IMF Working Papers

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2012/046: Short-Term Wholesale Funding and Systemic Risk: A Global Covar Approach

International Monetary Fund

2012/045: Fiscal Performance, Institutional Design and Decentralization in European Union Countries

Luc Eyraud, Anita Tuladhar, Julio Escolano, Marialuz Moreno Badia and Juliane Sarnes

2012/044: The Global Macroeconomic Costs of Raising Bank Capital Adequacy Requirements

Francis Vitek and Scott Roger

2012/043: What Drives Credit Growth in Emerging Asia?

Fei Han and Selim Elekdag

2012/042: Precautionary Savings in the Great Recession

Ashoka Mody, Damiano Sandri and Franziska Ohnsorge

2012/041: Capital Inflows, Exchange Rate Flexibility, and Credit Booms

Nicolas Magud, Esteban Vesperoni and Carmen Reinhart

2012/040: Treasury Bills and/Or Central Bank Bills for Absorbing Surplus Liquidity: The Main Considerations

Obert Nyawata

2012/039: Stock-Flow Adjustments and Fiscal Transparency: A Cross-Country Comparison

Anke Weber

2012/038: Macroeconomic and Welfare Costs of U.S. Fiscal Imbalances

Bertrand Gruss and José Torres

2012/037: Determinants of Inflation in the Euro Area: The Role of Labor and Product Market Institutions

Hanan Morsy and Florence Jaumotte

2012/036: How Risky Are Banks' Risk Weighted Assets? Evidence From the Financial Crisis

Sonali Das and Amadou Sy

2012/035: An Assessment of Malaysian Monetary Policy During the Global Financial Crisis of 2008-09

Selim Elekdag, Subir Lall and Harun Alp

2012/034: Shifting Motives: Explaining the Buildup in official Reserves in Emerging Markets Since the 1980's

Atish Ghosh, Jonathan Ostry and Charalambos Tsangarides

2012/033: Sovereign Risk, Fiscal Policy, and Macroeconomic Stability

Keith Kuester, Gernot Mueller, Giancarlo Corsetti and Andre Meier

2012/032: Assessing Bank Competition within the East African Community

Sarah Sanya and Matthew Gaertner

2012/031: Barbados: Sectoral Balance Sheet Mismatches and Macroeconomic Vulnerabilities

Charles Amo Yartey

2012/030: Fiscal Rules and the Sovereign Default Premium

Juan Hatchondo, Francisco Roch and Leonardo Martinez

2012/029: Bank Funding Structures and Risk: Evidence From the Global Financial Crisis

Pablo Federico and Francisco Vazquez

2012/028: A Partial Race to the Bottom: Corporate Tax Developments in Emerging and Developing Economies

Junhyung Park, Sukhmani Bedi, S. M. Ali Abbas and Alexander Klemm

2012/027: Managing Non-Core Liabilities and Leverage of the Banking System: A Building Block for Macroprudential Policy Making in Korea

Ali Alichi, Cheol Hong and Sang Chul Ryoo

2012/026: Mortgage Defaults

Leonardo Martinez, Juan Hatchondo and Juan Sanchez

2012/025: Bank Capital Adequacy in Australia

Niamh Sheridan and B. Jang

2012/024: Pricing of Sovereign Credit Risk: Evidence From Advanced Economies During the Financial Crisis

C. Emre Alper, Lorenzo Forni and Marc Gerard

2012/023: Are Rating Agencies Powerful? An Investigation Into the Impact and Accuracy of Sovereign Ratings

John Kiff, Sylwia Nowak and Liliana Schumacher

2012/022: Surges

Mahvash Qureshi, Atish Ghosh, Juan Zalduendo and Jun Kim

2012/021: Macrofinancial Modeling At Central Banks: Recent Developments and Future Directions

Jan Vlcek and Scott Roger

2012/020: Prudential Liquidity Regulation in Developing Countries: A Case Study of Rwanda

Sarah Sanya, A. E. Wayne Mitchell and Angelique Kantengwa

2012/019: Measuring Oil-Price Shocks Using Market-Based Information

Tao Wu and Michele Cavallo

2012/018: Capital Market Integration: Progress Ahead of the East African Community Monetary Union

Masafumi Yabara

2012/017: The Eastern Caribbean Currency Union: Would a Fiscal Insurance Mechanism Mitigate National Income Shocks?

Paul Cashin and Antonio Lemus

2012/016: Central Bank Credit to the Government: What Can We Learn From International Practices?

Marcela Matamoros-Indorf, Mrinalini Sharma, Simon Townsend and Luis Jácome

2012/015: Price Subsidies and the Conduct of Monetary Policy

Nooman Rebei and Mohamed Ben Aissa

2012/014: Central Banks Quasi-Fiscal Policies and Inflation

Seok Park

2012/013: Can International Macroeconomic Models Explain Low-Frequency Movements of Real Exchange Rates?

