IMF Working Papers

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2010/184: Fiscal Deficits, Public Debt, and Sovereign Bond Yields

Manmohan Kumar and Emanuele Baldacci

2010/183: A Monetary Policy Model Without Money for India

Muneesh Kapur and Michael Patra

2010/182: Is Exchange Rate Stabilization an Appropriate Cure for the Dutch Disease?

Juan Medina and Ruy Lama

2010/181: A New Framework to Estimate the Risk-Neutral Probability Density Functions Embedded in Options Prices

Kevin Cheng

2010/180: A Method for Calculating Export Supply and Import Demand Elasticities

Stephen Tokarick

2010/179: Resource Windfalls and Emerging Market Sovereign Bond Spreads: The Role of Political Institutions

Rabah Arezki and Markus Brückner

2010/178: Consensus Forecasts and Inefficient Information Aggregation

Christopher Crowe

2010/177: Some Uncomfortable Arithmetic Regarding Europe’s Public Finances

Delia Velculescu

2010/176: Sudden Stops, Output Drops, and Credit Collapses

Jihad Dagher

2010/175: Public Capital and Growth

Serkan Arslanalp, Fabian Bornhorst, Sanjeev Gupta and Elsa Sze

2010/174: Public Debt and Growth

Jaejoon Woo and Manmohan Kumar

2010/173: Democracy and Reforms: Evidence from a New Dataset

Antonio Spilimbergo, Paola Giuliano and Prachi Mishra

2010/172: The (Sizable) Role of Rehypothecation in the Shadow Banking System

Manmohan Singh and James Aitken

2010/171: The Cross-Country Incidence of the Global Crisis

Gian Maria Milesi-Ferretti and Philip Lane

2010/170: The Dark Side of Bank Wholesale Funding

Lev Ratnovski and Rocco Huang

2010/169: Peru: Drivers of De-dollarization

Mercedes Garcia-Escribano

2010/168: Does Procyclical Fiscal Policy Reinforce Incentives to Dollarize Sovereign Debt?

Anna Ilyina, Anastasia Guscina and Herman Kamil

2010/167: Local Housing Market Cycle and Loss Given Default: Evidence from Sub-Prime Residential Mortgages

Yanan Zhang, Lu Ji and Fei Liu

2010/166: How do International Financial Flows to Developing Countries Respond to Natural Disasters?

Antonio David

2010/165: China’s Economic Growth: International Spillovers

Athanasios Vamvakidis and Vivek Arora

2010/164: Financial Innovation, the Discovery of Risk, and the U.S. Credit Crisis

Enrique Mendoza and Emine Boz

2010/163: Budget Consolidation: Short-Term Pain and Long-Term Gain

Douglas Laxton, Susanna Mursula, Kevin Clinton and Michael Kumhof

2010/162: Exchange Rate Assessment for Sub-Saharan Economies

Burcu Aydin

2010/161: World Food Prices and Monetary Policy

Roberto Chang and Luis Catão

2010/160: The Macroeconomics of Medium-Term Aid Scaling-Up Scenarios

Rafael Portillo, Andrew Berg, Jan Gottschalk and Luis-Felipe Zanna

2010/159: Inflation and Conflict in Iraq: The Economics of Shortages Revisited

Udo Kock and David Grigorian

2010/158: External Finance, Sudden Stops, and Financial Crisis: What is Different This Time?

Gulcin Ozkan and Filiz Unsal

2010/157: Should African Monetary Unions Be Expanded? An Empirical Investigation of the Scope for Monetary Integration in Sub-Saharan Africa

Xavier Debrun, Catherine Pattillo and Paul Masson

2010/156: Of Runes and Sagas: Perspectives on Liquidity Stress Testing Using an Iceland Example

Martin Cihak and Li Ong

2010/155: Automatic Stabilizers and the Size of Government: Correcting a Common Misunderstanding

Carlo Cottarelli and Annalisa Fedelino

2010/154: The Impact of Capital and Foreign Exchange Flowson the Competitiveness of Developing Countries

Bassem Kamar, Damyana Bakardzhieva, Sami Ben Naceur and Sami Ben Naceur

2010/153: The Fundamental Determinants of Credit Default Risk for European Large Complex Financial Institutions

Jiri Podpiera and Inci Ötker-Robe

2010/152: Monetary Policy Analysis and Forecasting in the Group of Twenty: A Panel Unobserved Components Approach

