IMF Working Papers

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International Monetary Fund, Washington, DC USA.
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2013/126: Competition Policy for Modern Banks

Lev Ratnovski

2013/125: That Squeezing Feeling: The Interest Burden and Public Debt Stabilization

Xavier Debrun and Tidiane Kinda

2013/124: The Great Recession and the Inflation Puzzle

Troy Matheson and Emil Stavrev

2013/123: Are the Asia and Pacific Small States Different from Other Small States?

Patrizia Tumbarello, Ezequiel Cabezon and Yiqun Wu

2013/122: Foreign Investors Under Stress: Evidence from India

Ila Patnaik, Ajay Shah and Nirvikar Singh

2013/121: Financial Structures and Economic Outcomes: An Empirical Analysis

Tom Gole and Tao Sun

2013/120: Credit Constraints, Productivity Shocks and Consumption Volatility in Emerging Economies

Rudrani Bhattacharya and Ila Patnaik

2013/119: Emerging Economy Business Cycles: Financial Integration and Terms of Trade Shocks

Rudrani Bhattacharya, Ila Patnaik and Madhavi Pundit

2013/118: Heterogeneous Bank Lending Responses to Monetary Policy: New Evidence from a Real-time Identification

John Bluedorn, Christopher Bowdler and Christoffer Koch

2013/117: Fiscal Multipliers in the ECCU

Jesus Gonzalez-Garcia, Antonio Lemus and Mico Mrkaic

2013/116: Inclusive Growth and the Incidence of Fiscal Policy in Mauritius: Much Progress, But More Could be Done

Antonio David and Martin Petri

2013/115: Near-Coincident Indicators of Systemic Stress

Ivailo Arsov, Elie Canetti, Laura Kodres and Srobona Mitra

2013/114: World Food Prices, the Terms of Trade-Real Exchange Rate Nexus, and Monetary Policy

Luis Catão and Roberto Chang

2013/113: External Liabilities and Crises

Luis Catão and Gian Maria Milesi-Ferretti

2013/112: Energy Subsidies and Energy Consumption: A Cross-Country Analysis

Joshua Charap, Arthur Ribeiro da Silva and Pedro Rodriguez

2013/111: The Anatomy of the VAT

Michael Keen

2013/110: The Welfare Implications of Services Liberalization in a Developing Country: Evidence from Tunisia

Nizar Jouini and Nooman Rebei

2013/109: Is the Growth Momentum in Latin America Sustainable?

Sebastian Sosa, Evridiki Tsounta and Marie Kim

2013/108: Export Quality in Developing Countries

Christian Henn, Chris Papageorgiou and Nikola Spatafora

2013/107: Capital Account Policies in Chile Macro-financial considerations along the path to liberalization

Yan Carrière-Swallow and Pablo Garcia-Silva

2013/106: Credit Growth in Latin America: Financial Development or Credit Boom?

Niels-Jakob Hansen and Olga Sulla

2013/105: What Is in Your Output Gap? Unified Framework & Decomposition into Observables

Michal Andrle

2013/104: The Pacific Speed of Growth: How Fast Can It Be and What Determines It?

Yongzheng Yang, Hong Chen, Shiu raj Singh and Baljeet Singh

2013/103: Four Decades of Terms-of-Trade Booms: Saving-Investment Patterns and a New Metric of Income Windfall

Gustavo Adler and Nicolas Magud

2013/102: Balance Sheet Strength and Bank Lending During the Global Financial Crisis

Tümer Kapan and Camelia Minoiu

2013/101: The Impact of Foreign Bank Deleveraging on Korea

Sonali Jain-Chandra, Min Jung Kim, Sung Ho Park and Jerome Shin

2013/100: Measuring Competitiveness: Trade in Goods or Tasks?

Tamim Bayoumi, Mika Saito and Jarkko Turunen

2013/099: Survey of Reserve Managers: Lessons from the Crisis

Aideen Morahan and Christian Mulder

2013/098: Understanding DSGE Filters in Forecasting and Policy Analysis

Michal Andrle

2013/097: Productivity or Employment: Is It a Choice?

