IMF Working Papers

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2012/146: Local Governments’ Fiscal Balance, Privatization, and Banking Sector Reform in Transition Countries

Ernesto Crivelli

2012/145: Intra-Regional Spillovers in South America: Is Brazil Systemic After All?

Sebastian Sosa and Gustavo Adler

2012/144: Public Investment, Growth, and Debt Sustainability: Putting together the Pieces

Andrew Berg, Rafael Portillo, Edward Buffie, Catherine Pattillo and Luis-Felipe Zanna

2012/143: How Effective is Monetary Transmission in Low-Income Countries? A Survey of the Empirical Evidence

Prachi Mishra and Peter Montiel

2012/142: Credit Growth and the Effectiveness of Reserve Requirements and Other Macroprudential Instruments in Latin America

International Monetary Fund

2012/141: Exchange Rate Pass-Through in Sub-Saharan African Economies and its Determinants

Ivohasina Razafimahefa

2012/140: Financial Intermediation Costs in Low-Income Countries: The Role of Regulatory, Institutional, and Macroeconomic Factors

Tigran Poghosyan

2012/139: Tariff-Tax Reforms in Large Economies

Juha Tervala and Giovanni Ganelli

2012/138: Managing Large-Scale Capital Inflows: The Case of the Czech Republic, Poland and Romania

Leonor Keller and Ibrahim Chowdhury

2012/137: Walking Hand in Hand: Fiscal Policy and Growth in Advanced Economies

Laura Jaramillo and Carlo Cottarelli

2012/136: Welfare Effects of Monetary Integration: The Common Monetary Area and Beyond

Tamon Asonuma, Xavier Debrun and Paul Masson

2012/135: Optimal Liquidity and Economic Stability

Linghui Han and Il Lee

2012/134: The Volatility Trap: Precautionary Saving, Investment, and Aggregate Risk

Reda Cherif and Fuad Hasanov

2012/133: RMB Internationalization: O+L5022nshore/Offshore Links

Samar Maziad and Joong Kang

2012/132: Monetary Policy Transmission in the GCC Countries

Ananthakrishnan Prasad and Raphael Espinoza

2012/131: Productivity Growth and Structural Reform in Bulgaria: Restarting the Convergence Engine

Cyril Pouvelle and Pritha Mitra

2012/130: Surging Capital Flows to Emerging Asia: Facts, Impacts, and Responses

Sylwia Nowak, Sanjaya Panth, Ravi Balakrishnan and Yiqun Wu

2012/129: The Effects of Government Spending Under Limited Capital Mobility

Wenyi Shen and Susan Yang

2012/128: Quantifying Structural Subsidy Values for Systemically Important Financial Institutions

Kenichi Ueda and Beatrice Weder di Mauro

2012/127: As You sow so Shall You Reap: Public Investment Surges, Growth, and Debt Sustainability in togo

Antonio David, Luis-Felipe Zanna, Raphael Espinoza, Michal Andrle and Marshall Mills

2012/126: Exchange Rate Pass Through to Prices in Maldives

Iyabo Masha and Chanho Park

2012/125: Why House Price Indexes Differ: Measurement and Analysis

Mick Silver

2012/124: Do Dynamic Provisions Enhance Bank Solvency and Reduce Credit Procyclicality? a Study of the Chilean Banking System

Jorge Chan-Lau

2012/123: Determinants of Credit Growth and Interest Margins in the Philippines and Asia

Tatum Blaise Pua Tan

2012/122: Appraising Credit Ratings: Does the CAP Fit Better than the ROC?

R. John Irwin and Timothy Irwin

2012/121: Interest Rate Rules, Endogenous Cycles, and Chaotic Dynamics in Open Economies

Luis-Felipe Zanna and Marco Airaudo

2012/120: Capital Inflows, Financial Development, and Domestic Investment: Determinants and Inter-Relationships

Nikola Spatafora and Oana Luca

2012/119: Tracking Short-Term Dynamics of Economic Activity in Low-Income Countries in the Absence of High-Frequency Gdp Data

S. V. S. Dixit and Maxwell Opoku-Afari

2012/118: Alternative Monetary Policy Rules for India

Muneesh Kapur and Michael Patra

2012/117: Foreign Banks and the Vienna Initiative: Turning Sinners Into Saints?

Ralph De Haas, Yevgeniya Korniyenko, Alexander Pivovarsky and Elena Loukoianova

2012/116: Country Stress Events: Does Governance Matter?