Francis Vitek

2010/151: Currency Hedging for International Portfolios

Jochen M. Schmittmann

2010/150: Procyclicality in Central Bank Reserve Management: Evidence from the Crisis

Jukka Pihlman and Han Hoorn

2010/149: Vietnam: Bayesian Estimation of Output Gap

Wojciech Maliszewski

2010/148: Balance Sheet Vulnerabilities of Mauritius During a Decade of Shocks

Patrick Imam and Rainer Koehler

2010/147: Subnational Health Spending and Soft Budget Constraints in OECD Countries

Ernesto Crivelli, Adam Leive and Thomas Stratmann

2010/146: Resolution of Banking Crises: The Good, the Bad, and the Ugly

Luc Laeven and Fabian Valencia

2010/145: Can You Map Global Financial Stability?

Jaume Puig-Forne, Ken Miyajima, Rebecca McCaughrin and Peter Dattels

2010/144: Inflation Dynamics in Yemen: An Empirical Analysis

Abdullah Almounsor

2010/143: Treasury Single Account: Concept, Design and Implementation Issues

Israel Fainboim Yaker and Sailendra Pattanayak

2010/142: Demand Spillovers and the Collapse of Trade in the Global Recession

Kei-Mu Yi, Rudolfs Bems and Robert Johnson

2010/141: Fire Sales and the Financial Accelerator

Woon Gyu Choi and David Cook

2010/140: Beyond Aid: How Much Should African Countries Pay to Borrow?

Cheikh Gueye and Amadou Sy

2010/139: Current Account Imbalances in the Southern Euro Area

Florence Jaumotte and Piyaporn Sodsriwiboon

2010/138: Tax Revenue Downturns: Anatomy and Links to Imports

Kun Li and Pablo Lopez Murphy

2010/137: In Search of Lost Revenue: Why Restoring Fiscal Soundness After a Crisis is Harder Than it Looks

Masato Miyazaki

2010/136: Banking Efficiency and Financial Development in Sub-Saharan Africa

Akassi Kablan

2010/135: Commodity Prices and Inflation in the Middle East, North Africa, and Central Asia

International Monetary Fund

2010/134: On the Optimal Adherence to Money Targets in a New-Keynesian Framework: An Application to Low-Income Countries

Andrew Berg, Filiz Unsal and Rafael Portillo

2010/133: How Expensive is Norway? New International Relative Price Measures

Kornelia Krajnyak and Volodymyr Tulin

2010/132: FDI Flows to Low-Income Countries: Global Drivers and Growth Implications

International Monetary Fund

2010/131: U.S. Bank Behavior in the Wake of the 2007–2009 Financial Crisis

Dalia Hakura, Ralph Chami, Thomas Cosimano and Adolfo Barajas

2010/130: The Credit Boom in the EU New Member States: Bad Luck or Bad Policies?

International Monetary Fund

2010/129: What Explains the Rise in Food Price Volatility?

Shaun Roache

2010/128: The Potential Contribution of Fiscal Policy to Rebalancing and Growth in New Zealand

Werner Schule

2010/127: Potential Growth of Australia and New Zealand in the Aftermath of the Global Crisis

Yan Sun

2010/126: Mining Taxation: An Application to Mali

Saji Thomas

2010/125: Dynamic Loan Loss Provisions in Uruguay: Properties, Shock Absorption Capacity and Simulations Using Alternative Formulas

Torsten Wezel

2010/124: International Transmission of Bank and Corporate Distress

Papa N'Diaye, Dale Gray, Natalia Tamirisa, Hiroko Oura and Qianying Chen

2010/123: Fiscal Stimulus and Credibility in Emerging Countries

Magda Kandil and Hanan Morsy

2010/122: Recoveries in the Middle East, North Africa, and Pakistan: Have Macroeconomic Policies Been Effective?

Francesco Grigoli and Dalia Hakura

2010/121: Fiscal Policy and the Current Account

International Monetary Fund

2010/120: Sovereign Spreads: Global Risk Aversion, Contagion or Fundamentals?