Andrea De Michelis, Marcello Estevão and Beth Anne Wilson

2013/096: Monetary Policy in Emerging Markets: Taming the Cycle

Donal McGettigan, Kenji Moriyama, Jean Noah Ndela Ntsama, Francois Painchaud, Haonan Qu and Chad Steinberg

2013/095: Another Look at Governments’ Balance Sheets: The Role of Nonfinancial Assets

Elva Bova, Robert Dippelsman, Kara Rideout and Andrea Schaechter

2013/094: International Evidence on Government Support and Risk Taking in the Banking Sector

Luis Brandão-Marques, Ricardo Correa and Horacio Sapriza

2013/093: The Impact of Debt Sustainability and the Level of Debt on Emerging Markets Spreads

Nazim Belhocine and Salvatore Dell'Erba

2013/092: Searching for the Finance-Growth Nexus in Libya

Serhan Cevik and Mohammad Rahmati

2013/091: The Dynamic Effect of Social and Political Instability on Output: The Role of Reforms

Lorenzo E. Bernal-Verdugo, Davide Furceri and Dominique Guillaume

2013/090: The Investment Technology of Foreign and Domestic Institutional Investors in an Emerging Market

Ila Patnaik and Ajay Shah

2013/089: Fiscal Sustainability: A 21st Century Guide for the Perplexed

Evan Tanner

2013/088: Market-Based Structural Top-Down Stress Tests of the Banking System

Jorge Chan-Lau

2013/087: GPM6: The Global Projection Model with 6 Regions

Ioan Carabenciov, Charles Freedman, Roberto Garcia-Saltos, Douglas Laxton, Ondrej Kamenik and Petar Manchev

2013/086: Leaning Against the Wind and the Timing of Monetary Policy

Itai Agur and Maria Demertzis

2013/085: Monetary Transaction Costs and the Term Premium

Raphael Espinoza and Dimitrios Tsomocos

2013/084: Italian Sovereign Spreads: Their Determinants and Pass-through to Bank Funding Costs and Lending Conditions

Edda Zoli

2013/083: China’s Path to Consumer-Based Growth: Reorienting Investment and Enhancing Efficiency

Il Lee, Murtaza Syed and Liu Xueyan

2013/082: China’s Demography and its Implications

Il Lee, Xu Qingjun and Murtaza Syed

2013/081: Too Cold, Too Hot, or Just Right? Assessing Financial Sector Development Across the Globe

Adolfo Barajas, Thorsten Beck, Era Dabla-Norris and Seyed Reza Yousefi

2013/080: Current Account Norms in Natural Resource Rich and Capital Scarce Economies

Juliana Araujo, Grace Li, Marcos Poplawski Ribeiro and Luis-Felipe Zanna

2013/079: The Day After Tomorrow: Designing an Optimal Fiscal Strategy for Libya

Carlos Caceres, Serhan Cevik, Marco Committeri and Borja Gracia

2013/078: Hitchhiker’s Guide to Inflation in Libya

Serhan Cevik and Katerina Teksoz

2013/077: Measuring and Mending Monetary Policy Effectiveness Under Capital Account Restrictions: Lessons from Mauritania

Robert Blotevogel

2013/076: The Global Financial Crisis: An Anatomy of Global Growth

Troy Matheson

2013/075: How Effective are Macroprudential Policies in China?

Bin Wang and Tao Sun

2013/074: Rebalancing: Evidence from Current Account Adjustment in Europe

Ruben Atoyan, Jonathan Manning and Jesmin Rahman

2013/073: Aid, Exports, and Growth: A Time-Series Perspective on the Dutch Disease Hypothesis

Joong Kang, Alessandro Prati and Alessandro Rebucci

2013/072: Non-Performing Loans in CESEE: Determinants and Impact on Macroeconomic Performance

Nir Klein

2013/071: Growth Slowdowns and the Middle-Income Trap

Shekhar Aiyar, Romain Duval, Damien Puy, Yiqun Wu and Longmei Zhang

2013/070: Factors Influencing Emerging Market Central Banks’ Decision to Intervene in Foreign Exchange Markets

Matthew Malloy

2013/069: The Economics of Political Transitions: Implications for the Arab Spring

Padamja Khandelwal and Agustin Roitman

2013/068: A Framework for Macroprudential Bank Solvency Stress Testing: Application to S-25 and Other G-20 Country FSAPs

Andreas Jobst, Li Ong and Christian Schmieder

2013/067: The Challenge of Debt Reduction during Fiscal Consolidation

Luc Eyraud and Anke Weber

2013/066: The Impact of Uncertainty Shocks on the UK Economy

Stephanie Denis and Prakash Kannan

2013/065: Rules, Discretion, and Macro-Prudential Policy

Itai Agur and Sunil Sharma

2013/064: Rating Through-the-Cycle: What does the Concept Imply for Rating Stability and Accuracy?

John Kiff, Michael Kisser and Liliana Schumacher

2013/063: Stock-Flow Adjustments, Government’s Integrated Balance Sheet and Fiscal Transparency

Mike Seiferling

2013/062: Export Performance in Europe: What Do We Know from Supply Links?