Pau Rabanal and Juan F Rubio-Ramirez

2012/012: Commodity Price Volatility and the Sources of Growth

International Monetary Fund

2012/011: A toolkit for Assessing Fiscal Vulnerabilities and Risks in Advanced Economies

Elif Arbatli Saxegaard, C. Emre Alper, Jiri Jonas, Anke Weber, Marc Gerard, Tidiane Kinda, Giovanni Callegari, Anna Shabunina, Andrea Schaechter and Carlos Caceres

2012/010: Foreign Banks: Trends, Impact and Financial Stability

Neeltje Van Horen and Stijn Claessens

2012/009: Clarity of Central Bank Communication About Inflation

Ales Bulir, David-Jan Jansen and Martin Cihak

2012/008: Income Inequality and Current Account Imbalances

Romain Ranciere, Nathaniel Throckmorton, Michael Kumhof, Claire Lebarz and Alexander Richter

2012/007: International Reserves in Low Income Countries: Have they Served As Buffers?

International Monetary Fund

2012/006: Money As Indicator for the Natural Rate of Interest

Helge Berger and Henning Weber

2012/005: Did Korean Monetary Policy Help Soften the Impact of the Global Financial Crisis of 2008-2009?

Subir Lall, Selim Elekdag and Harun Alp

2012/004: Oil Exporters' Dilemma: How Much to Save and How Much to Invest

Reda Cherif and Fuad Hasanov

2012/003: Next Generation System-Wide Liquidity Stress Testing

Claus Puhr, Andre Santos, Christian Schmieder, Salih Neftci, Benjamin Neudorfer, Stefan Schmitz and Heiko Hesse

2012/002: Bank of Japan's Quantitative and Credit Easing: Are they Now More Effective

Ugo Fasano-Filho, Qing Wang and Pelin Berkmen

2012/001: Financial Stability Reports: What Are they Good for?

Sònia Muñoz, Samir Jahjah, Martin Cihak, Sharika Sharifuddin and Kalin Tintchev

2011/300: The Impact of the Global Crisison South-Eastern Europe

Francesco Spadafora, Emidio Cocozza and Andrea Colabella

2011/299: Developments in Financial Supervision and the Use of Macroprudential Measures in Central America

Mynor Meza and Fernando Delgado

2011/298: The New Economics of Capital Controls Imposed for Prudential Reasons+L4888

Anton Korinek

2011/297: Do Loan-To-Value and Debt-To-Income Limits Work? Evidence From Korea

Deniz Igan and Heedon Kang

2011/296: Who's Going Green and Why? Trends and Determinants of Green Investment

Luc Eyraud, Changchang Zhang, Abdoul Wane and Benedict Clements

2011/295: Bank Competition and Financial Stability: A General Equilibrium Exposition

Marcella Lucchetta and Gianni De Nicolo

2011/294: Inflation Differentials in the GCC: Does the Oil Cycle Matter?

Oral Williams and Kamiar Mohaddes

2011/293: Employment Protection and Business Cycles in Emerging Economies

Ruy Lama and Carlos Urrutia

2011/292: Assessing the Risks to the Japanese Government Bond (JGB) Market

Waikei Lam and Kiichi Tokuoka

2011/291: Oil Prices, External Income, and Growth: Lessons From Jordan

Mehdi Raissi and Kamiar Mohaddes

2011/290: Are there Spillover Effects From Munis?

Bertrand Candelon, Rabah Arezki and Amadou Sy

2011/289: The Nonbank-Bank Nexus and the Shadow Banking System

Manmohan Singh and Zoltan Pozsar

2011/288: The Determinants of Economic Growth in the Philippines: A New Look

Willa Boots J. Tolo

2011/287: Inflation Dynamics in FYR Macedonia

Maral Shamloo

2011/286: Desynchronized: The Comovement of Non-Hydrocarbon Business Cycles in the GCC

Serhan Cevik

2011/285: Using Credit Subsidies to Counteract a Credit Bust: Evidence From Serbia

Jiri Podpiera

2011/284: Safeguarding Banks and Containing Property Booms: Cross-Country Evidenceon Macroprudential Policies and Lessons From Hong Kong SAR

Malhar Nabar and Ashvin Ahuja

2011/283: Commodity Price Cycles: The Perils of Mismanaging the Boom

Sebastian Sosa and Gustavo Adler

2011/282: Market Discipline and Conflicts of Interest Between Banks and Pension Funds

Adolfo Barajas and Mario Catalan

2011/281: Effectiveness of Capital Controls in Selected Emerging Markets in the 2000's

Chikako Baba and Annamaria Kokenyne

2011/280: How Costly Are Debt Crises?

