IMF Working Papers

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International Monetary Fund, Washington, DC USA.
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2012/246: Exploring the Dynamics of Global Liquidity

Sally Chen, Philip Liu, Andrea Maechler, Chris Marsh, Sergejs Saksonovs and Hyun Song Shin

2012/245: Natural Disasters: Mitigating Impact, Managing Risks

Nicole Laframboise and Boileau Loko

2012/244: Jamaica Debt Exchange

David Grigorian, Trevor Alleyne and Alejandro Guerson

2012/243: To Cut or Not to Cut? That is the (Central Bank’s) Question In Search of the Neutral Interest Rate in Latin America

Nicolas Magud and Evridiki Tsounta

2012/242: The Role of Risk and Information for International Capital Flows: New Evidence from the SDDS

Yuko Hashimoto and Konstantin Wacker

2012/241: Sovereign Risk and Asset and Liability Management: Conceptual Issues

Udaibir Das, Yinqiu Lu, Michael Papaioannou and Iva Petrova

2012/240: Deciding to Enter a Monetary Union: TheRole of Trade and Financial Linkages

Ruy Lama and Pau Rabanal

2012/239: Tests of German Resilience

Fabian Bornhorst and Ashoka Mody

2012/238: Banking and Trading

Arnoud Boot and Lev Ratnovski

2012/237: Emerging Market Business Cycles: The Role of Labor Market Frictions

Emine Boz, C. Bora Durdu and Nan Li

2012/236: External Imbalances in the Euro Area

Ruo Chen, Gian Maria Milesi-Ferretti and Thierry Tressel

2012/235: Caribbean Growth in an International Perspective: The Role of Tourism and Size

Nita Thacker, Sebastian Acevedo and Roberto Perrelli

2012/234: Central America, Panama, and the Dominican Republic: Trade Integration and Economic Performance

Stephanie Medina Cas, Andrew Swiston and Luis-Diego Barrot

2012/233: Assessing the Cost of Financial Regulation

Douglas Elliott and Andre Santos

2012/232: Structural Reforms, IMF Programs and Capacity Building: An Empirical Investigation

Rabah Arezki, Marc Quintyn and Frederik Toscani

2012/231: Education Attainment in Public Administration Around the World: Evidence from a New Dataset

Rabah Arezki, Herbert Lui, Marc Quintyn and Frederik Toscani

2012/230: Public Debt Dynamics: The Effects of Austerity, Inflation, and Growth Shocks

Fuad Hasanov and Reda Cherif

2012/229: Puts in the Shadow

Manmohan Singh

2012/228: Some Algebra of Fiscal Transparency: How Accounting Devices Work and How to Reveal Them

Timothy Irwin

2012/227: Determinants of Growth Spells: Is Africa Different?

Charalambos Tsangarides

2012/226: The Exchange Rate Pass -Through to Import and Export Prices: The Role of Nominal Rigidities and Currency Choice

Ehsan Choudhri and Dalia Hakura

2012/225: Inflation Responses to Commodity Price Shocks: How and Why Do Countries Differ?

R. Gaston Gelos and Yulia Ustyugova

2012/224: Brazil’s Capital Market: Current Status and Issues for Further Development

Joonkyu Park

2012/223: Small Island States in the Pacific: the Tyranny of Distance

Chris Becker

2012/222: The Pre-Crisis Capital Flow Surge to Emerging Europe: Did Countercyclical Fiscal Policy Make a Difference?

Ruben Atoyan, Dustin Smith and Albert Jaeger

2012/221: The Trade Impact of China on EMU: Is It Even Across Members?

Esther Perez Ruiz and Uffe Mikkelsen

2012/220: Taxation and Development: Again

Michael Keen

2012/219: Dissecting Saving Dynamics: Measuring Wealth, Precautionary, and Credit Effects

Christopher Carroll, Martin Sommer and Jiri Slacalek

2012/218: Can Policies Affect Employment Intensity of Growth? A Cross-Country Analysis

Davide Furceri, Ernesto Crivelli and Joël Toujas-Bernate

2012/217: Global Housing Cycles

Deniz Igan and Prakash Loungani

2012/216: A New Heuristic Measure of Fragility and Tail Risks: Application to Stress Testing

Christian Schmieder, Tidiane Kinda, Nassim Taleb, Elena Loukoianova and Elie Canetti

2012/215: What Drives the POLONIA Spread in Poland?

