IMF Working Papers

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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

2010/084: Inflation Expectations and Monetary Policy in India: An Empirical Exploration

Michael Patra and Partha Ray

2010/083: Credit Conditions and Recoveries from Recessions Associated with Financial Crises

Prakash Kannan

2010/082: Price Setting in a Model with Production Chains: Evidence from Sectoral Data

Maral Shamloo

2010/081: Basel Core Principles and Bank Risk: Does Compliance Matter?

Asli Demirguc-Kunt and Enrica Detragiache

2010/080: Budget Institutions and Fiscal Performance in Low-Income Countries

Sophia Gollwitzer, Eteri Kvintradze, Tej Prakash, Luis-Felipe Zanna, Era Dabla-Norris, Richard Allen, Irene Yackovlev and Victor Lledo

2010/079: Fiscal Adjustment in Sudan Size, Speed, and Composition

S. M. Ali Abbas, Kenji Moriyama and Abdul Naseer

2010/078: Spillovers of Domestic Shocks: Will They Counteract the “Great Moderation”?

Ashoka Mody and Alina Carare

2010/077: Fiscal Objective in the Post IMF Program World: The Case of Albania

Jiri Jonas

2010/076: Estimating The Inflation–Growth Nexus—A Smooth Transition Model

Raphael Espinoza, Ananthakrishnan Prasad and Gene Leon

2010/075: Economic Transition and Health Care Reform: The Experience of Europe and Central Asia

Adam Leive

2010/074: Asset Securitization and Optimal Retention

John Kiff and Michael Kisser

2010/073: Effects of Fiscal Stimulus in Structural Models

Michael Kumhof, Dirk Muir, Carlos de Resende, Jan in 't Veld, René Lalonde, Davide Furceri, Annabelle Mourougane, John Roberts, Stephen Snudden, Mathias Trabandt, Günter Coenen, Susanna Mursula, Christopher Erceg, Charles Freedman, Jesper Lindé, Werner Roeger and Douglas Laxton

2010/072: A Public Financial Management Framework for Resources-Producing Countries

Jean-Luc Hélis and Teresa Daban Sanchez