Davide Furceri and Aleksandra Zdzienicka

2011/279: The Relative Volatility of Commodity Prices: A Reappraisal

Rabah Arezki, Daniel Lederman and Hongyan Zhao

2011/278: Credit Growth and Bank Soundness: Fast and Furious?

Deniz Igan and Marcelo Pinheiro

2011/277: Determinants of Property Prices in Hong Kong SAR: Implications for Policy

R. Craig and Changchun Hua

2011/276: What Can Low-Income Countries Expect From Adopting Inflation Targeting?

Alexandra Born, Sarwat Jahan and Edward Gemayel

2011/275: Monetary Policy Transmission in Ghana: Does the Interest Rate Channel Work?

Arto Kovanen

2011/274: Does Money Matter for Inflation in Ghana?

Arto Kovanen

2011/273: On the Stability of Money Demand in Ghana: A Bounds Testing Approach

Arto Kovanen and Jihad Dagher

2011/272: Evaluating Designs for a Fiscal Rule in Bulgaria

Jochen Andritzky

2011/271: Intangible Capital, Relative Asset Shortages and Bubbles

Stefano Giglio and Tiago Severo

2011/270: Assessing the Variability of Tax Elasticities in Lithuania

Tigran Poghosyan

2011/269: The Eurozone Crisis: How Banks and Sovereigns Came to Be Joined At the Hip

Damiano Sandri and Ashoka Mody

2011/268: Oil-Price Boom and Real Exchange Rate Appreciation: Is there Dutch Disease in the Cemac?

Juan Trevino

2011/267: Low-Income Countries' BRIC Linkage: Are there Growth Spillovers?

Issouf Samaké and Yongzheng Yang

2011/266: The Design of Fiscal Adjustment Strategies in Botswana, Lesotho, Namibia, and Swaziland

Luis-Felipe Zanna, Olivier Basdevant, Susan Yang, Genevieve Verdier, Joannes Mongardini, Borislava Mircheva and Dalmacio Benicio

2011/265: The Problem that Wasn't: Coordination Failures in Sovereign Debt Restructurings

Jeromin Zettelmeyer, Marcos Chamon and Ran Bi

2011/264: Bank of Japan'S Monetary Easing Measures: Are they Powerful and Comprehensive?

Waikei Lam

2011/263: Modeling Correlated Systemic Liquidity and Solvency Risks in a Financial Environment with Incomplete Information

Liliana Schumacher and Theodore Barnhill

2011/262: A Theory of Domestic and International Trade Finance

JaeBin Ahn

2011/261: The Economic Crisis: Did Financial Supervision Matter?

Marc Quintyn, Rosaria Vega Pansini and Donato Masciandaro

2011/260: The Puzzle of Persistently Negative Interest Rate-Growth Differentials: Financial Repression or Income Catch-Up?

Anna Shabunina, Julio Escolano and Jaejoon Woo

2011/259: Monetary Policy and Risk-Premium Shocks in Hungary: Results from a Large Bayesian VAR

Adina Popescu and Alina Carare

2011/258: Can Emerging Market Central Banks Bail Out Banks? A+L4848 Cautionary Tale From Latin America

Luis Jácome, Tahsin Saadi Sedik and Simon Townsend

2011/257: Inflation Dynamics in Asia: Causes, Changes, and Spillovers From China

Carolina Osorio-Buitron and Filiz Unsal

2011/256: Velocity of Pledged Collateral: Analysis and Implications

Manmohan Singh

2011/255: Determinants of Development Financing Flows From Brazil, Russia, India, and China to Low-Income Countries

Nkunde Mwase

2011/254: Do Commodity Futures Help Forecast Spot Prices?

David Reichsfeld and Shaun Roache

2011/253: Precautionary Savings in a Small Open Economy Revisited

Agustin Roitman

2011/252: Unemployment in Latin America and the Caribbean

Laurence Ball, Nicolás de Roux and Marc Hofstetter

2011/251: What Drives the Global Land Rush?

Harris Selod, Klaus Deininger and Rabah Arezki

2011/250: Towards Effective Macroprudential Policy Frameworks: An Assessment of Stylized Institutional Models

Erlend Nier, Luis Jácome, Jacek Osinski and Pamela Madrid

2011/249: Optimal Precautionary Reserves for Low-Income Countries: A Cost-Benefit Analysis

Era Dabla-Norris, Jun Kim and Kazuko Shirono

2011/248: The Role of Structural Reforms in Raising Economic Growth in Central America

Andrew Swiston and Luis-Diego Barrot

2011/247: An Assessment of Estimates of Term Structure Models for the United States

Carlos Medeiros and Ying He