Miguel Segoviano, Carlos Caceres and Vincenzo Guzzo

2010/119: Investigating growth spillovers from Europe

Sanjay Kalra

2010/118: The Linkage between the Oil and Non-oil Sectors: A Panel VAR Approach

Nir Klein

2010/117: Determinants of Investment Grade Status in Emerging Markets

Laura Jaramillo

2010/116: Oil Windfalls in Ghana: A DSGE Approach

Jihad Dagher, Jan Gottschalk and Rafael Portillo

2010/115: Short-Versus Long-Term Credit and Economic Performance: Evidence from the WAEMU

Kodzo Gbenyo and Kangni Kpodar

2010/114: Managing the Exit: Lessons from Japan's Reversal of Unconventional Monetary Policy

Murtaza Syed and Hiromi Yamaoka

2010/113: Important Elements for Inflation Targeting for Emerging Economies

Inci Ötker-Robe and Charles Freedman

2010/112: Equity and Fiscal Policy: The Income Distribution Effects of Taxation and Social Spending in Central America

Rodrigo Cubero and Ivanna Hollar

2010/111: Fiscal Policy and Macroeconomic Stability: Automatic Stabilizers Work, Always and Everywhere

Xavier Debrun and Radhicka Kapoor

2010/110: Public Investment as a Fiscal Stimulus: Evidence from Japan’s Regional Spending During the 1990s

Anita Tuladhar and Markus Brückner

2010/109: Power Laws in Firm Size and Openness to Trade: Measurement and Implications

Andrei Levchenko, Julian di Giovanni and Romain Ranciere

2010/108: The Global Financial Crisis and its Impact on the Chilean Banking System

Jorge Chan-Lau

2010/107: Balance Sheet Network Analysis of Too-Connected-to-Fail Risk in Global and Domestic Banking Systems

Jorge Chan-Lau

2010/106: Implementing Official Dollarization

Åke Lönnberg and Luis Jácome

2010/105: Cross-Border Financial Surveillance: A Network Perspective

Juan Sole and Marco Espinosa-Vega

2010/104: House Price Determinants in Selected Countries of the Former Soviet Union

Vahram Stepanyan, Tigran Poghosyan and Aidyn Bibolov

2010/103: The Structural Manifestation of the ‘Dutch Disease’: The Case of Oil Exporting Countries

Kareem Ismail

2010/102: The Global Credit Crunch and Foreign Banks’ Lending to Emerging Markets: Why Did Latin America Fare Better?

Kulwant Rai and Herman Kamil

2010/101: Development Accounting and the Rise of TFP

Reda Cherif and Rabah Arezki

2010/100: Quantitative properties of sovereign default models: solution methods matter

Leonardo Martinez, Horacio Sapriza and Juan Carlos Hatchondo

2010/099: Collateral, Netting and Systemic Risk in the OTC Derivatives Market

Manmohan Singh

2010/098: Regulatory Capital Charges for Too-Connected-to-Fail Institutions: A Practical Proposal

Jorge Chan-Lau

2010/097: Absorption Boom and Fiscal Stance: What Lies Ahead in Eastern Europe?

Jesmin Rahman

2010/096: Growth Convergence and Spillovers among Indian States: What Matters? What Does Not?

Piyaporn Sodsriwiboon and Sanjay Kalra

2010/095: Bank Efficiency amid Foreign Entry: Evidence from the Central American Region

Torsten Wezel

2010/094: Boom-Bust Cycle, Asymmetrical Fiscal Response and the Dutch Disease

Kareem Ismail and Rabah Arezki

2010/093: Determinants of China’s Private Consumption: An International Perspective

Kai Guo and Papa N'Diaye

2010/092: Beyond the Crisis: Revisiting Emerging Europe’s Growth Model

Ruben Atoyan

2010/091: Transparency and Monetary Policy with Imperfect Common Knowledge

Mauro Roca

2010/090: Regional Financial Integration in the GCC

Raphael Espinoza, Oral Williams and Ananthakrishnan Prasad

2010/089: Russia's Output Collapse and Recovery: Evidence from the Post-Soviet Transition

Eteri Kvintradze

2010/088: Foreign Participation in Emerging Markets’ Local Currency Bond Markets

Shanaka Peiris

2010/087: The GCC Banking Sector: Topography and Analysis

May Khamis, Abdullah Alhassan and Nada Oulidi

2010/086: The Embodiment of Intangible Investment Goods: a Q-Theory Approach

Nazim Belhocine

2010/085: Monetary Policy Committees, Learning and Communication

Anke Weber