac and Martine Guerguil

2014/121: Modeling Appropriate Fiscal Targets and Optimal Consolidation Paths for Resource-Rich Countries: The Case of Suriname

Daniel Kanda and Mario Mansilla