IMF Working Papers

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International Monetary Fund, Washington, DC USA.
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2014/011: Exchange Rate Management and Crisis Susceptibility: A Reassessment

Atish Ghosh, Jonathan Ostry and Mahvash Qureshi

2014/010: Mapping the Shadow Banking System Through a Global Flow of Funds Analysis

Luca Errico, Artak Harutyunyan, Elena Loukoianova, Richard Walton, Yevgeniya Korniyenko, Hanan AbuShanab and Hyun Song Shin

2014/009: Global Liquidity through the Lens of Monetary Aggregates

Kyuil Chung, Jong-Kun Lee, Elena Loukoianova, Hail Park and Hyun Song Shin

2014/008: Effectiveness of Capital Outflow Restrictions

Christian Saborowski, Sarah Sanya, Hans Weisfeld and Juan Yepez

2014/007: Reforming Tax Expenditures in Italy: What, Why, and How?

Justin Tyson

2014/006: Reforming Capital Taxation in Italy

Luc Eyraud

2014/005: Resource Blessing, Revenue Curse? Domestic Revenue Effort in Resource-Rich Countries

Ernesto Crivelli and Sanjeev Gupta

2014/004: Fiscal Vulnerabilities and Risks from Local Government Finance in China

Yuanyan Zhang and Steven Barnett

2014/003: Economic Growth and Government Spending in Saudi Arabia: an Empirical Investigation

Saad Alshahrani and Ali Al-Sadiq

2014/002: Potential Growth in Emerging Asia

Rahul Anand, Kevin Cheng, Sidra Rehman and Longmei Zhang

2014/001: Real Exchange Rate Appreciation in Emerging Markets: Can Fiscal Policy Help?

Marialuz Moreno Badia and Alex Segura-Ubiergo

2013/273: IMF-Supported Programs in Low Income Countries: Economic Impact over the Short and Longer Term

Christian Mumssen, Yasemin Bal Gündüz, Christian Ebeke and Linda Kaltani

2013/272: The External Balance Assessment (EBA) Methodology

Steven Phillips, Luis Catão, Luca Ricci, Rudolfs Bems, Mitali Das, Julian di Giovanni, Filiz Unsal, Marola Castillo, Jungjin Lee, Jair Rodriguez and Jose P Mauricio Vargas

2013/271: Macro-Financial Linkages in Egypt: A Panel Analysis of Economic Shocks and Loan Portfolio Quality

Inessa Love and Rima Turk Ariss

2013/270: Sovereign Debt Markets in Turbulent Times: Creditor Discrimination and Crowding-Out

Fernando Broner, Aitor Erce, Alberto Martin and Jaume Ventura

2013/269: Macroeconomic Effects of Sovereign Restructuring in a Monetary Union: A Model-based Approach

Lorenzo Forni and Massimiliano Pisani

2013/268: Development of the Renminbi Market in Hong Kong SAR: Assessing Onshore-Offshore Market Integration

R. Craig, Changchun Hua, Philip Ng and Raymond Yuen

2013/267: Does Financial Connectedness Predict Crises?

Camelia Minoiu, Chungwon Kang, V.S. Subrahmanian and Anamaria Berea

2013/266: Financial and Sovereign Debt Crises: Some Lessons Learned and Those Forgotten

Carmen Reinhart and Kenneth Rogoff

2013/265: Consumption Based Estimates of Urban Chinese Growth

Marcos Chamon and Irineu de Carvalho Filho

2013/264: Global Spillovers into Domestic Bond Markets in Emerging Market Economies

Laura Jaramillo and Anke Weber

2013/263: Financial Soundness Indicators and Banking Crises

Matias Costa Navajas and Aaron Thegeya

2013/262: The Benefits of International Policy Coordination Revisited

Jaromir Benes, Michael Kumhof, Douglas Laxton, Dirk Muir and Susanna Mursula

2013/261: Natural Gas, Public Investment and Debt Sustainability in Mozambique

Giovanni Melina and Yi Xiong

2013/260: External Imbalances and Financial Crises

Alan Taylor

2013/259: Resilience in Latin America: Lessons from Macroeconomic Management and Financial Policies

Jose De Gregorio

2013/258: Procyclicality and the Search for Early Warning Indicators

Hyun Song Shin

2013/257: System Priors: Formulating Priors about DSGE Models' Properties

Michal Andrle and Jaromir Benes

2013/256: Adding China to the Global Projection Model

Patrick Blagrave, Peter Elliott, Roberto Garcia-Saltos, Doug Hostland, Douglas Laxton and Fan Zhang

2013/255: Securitization: Lessons Learned and the Road Ahead

Miguel Segoviano, Bradley Jones, Peter Lindner and Johannes Blankenheim

2013/254: Real Money Investors and Sovereign Bond Yields

Laura Jaramillo and Yuanyan Zhang

2013/253: Policy Analysis and Forecasting in the World Economy: A Panel Dynamic Stochastic General Equilibrium Approach

Francis Vitek

2013/252: A Financial Conditions Index for Poland

Giang Ho and Yinqiu Lu

2013/251: Monetary Transmission in Brazil: Has the Credit Channel Changed?