Yinqiu Lu

2012/214: Exchange Rate Fluctuations and International Portfolio Rebalancing in Thailand

Jacob Gyntelberg, Subhanij Tientip and Mico Loretan

2012/213: Private Information, Capital Flows, and Exchange Rates

Jacob Gyntelberg, Subhanij Tientip and Mico Loretan

2012/212: Emerging Market Sovereign Bond Spreads: Estimation and Back-testing

Fabio Comelli

2012/211: What (Really) Accounts for the Fall in Hours After a Technology Shock?

Nooman Rebei

2012/210: Effects of Culture on Firm Risk-Taking: A Cross-Country and Cross-Industry Analysis

Roxana Mihet

2012/209: Measuring Systemic Risk-Adjusted Liquidity (SRL): A Model Approach

Andreas Jobst

2012/208: Exchange Rate and Foreign Interest Rate Linkages for Sub-Saharan Africa Floaters

Alun Thomas

2012/207: The Cyclicality of Sales, Regular and Effective Prices: Business Cycle and Policy Implications

Olivier Coibion, Yuriy Gorodnichenko and Gee Hee Hong

2012/206: Household Production, Services and Monetary Policy

Constant Lonkeng Ngouana

2012/205: How much should I hold? Reserve Adequacy in Emerging Markets and Small Islands

Nkunde Mwase

2012/204: Donor Competition for Aid Impact, and Aid Fragmentation

Kurt Annen and Luc Moers

2012/203: Sovereign Debt Restructurings 1950-2010: Literature Survey, Data, and Stylized Facts

Christoph Trebesch, Michael Papaioannou and Udaibir Das

2012/202: The Chicago Plan Revisited

Michael Kumhof and Jaromir Benes

2012/201: Reforming the Public Pension System in the Russian Federation

Frank Eich, Mauricio Soto and Charleen Gust

2012/200: Resource Windfalls, Optimal Public Investment and Redistribution: The Role of Total Factor Productivity and Administrative Capacity

Alan Gelb, Arnaud Dupuy and Rabah Arezki

2012/199: Innocent Bystanders? Monetary Policy and Inequality in the U.S

John Silvia, Lorenz Kueng, Olivier Coibion and Yuriy Gorodnichenko

2012/198: Bond Yields in Emerging Economies: It Matters What State You Are In

Laura Jaramillo and Anke Weber

2012/197: Intergenerational Implications of Fiscal Consolidation in Japan

Kiichi Tokuoka

2012/196: A Financial Conditions Index for South Africa

Nombulelo Gumata, Eliphas Ndou and Nir Klein

2012/195: Barriers to Household Risk Management: Evidence from India

Robert Townsend, Shawn Cole, Jeremy Tobacman, Xavier Gine, James Vickery and Petia Topalova

2012/194: Measuring Systemic Liquidity Risk and the Cost of Liquidity Insurance

Tiago Severo

2012/193: Latin America: Vulnerabilities Under Construction?

Luis Cubeddu, Camilo Tovar and Evridiki Tsounta

2012/192: Inflation Dynamics in Mongolia: Understanding the Roller Coaster

Julia Bersch, Steven Barnett and Yasuhisa Ojima

2012/191: Lost in Transmission? The Effectiveness of Monetary Policy Transmission Channels in the GCC Countries

Serhan Cevik and Katerina Teksoz

2012/190: Successful Austerity in the United States, Europe and Japan

Giovanni Callegari, Giovanni Melina and Nicoletta Batini

2012/189: On Price Stability and Welfare

Etienne Yehoue

2012/188: Riding Global Financial Waves: The Economic Impact of Global Financial Shocks on Emerging Market Economies

Gustavo Adler and Camilo Tovar

2012/187: Fiscal Rules in Response to the Crisis: Toward the "Next-Generation" Rules: A New Dataset

Nina Budina, Andrea Schaechter, Anke Weber and Tidiane Kinda

2012/186: Foreign Aid and Revenue: Still a Crowding Out Effect?

Ernesto Crivelli, Sanjeev Gupta, Priscilla Muthoora and Dora Benedek

2012/185: Accelerating And Sustaining Growth: Economic and Political Lessons

Arvind Virmani

2012/184: Great Recession and Fiscal Squeeze at U.S. Subnational Government Level

Jiri Jonas

2012/183: Building Blocks for Effective Macroprudential Policies in Latin America: Institutional Considerations

Patrick Imam, Erlend Nier and Luis Jácome

2012/182: Quality of Government and Living Standards: Adjusting for the Efficiency of Public Spending