Anna Kochanova and Carlos Caceres

2012/115: China's Impacton World Commodity Markets

Shaun Roache

2012/114: Bank Capitalization As a Signal

Daniel Hardy

2012/113: Fiscal Consolidation in Southeastern European Countries: The Role of Budget Institutions

Brian Olden, Duncan Last, Sami Yläoutinen and Carla Sateriale

2012/112: Commodity Price Shocks and Fiscal Outcomes

Issouf Samaké and Nikola Spatafora

2012/111: Natural Resources, Volatility, and Inclusive Growth: Perspectives From the Middle East and North Africa

Mustapha Nabli and Rabah Arezki

2012/110: Dynamic Loan Loss Provisioning: Simulationson Effectiveness and Guide to Implementation

Torsten Wezel, Jorge Chan-Lau and Francesco Columba

2012/109: The Future of Oil: Geology Versus Technology

Marcelle Chauvet, Jack Selody, Douglas Laxton, Michael Kumhof, Jaromir Benes, Ondrej Kamenik and Susanna Mursula

2012/108: Mobilizing Revenue in Sub-Saharan Africa: Empirical Norms and Key Determinants

Paulo Drummond, Wendell Daal, Nandini Srivastava and Luiz Oliveira

2012/107: Assessing Competitiveness Using Industry Unit Labor Costs: An Application to Slovakia

International Monetary Fund

2012/106: Structural Reforms and Regional Convergence

Antonio Spilimbergo and Natasha Che

2012/105: Post-Laspeyres: The Case for a New Formula for Compiling Consumer Price Indexes

Paul Armknecht Jr. and Mick Silver

2012/104: Remittances Channel and Fiscal Impact in the Middle East, North Africa, and Central Asia

Yasser Abdih, Ralph Chami, Christian Ebeke and Adolfo Barajas

2012/103: Bank Credit, Asset Prices and Financial Stability: Evidence From French Banks

Cyril Pouvelle

2012/102: Consequences of Asset Shortages in Emerging Markets

Patrick Imam and Jiaqian Chen

2012/101: Central Bank Independence and Macro-Prudential Regulation

Fabian Valencia and Kenichi Ueda

2012/100: An End to China’s Imbalances?

Ashvin Ahuja, Nigel Chalk, Nathan Porter, Papa N'Diaye and Malhar Nabar

2012/099: Unemployment and Labor Market Issues in Algeria

Davide Furceri

2012/098: Financial Regulation and the Current Account

Tomasz Wieladek and Sergi Lanau

2012/097: Asymmetric Effects of the Financial Crisis: Collateral-Based Investment-Cash Flow Sensitivity Analysis

Vadim Khramov

2012/096: Modeling with Limited Data: Estimating Potential Growth in Cambodia

Phurichai Rungcharoenkitkul

2012/095: Money and Collateral

Manmohan Singh and Peter Stella

2012/094: Monetary Policy in Low Income Countries in the Face of the Global Crisis: The Case of Zambia

Jaromir Benes, Andrew Berg, Rafael Portillo, Mai Dao and Alfredo Baldini

2012/093: Fiscal Policies and Rules in the Face of Revenue Volatility within Southern Africa Customs Union Countries (SACU)

Olivier Basdevant

2012/092: Real Wage, Labor Productivity, and Employment Trends in South Africa: A Closer Look

Nir Klein

2012/091: Narrowing Vertical Fiscal Imbalances in Four European Countries

Izabela Karpowicz

2012/090: Revisiting Risk-Weighted Assets

Sofiya Avramova and Vanessa Le Lesle

2012/089: Commodity Prices and Inflation Expectations in the United States

Oya Celasun, Lev Ratnovski and Roxana Mihet

2012/088: Spillover Effects of Exchange Rates: A Study of the Renminbi

Arvind Subramanian, Prachi Mishra and Aaditya Mattoo

2012/087: Institutional Transformations, Polity and Economic Outcomes: Testing the North-Wallis-Weingast Doorsteps Framework

Marc Quintyn and Sophia Gollwitzer

2012/086: Global Food Price Inflation and Policy Responses in Central Asia

International Monetary Fund

2012/085: Fiscal Devaluation and Fiscal Consolidation: The VAT in Troubled Times

Michael Keen and Ruud de Mooij

2012/084: Institutions, Informality, and Wage Flexibility: Evidence From Brazil

Irineu de Carvalho Filho and Marcello Estevão

2012/083: Assessing Dsge Models with Capital Accumulation and Indeterminacy

Vadim Khramov

2012/082: Fiscal Policy Response to External Crises the Case of Moldova 1998-2010