Mercedes Garcia-Escribano

2013/250: Africa’s Rising Exposure to China: How Large Are Spillovers Through Trade?

Paulo Drummond and Estelle Liu

2013/249: Inequality, Leverage and Crises: The Case of Endogenous Default

Michael Kumhof, Romain Ranciere and Pablo Winant

2013/248: This Time They Are Different: Heterogeneity and Nonlinearity in the Relationship Between Debt and Growth

Markus Eberhardt and Andrea Presbitero

2013/247: The Redistributive Effects of Financial Deregulation

Anton Korinek and Jonathan Kreamer

2013/246: Credit Constraints, Political Instability, and Capital Accumulation

Risto Herrala and Rima Turk Ariss

2013/245: Labor Force Participation and Monetary Policy in the Wake of the Great Recession

Christopher Erceg and Andrew Levin

2013/244: Understanding Countries’ Tax Effort

Marco Committeri and Carola Pessino

2013/243: Local Government Financing Platforms in China: A Fortune or Misfortune?

Yinqiu Lu and Tao Sun

2013/242: Baltic and Icelandic Experiences of Capital Flows and Capital Flow Measures

Audun Groenn and Maria Wallin Fredholm

2013/241: Aggregate Uncertainty and the Supply of Credit

Fabian Valencia

2013/240: Sector-Level Productivity, Structural Change, and Rebalancing in China

Malhar Nabar and Kai Yan

2013/239: Money Targeting in a Modern Forecasting and Policy Analysis System: an Application to Kenya

Michal Andrle, Andrew Berg, Enrico Berkes, Rafael Portillo, Jan Vlcek and Rogelio Morales

2013/238: Debt Reduction, Fiscal Adjustment, and Growth in Credit-Constrained Economies

Emanuele Baldacci, Sanjeev Gupta and Carlos Mulas-Granados

2013/237: The Investment-Financing-Growth Nexus: The Case of Liberia

John Clark JR and Manuel Rosales Torres

2013/236: Drivers of Growth: Evidence from Sub-Saharan African Countries

Manuk Ghazanchyan and Janet Stotsky

2013/235: Cross-border Activity of Japanese Banks

Waikei Lam

2013/234: International Corporate Governance Spillovers: Evidence from Cross-Border Mergers and Acquisitions

Rui Albuquerque, Luis Brandão-Marques, Miguel Ferreira and Pedro Matos

2013/233: Bailouts and Systemic Insurance

Giovanni Dell'ariccia and Lev Ratnovski

2013/232: Rules of Thumb for Bank Solvency Stress Testing

Daniel Hardy and Christian Schmieder

2013/231: Sovereign Wealth Funds: Aspects of Governance Structures and Investment Management

Abdullah Alhassan, Michael Papaioannou, Martin Skancke and Cheng Chih Sung

2013/230: Fiscal Consolidations and Growth: Does Speed Matter?

Steven Pennings and Esther Perez Ruiz

2013/229: Cyclical Fiscal Rules for Oil-Exporting Countries

Stephen Snudden

2013/228: The Curious Case of the Yen as a Safe Haven Currency: A Forensic Analysis

Dennis Botman, Irineu de Carvalho Filho and Waikei Lam

2013/227: Sovereign Risk and Belief-Driven Fluctuations in the Euro Area

Giancarlo Corsetti, Keith Kuester, Andre Meier and Gernot Mueller

2013/226: Making Monetary Policy More Effective: The Case of the Democratic Republic of the Congo

Felix Fischer, Charlotte Lundgren and Samir Jahjah

2013/225: Spillovers to and from the Nordic Economies: A Macroeconometric Model Based Analysis

Francis Vitek

2013/224: The International Monetary System: Where Are We and Where Do We Need to Go?

Rakesh Mohan, Michael Patra and Muneesh Kapur

2013/223: Global Factors in the Term Structure of Interest Rates

Mirko Abbritti, Salvatore Dell'Erba, Antonio Moreno and Sergio Sola

2013/222: The Big Split: Why Did Output Trajectories in the ASEAN-4 Diverge after the Global Financial Crisis?

Agnes Isnawangsih, Vladimir Klyuev and Longmei Zhang

2013/221: Taxation and Corporate Debt: Are Banks any Different?