Francesco Grigoli and Eduardo Ley

2012/181: Macro-prudential Policy in a Fisherian Model of Financial Innovation

Javier Bianchi, Emine Boz and Enrique Mendoza

2012/180: Environmental Tax Reform: Principles from Theory and Practice to Date

Ian Parry, John Norregaard and Dirk Heine

2012/179: The (Other) Deleveraging

Manmohan Singh

2012/178: Intertwined Sovereign and Bank Solvencies in a Model of Self-Fulfilling Crisis

Gustavo Adler

2012/177: Estimating the Implicit Inflation Target of the South African Reserve Bank

Nir Klein

2012/176: Global Commodity Prices, Monetary Transmission, and Exchange Rate Pass-Through in the Pacific Islands

Shanaka Peiris and Ding Ding

2012/175: International Capital Flows and Debt Dynamics

Martin Evans

2012/174: Equity Returns in the Banking Sector in the Wake of the Great Recession and the European Sovereign Debt Crisis

Jorge Chan-Lau, Estelle Liu and Jochen M. Schmittmann

2012/173: Public Expenditure in the Slovak Republic: Composition and Technical Efficiency

Francesco Grigoli

2012/172: Paths to Eurobonds

Ashoka Mody, Stijn Claessens and Shahin Vallée

2012/171: Japan out of the Lost Decade: Divine Wind or Firms’ Effort?

Ichiro Tokutsu, Kazuo Ogawa and Mika Saito

2012/170: The Impact of Longevity Improvements on U.S. Corporate Defined Benefit Pension Plans

John Kiff, Michael Kisser, Mauricio Soto and Stefan Oppers

2012/169: On the Extrapolation with the Denton Proportional Benchmarking Method

Marco Marini and Tommaso Di Fonzo

2012/168: Commodity Prices and Exchange Rate Volatility: Lessons from South Africa’s Capital Account Liberalization

Elena Dumitrescu, Rabah Arezki, Andreas Freytag and Marc Quintyn

2012/167: Evolution of Debt Sustainability Analysis in Low-Income Countries: Some Aggregate Evidence

Benedicte Baduel and Robert Price

2012/166: Peru: Monetary and Exchange Rate Policies, 1930-1980

Gonzalo Pastor Campos

2012/165: Factor Endowment, Structural Coherence, and Economic Growth

Natasha Che

2012/164: Quantifying Impact of Aging Population on Fiscal Space

Seok Park

2012/163: Systemic Banking Crises Database: An Update

Fabian Valencia and Luc Laeven

2012/162: Leverage? What Leverage? A Deep Dive into the U.S. Flow of Funds in Search of Clues to the Global Crisis

Tamim Bayoumi and Ashok Bhatia

2012/161: Too Much Finance?

Enrico Berkes, Ugo Panizza and Jean-Louis Arcand

2012/160: Monetization in Low- and Middle-Income Countries

Noriaki Kinoshita and Cameron McLoughlin

2012/159: Monitoring Systemic Risk Basedon Dynamic Thresholds

Kasper Lund-Jensen

2012/158: Government Bonds and their Investors: What Are the Facts and Do they Matter?

Jochen Andritzky

2012/157: Threshold Effects of Sovereign Debt: Evidence From the Caribbean

Lisa Drakes, Chrystol Thomas, Roland Craigwell and Kevin Greenidge

2012/156: Fiscal Transparency, Fiscal Performance and Credit Ratings

Julio Escolano and Elif Arbatli Saxegaard

2012/155: Banks' Liability Structure and Mortgage Lending During the Financial Crisis

Jihad Dagher and Kazim Kazimov

2012/154: Global and Regional Spillovers to Pacific Island Countries

Yiqun Wu, Patrizia Tumbarello and Niamh Sheridan

2012/153: Fiscal Foresight and Information Flows

Todd Walker, Eric Leeper and Susan Yang

2012/152: Systemic Risk and Asymmetric Responses in the Financial Industry

Germán López-Espinosa, Antonio Rubia, Laura Valderrama and Antonio Moreno

2012/151: What’s in it for Me? A Primeron Differences between Islamic and Conventional Finance in Malaysia

Olga Krasicka and Sylwia Nowak

2012/150: What Determines Government Spending Multipliers?

Gernot Müller, Andre Meier and Giancarlo Corsetti

2012/149: Policy Analysis and Forecasting in the World Economy: A Panel Unobserved Components Approach

Francis Vitek

2012/148: The Relationship Between the Foreign Exchange Regime and Macroeconomic Performance in Eastern Africa

Janet Stotsky, Manuk Ghazanchyan, Olumuyiwa Adedeji and Nils Maehle

2012/147: Inflation and Income Inequality: Is Food Inflation Different?

James Walsh and Jiangyan Yu