Jesmin Rahman and Tianli Zhao

2013/061: Forecasting and Monetary Policy Analysis in Low-Income Countries: Food and non-Food Inflation in Kenya

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

2013/060: Quarterly GDP Revisions in G-20 Countries: Evidence from the 2008 Financial Crisis

Manik Shrestha and Marco Marini

2013/059: External Linkages and Policy Constraints in Saudi Arabia

Niklas Westelius

2013/058: A Framework for Efficient Government Investment

Andrew Warner

2013/057: Targeting, Cascading, and Indirect Tax Design

Michael Keen

2013/056: Information Rigidities in Economic Growth Forecasts: Evidence from a Large International Panel

Jonas Dovern, Ulrich Fritsche, Prakash Loungani and Natalia Tamirisa

2013/055: Getting to Know GIMF: The Simulation Properties of the Global Integrated Monetary and Fiscal Model

Derek Anderson, Benjamin Hunt, Mika Kortelainen, Michael Kumhof, Douglas Laxton, Dirk Muir, Susanna Mursula and Stephen Snudden

2013/054: Systemic Contingent Claims Analysis: Estimating Market-Implied Systemic Risk

Andreas Jobst and Dale Gray

2013/053: The Quality of the Recent High-Growth Episode in Sub-Saharan Africa

Marcelo Martinez and Montfort Mlachila

2013/052: Outward Foreign Direct Investment and Domestic Investment: The Case of Developing Countries

Ali Al-Sadiq

2013/051: Benchmarking Banking Sector Efficiency Across Regional Blocks in Sub-Saharan Africa: What Room for Policy?

François Boutin-Dufresne, Santiago Peña, Oral Williams and Tomasz A. Zawisza

2013/050: The Endogenous Skill Bias of Technical Change and Inequality in Developing Countries

Alberto Behar

2013/049: Fiscal Multipliers in Bulgaria: Low But Still Relevant

Dirk Muir and Anke Weber

2013/048: Taxation, Bank Leverage, and Financial Crises

Ruud de Mooij, Michael Keen and Masanori Orihara

2013/047: Financial Stability In An Evolving Regulatory And Supervisory Landscape

Yingbin Xiao

2013/046: Too Small to Fail? Subnational Spending Pressures in Europe

Luc Eyraud and Marialuz Moreno Badia

2013/045: Asset Price Bubbles: A Selective Survey

Anna Scherbina

2013/044: Dealing with Private Debt Distress in the Wake of the European Financial Crisis A Review of the Economics and Legal Toolbox

Yan Liu and Christoph Rosenberg

2013/043: Structural Transformation and the Volatility of Aggregate Output in OECD Countries

Constant Lonkeng Ngouana

2013/042: Macroeconomic Evaluation of Labor Market Reform in Germany

Tom Krebs and Martin Scheffel

2013/041: Infrastructure and Income Distribution in ASEAN-5: What are the Links?

Dulani Seneviratne and Yan Sun

2013/040: Growth and Employment in the Dominican Republic: Options for a Job-Rich Growth

Umidjon Abdullaev and Marcello Estevão

2013/039: Monetary Transmission Mechanism in the East African Community: An Empirical Investigation

Hamid Davoodi, S. V. S. Dixit and Gabor Pinter

2013/038: Global House Price Fluctuations: Synchronization and Determinants

Hideaki Hirata, Ayhan Kose, Christopher Otrok and Marco Terrones

2013/037: Competition among Exchanges and Enforcement Policy

Cecilia Caglio and Andrea Pescatori

2013/036: Fiscal Consolidation and the Cost of Credit: Evidence from Syndicated Loans

Senay Agca and Deniz Igan

2013/035: Boosting Competitiveness to Grow Out of Debt: Can Ireland Find a Way Back to Its Future?

Mwanza Nkusu

2013/034: Determinants of Bank Interest Margins in Sub-Saharan Africa

Calixte Ahokpossi

2013/033: International Reserves and Rollover Risk

Javier Bianchi, Juan Hatchondo and Leonardo Martinez

2013/032: Exchange Rate Liberalization in Selected Sub-Saharan African Countries Successes, Failures, and Lessons

Nils Maehle, Haimanot Teferra and Armine Khachatryan

2013/031: Inward and Outward Spillovers in the SACU Area

Jorge Canales Kriljenko, Farayi Gwenhamo and Saji Thomas

2013/030: Wholesale Bank Funding, Capital Requirements and Credit Rationing

Itai Agur

2013/029: Revisiting the Link Between Finance and Macroeconomic Volatility

Era Dabla-Norris and Narapong Srivisal

2013/028: Financial Crises Explanations, Types, and Implications

Stijn Claessens and Ayhan Kose

2013/027: External Conditions and Debt Sustainability in Latin America

Gustavo Adler and Sebastian Sosa