Jost Heckemeyer and Ruud de Mooij

2013/220: The Role of Domestic and External Shocks in Poland: Results from an Agnostic Estimation Procedure

Michal Andrle, Roberto Garcia-Saltos and Giang Ho

2013/219: Shining a Light on the Mysteries of State: The Origins of Fiscal Transparency in Western Europe

Timothy Irwin

2013/218: Modeling Banking, Sovereign, and Macro Risk in a CCA Global VAR

Dale Gray

2013/217: Growth Following Investment and Consumption-Driven Current Account Crises

Alexander Klemm

2013/216: Fiscal Discipline in WAEMU: Rules, Institutions, and Markets

Ermal Hitaj and Yasin Onder

2013/215: Inclusive Growth and Inequality in Senegal

Alexei Kireyev

2013/214: The Economic Performance Index (EPI): an Intuitive Indicator for Assessing a Country's Economic Performance Dynamics in an Historical Perspective

Vadim Khramov and John Ridings Lee

2013/213: Outlook for Interest Rates and Japanese Banks’ Risk Exposures under Abenomics

Serkan Arslanalp and Waikei Lam

2013/212: Estimating Parameters of Short-Term Real Interest Rate Models

Vadim Khramov

2013/211: Fiscal Consolidation in the Euro Area: How Much Can Structural Reforms Ease the Pain?

Derek Anderson, Benjamin Hunt and Stephen Snudden

2013/210: Trade Linkages, Balance Sheets, and Spillovers: The Germany-Central European Supply Chain

Selim Elekdag and Dirk Muir

2013/209: Monetary and Macroprudential Policy in an Estimated DSGE Model of the Euro Area

Dominic Quint and Pau Rabanal

2013/208: Fragmentation and Monetary Policy in the Euro Area

Ali Al-Eyd and Pelin Berkmen

2013/207: The Composition of Fiscal Consolidation Matters: Policy Simulations for Hungary

Alejandro Guerson

2013/206: State-Owned Banks and Fiscal Discipline

Jesus Gonzalez-Garcia and Francesco Grigoli

2013/205: Territorial vs. Worldwide Corporate Taxation: Implications for Developing Countries

Thornton Matheson, Victoria Perry and Chandara Veung

2013/204: Enhancing China’s Medium-Term Growth Prospects: The Path to a High-Income Economy

Malhar Nabar and Papa N'Diaye

2013/203: Do Asset Price Drops Foreshadow Recessions?

John Bluedorn, Jörg Decressin and Marco Terrones

2013/202: The Path to Higher Growth: Does Revamping Japan’s Dual Labor Market Matter?

Chie Aoyagi and Giovanni Ganelli

2013/201: Africa's Got Work to Do: Employment Prospects in the New Century

Louise Fox, Cleary Haines, Jorge Huerta Munoz and Alun Thomas

2013/200: Solving and Estimating Indeterminate DSGE Models

Roger Farmer and Vadim Khramov

2013/199: Addressing Interconnectedness: Concepts and Prudential Tools

Nicolas Arregui, Mohamed Norat, Antonio Pancorbo, Jodi Scarlata, Eija Holttinen, Fabiana Melo, Jay Surti, Christopher Wilson, Rodolfo Wehrhahn and Mamoru Yanase

2013/198: The Euro Area Crisis: Need for a Supranational Fiscal Risk Sharing Mechanism?

Davide Furceri and Aleksandra Zdzienicka

2013/197: The Monetary Transmission Mechanism in the Tropics: A Narrative Approach

Andrew Berg, Luisa Charry, Rafael Portillo and Jan Vlcek

2013/196: Is Labor Market Mismatch a Big Deal in Japan?

Ippei Shibata

2013/195: Distributional Consequences of Fiscal Consolidation and the Role of Fiscal Policy: What Do the Data Say?

Jaejoon Woo, Elva Bova, Tidiane Kinda and Yuanyan Zhang

2013/194: Cross-Country Linkages in Europe: A Global VAR Analysis

Yan Sun, Frigyes Heinz and Giang Ho

2013/193: Procyclical Behavior of Institutional Investors During the Recent Financial Crisis: Causes, Impacts, and Challenges

Michael Papaioannou, Joonkyu Park, Jukka Pihlman and Han Hoorn

2013/192: Inflation and Output Comovement in the Euro Area: Love at Second Sight?

Michal Andrle, Jan Bruha and Serhat Solmaz

2013/191: Shock from Graying: Is the Demographic Shift Weakening Monetary Policy Effectiveness

Patrick Imam

2013/190: Unconventional Monetary Policy and Asset Price Risk

Shaun Roache and Marina Rousset

2013/189: Do Inflows or Outflows Dominate? Global Implications of Capital Account Liberalization in China

Tamim Bayoumi and Franziska Ohnsorge

2013/188: Resource Dependence and Fiscal Effort in Sub-Saharan Africa

Alun Thomas and Juan Trevino

2013/187: Waste Not, Want Not: The Efficiency of Health Expenditure in Emerging and Developing Economies

Francesco Grigoli and Javier Kapsoli

2013/186: Collateral and Monetary Policy

Manmohan Singh

2013/185: Two Sides of the Same Coin? Rebalancing and Inclusive Growth in China

Il Lee, Murtaza Syed and Xin Wang