IMF Working Papers

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2010/243: Monetary and Fiscal Policy Interactions in the Post-war U.S

Susan Yang and Nora Traum

2010/242: Crisis and Recovery: Role of the Exchange Rate Regime in Emerging Market Countries

Charalambos Tsangarides

2010/241: On the Distributive Effects of Terms of Trade Shocks: The Role of Non-tradable Goods

International Monetary Fund

2010/240: Business Cycle Fluctuations, Large Shocks, and Development Aid: New Evidence

Era Dabla-Norris, Camelia Minoiu and Luis-Felipe Zanna

2010/239: Deconstructing the International Business Cycle: Why does a U.S. sneeze give the rest of the world a cold?

International Monetary Fund

2010/238: Spillovers From Europe Into Morocco and Tunisia

Daniel Florea, Joël Toujas-Bernate and Reinout De Bock

2010/237: The Impact of the Great Recession on Emerging Markets

Ferhan Salman, Mali Chivakul and Ricardo Llaudes

2010/236: Financial Contagion Through Bank Deleveraging: Stylized Facts and Simulations Applied to the Financial Crisis

Thierry Tressel

2010/235: International Capital Flows and Development: Financial Openness Matters

Luca Ricci, Thierry Tressel and Dennis Reinhardt

2010/234: Is Social Spending Procyclical?

Sanjeev Gupta, Alejandro Hajdenberg and Javier Arze del Granado

2010/233: Bank Lending in Turkey: Effects of Monetary and Fiscal Policies

Burcu Aydin and Deniz Igan

2010/232: Restoring Debt Sustainability After Crises: Implications for the Fiscal Mix

Emanuele Baldacci, Sanjeev Gupta and Carlos Mulas-Granados

2010/231: Financial Frictions, Investment, and Institutions

Yishay Yafeh, Kenichi Ueda and Stijn Claessens

2010/230: Monetary Policy Matters: New Evidence Basedon a New Shock Measure

Christopher Crowe and S. Mahdi Barakchian

2010/229: Government Investment and Fiscal Stimulus

Susan Yang, Todd Walker and Eric Leeper

2010/228: Australian Banking System Resilience: What Should Be Expected Looking Forward? An International Perspective

Pierluigi Bologna

2010/227: A Perspectiveon Predicting Currency Crises

Robert Flood, Juan Yepez and Nancy Marion

2010/226: The Euro’s Effecton Trade Imbalances

Helge Berger and Volker Nitsch

2010/225: What Can International Cricket Teach Us About the Role of Luck in Labor Markets?

Shekhar Aiyar and Rodney Ramcharan

2010/224: Nonperforming Loans in the GCC Banking System and their Macroeconomic Effects

Raphael Espinoza and Ananthakrishnan Prasad

2010/223: Monetary Transmission in Low Income Countries

Peter Montiel, Antonio Spilimbergo and Prachi Mishra

2010/222: How Commodity Price Curves and Inventories React to a Short-Run Scarcity Shock

Nese Erbil and Shaun Roache

2010/221: Price Dynamics in China

International Monetary Fund

2010/220: Macroprudential Regulation Under Repo Funding

Laura Valderrama

2010/219: Recent Credit Stagnation in the Mena Region: What to Expect? What Can Be Done?

Ralph Chami, Raphael Espinoza, Adolfo Barajas and Heiko Hesse

2010/218: Factor Immobility and Regional Impacts of Trade Liberalization Evidenceon Poverty From India

Petia Topalova

2010/217: Performance of Fiscal Accounts in South Africa in a Cross-Country Setting

Burcu Aydin

2010/216: Cyclicality of Revenue and Structural Balances in South Africa

Burcu Aydin

2010/215: International Reserve Adequacy in the Gambia

Eugen Tereanu

2010/214: Monetary Transmission of Global Imbalances in Asian Countries

Il Lee and Woon Gyu Choi

2010/213: Adjustment Under a Currency Peg: Estonia, Latvia and Lithuania During the Global Financial Crisis 2008-09

Catriona Purfield and Christoph Rosenberg

2010/212: Cyclical Behavior of Inventories and Growth Projections Recent Evidence From Europe and the United States

Alexander Hoffmaister and Jens Clausen

2010/211: Protection for Free? the Political Economy of U.S. Tariff suspensions

Prachi Mishra, Rodney Ludema and Anna Maria Mayda

2010/210: Mother, Can I Trust the Government? Sustained Financial Deepening: A Political Institutionsview

Marc Quintyn and Genevieve Verdier

2010/209: Commodity Windfalls, Polarization, and Net Foreign Assets: Panel Data Evidenceon the Voracity Effect

Markus Brückner and Rabah Arezki

2010/208: Bank Capital and Uncertainty

Fabian Valencia

2010/207: Investment: Specific Technology Shocks and International Business Cycles: An Empirical Assessment

International Monetary Fund

2010/206: Why Does Bad News Increase Volatility and Decrease Leverage?

Ana Fostel and John Geanakoplos

2010/205: The End of An Era? the Medium- and Long-Term Effects of the Global Crisison Growth in Low-Income Countries

Chris Papageorgiou, Andrew Berg, Catherine Pattillo and Nikola Spatafora

2010/204: Information Content of DQAF Indicators: Empirical Entropy Analysis

Mico Mrkaic

2010/203: Data Dissemination Standards and the Statistical Quality of the IMF’s World Economic Outlook Forecasts

Mico Mrkaic

2010/202: The Unequal Benefits of Fuel Subsidies: A Review of Evidence for Developing Countries

David Coady and Javier Arze del Granado

2010/201: The Effects of the Global Crisison Islamic and Conventional Banks: A Comparative Study

Jemma Dridi and Maher Hasan

2010/200: Optimal Price Indices for Targeting Inflation Under Incomplete Markets

Rahul Anand and Eswar Prasad

2010/199: To Starve or Not to Starve the Beast?

Michael Kumhof, Daniel Leigh and Douglas Laxton

2010/198: Sustainable Real Exchange Rates in the New Eu Member States: What Did the Great Recession Change?

Katerina Smidkova, Jan Babecký and Ales Bulir

2010/197: Estimates of the Output Gap in Armenia with Applications to Monetary and Fiscal Policy

International Monetary Fund

2010/196: Can Global Liquidity Forecast Asset Prices?

Reginald Darius

2010/195: Islamic Banking: How Has it Diffused?

Patrick Imam and Kangni Kpodar

2010/194: Measuring Financial Barriers Among East African Community Countries

Yi David Wang

2010/193: The Effectiveness of Macroeconomic Commitment in Weak(er) Institutional Environments

Marc Quintyn and Sophia Gollwitzer

2010/192: The Dynamic Effects of Commodity Prices on Fiscal Performance in Latin America

Leandro Medina

2010/191: A Macro Model of the Credit Channel in a Currency Union Member: The Case of Benin

Issouf Samaké

2010/190: Price of Risk: Recent Evidence From Large Financials

Manmohan Singh and Karim Youssef

2010/189: Still Minding the Gap—Inflation Dynamics during Episodes of Persistent Large Output Gaps

Andre Meier

2010/188: Dedollarization

Annamaria Kokenyne, Jeremy Ley and Romain Veyrune

2010/187: Determinants of Foreign Direct Investment: A Sectoral and Institutional Approach

Jiangyan Yu and James Walsh

2010/186: Peaks, Spikes, and Barrels: Modeling Sharp Movements in Oil Prices

Malika Pant, Martin Mühleisen and Alun Thomas

2010/185: Output and Unemployment Dynamics during the Great Recession: A Panel Unobserved Components Analysis

Francis Vitek

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