Driton Qehaja

2012/081: Trade and Financial Spilloveron Hong Kong SAR from a Downturn in Europe and Mainland China

Papa N'Diaye and Ashvin Ahuja

2012/080: Determinants of Corporate Investment in China: Evidence From Cross-Country Firm Level Data

Nan Geng and Papa N'Diaye

2012/079: The Global Welfare Impact of China: Trade Integration and Technological Change

Julian di Giovanni, Jing Zhang and Andrei Levchenko

2012/078: Macrofinance Model of the Czech Economy: Asset Allocation Perspective

International Monetary Fund

2012/077: CDS Spreads in European Periphery: Some Technical Issues to Consider

Manmohan Singh and Mohsan Bilal

2012/076: Strengthening Russia's Fiscal Framework

Daria Zakharova and Charleen Gust

2012/075: De-Monopolization toward Long-Term Prosperity in China

Ashvin Ahuja

2012/074: BRICs’ Philosophies for Development Financing and their Implications for LICs

Yongzheng Yang and Nkunde Mwase

2012/073: Exchange Rate Volatility Under Peg: Do Trade Patterns Matter?

Constant Lonkeng Ngouana

2012/072: Capital Regulation, Liquidity Requirements and Taxation in a Dynamic Model of Banking

Gianni De Nicolo, Andrea Gamba and Marcella Lucchetta

2012/071: Bank Asset Quality in Emerging Markets: Determinants and Spillovers

Reinout De Bock and Alexander Demyanets

2012/070: Does the Business Environment Affect Corporate Investment in India?

Kiichi Tokuoka

2012/069: How Do Exchange Rate Regimes Affect Firms' Incentives to Hedge Currency Risk? Micro Evidence for Latin America

Herman Kamil

2012/068: Balance-Sheet Shocks and Recapitalizations

Damiano Sandri and Fabian Valencia

2012/067: Are Foreign Aid and Remittance Inflows a Hedge Against Food Price Shocks?

International Monetary Fund

2012/066: Exchange-Rate Dark Matter

Martin Evans

2012/065: Crises, Labor Market Policy, and Unemployment

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

2012/064: Labor Market Flexibility and Unemployment: New Empirical Evidence of Static and Dynamic Effects

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

2012/063: Operative Principles of Islamic Derivatives: Towards a Coherent Theory

Juan Sole and Andreas Jobst

2012/062: The Puzzle of Brazil's High Interest Rates

Alex Segura-Ubiergo

2012/061: Current Account Imbalances: Can Structural Policies Make a Difference?

Anna Ivanova

2012/060: Does Central Bank Capital Matter for Monetary Policy?

Camilo Tovar, Pedro Castro and Gustavo Adler

2012/059: Structural Transformation and the sophistication of Production

Nikola Spatafora, Rahul Anand and Saurabh Mishra

2012/058: Systemic Real and Financial Risks: Measurement, Forecasting, and Stress Testing

Marcella Lucchetta and Gianni De Nicolo

2012/057: An Integrated Framework for Financial Positions and Flowson a From-Whom-To-Whom Basis: Concepts, Status, and Prospects

Segismundo Fassler, Manik Shrestha and Reimund Mink

2012/056: India's Growth Spillovers to South Asia

Iyabo Masha and Ding Ding

2012/055: Coincident Indicators of Capital Flows

Malika Pant and Yanliang Miao

2012/054: Can Institutional Reform Reduce Job Destruction and Unemployment Duration? Yes it Can

Esther Perez Ruiz and Yao Yao

2012/053: From Stress to Costress: Stress Testing Interconnected Banking Systems

Rodolfo Maino and Kalin Tintchev

2012/052: Fiscal Policy and the Real Exchange Rate

Santanu Chatterjee and Azer Mursagulov

2012/051: Fiscal Policy and the Current Account: Are Microstates Different?

Yehenew Endegnanew, Therese Turner-Jones and Charles Amo Yartey

2012/050: The Valuation Effects of Geographic Diversification: Evidence From U.S. Banks

Luc Laeven, Martin Goetz and Ross Levine

2012/049: Spillovers to Low-Income Countries: Importance of Systemic Emerging Markets

Era Dabla-Norris, Raphael Espinoza and Sarwat Jahan

2012/048: Debt, Taxes, and Banks

Michael Keen and Ruud de Mooij

2012/047: Inclusive Growth, Institutions, and the Underground Economy

Adil Mohommad, Anoop Singh and Sonali Jain-Chandra