IMF Working Papers

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2009/114: Sub-Saharan Africa's Integration in the Global Financial Markets

Corinne Delechat, John Wakeman-Linn, Smita Wagh and Gustavo Ramirez

2009/113: Financial Deepening in the CFA Franc Zone: The Role of Institutions

Dhaneshwar Ghura, Kangni Kpodar and Raju Singh

2009/112: An Alternative Explanation for the Resource Curse: The Income Effect Channel

Ali Alichi and Rabah Arezki

2009/111: Spillovers to Emerging Equity Markets: An Econometric Assessment

Tao Sun and L. Psalida

2009/110: Credit Risk Spreads in Local and Foreign Currencies

Zvi Wiener and Dan Galai

2009/109: Estimating Default Frequencies and Macrofinancial Linkages in the Mexican Banking Sector

Marcos Souto and Rodolphe Blavy

2009/108: From Bear Stearns to Anglo Irish: How Eurozone Sovereign Spreads Related to Financial Sector Vulnerability

Ashoka Mody

2009/107: Madagascar: A Competitiveness and Exchange Rate Assessment

Luc Eyraud

2009/106: Fiscal Stimulus with Spending Reversals

Gernot Müller, Giancarlo Corsetti and Andre Meier

2009/105: Financial Intermediation, Competition, and Risk: A General Equilibrium Exposition

Gianni De Nicolo and Marcella Lucchetta

2009/104: Financial Spillovers to Emerging Markets During the Global Financial Crisis

Nathaniel Frank and Heiko Hesse

2009/103: The Persistence of Capital Account Crises

Mauro Mecagni, Ruben Atoyan and David Hofman

2009/102: Advanced Public Financial Management Reforms in South East Europe

Mia Pavesic-Skerlep and Eivind Tandberg

2009/101: What Should Inflation Targeting Countries Do When Oil Prices Rise and Drop Fast?

Nicoletta Batini and Eugen Tereanu

2009/100: Financial Stress, Downturns, and Recoveries

Subir Lall, Roberto Cardarelli and Selim Elekdag

2009/099: The Impact of the Regional Cross-Listing of Stocks on Firm Value in Sub-Saharan Africa

Olatundun JANET Adelegan

2009/098: Understanding Inflation Inertia in Angola

Alexander Kyei and Nir Klein

2009/097: Why Are Japanese Wages So Sluggish?

Martin Sommer

2009/096: The Challenge of Reforming Budgetary Institutions in Developing Countries

Richard Allen

2009/095: Ponzi Schemes in the Caribbean

Ana Carvajal, Hunter Monroe, Catherine Pattillo and Brian Wynter

2009/094: Inflation Targeting Under Imperfect Policy Credibility

International Monetary Fund

2009/093: Global Relative Poverty

Lynge Nielsen

2009/092: The Size of Government and U.S.-European Differences in Economic Performance

Gerwin Bell and Norikazu Tawara

2009/091: Remittances: An Automatic Output Stabilizer?

Dalia Hakura, Ralph Chami and Peter Montiel

2009/090: Inflation Hedging for Long-Term Investors

Shaun Roache and Alexander Attie

2009/089: Global Imbalances and Petrodollars

Fuad Hasanov and Rabah Arezki

2009/088: Chile’s Structural Fiscal Surplus Rule: A Model-Based Evaluation

Michael Kumhof and Douglas Laxton

2009/087: It Framework Design Parameters

Douglas Laxton and Charles Freedman

2009/086: Why Inflation Targeting?

Charles Freedman and Douglas Laxton

2009/085: Adding Latin America to the Global Projection Model

International Monetary Fund

2009/084: Accrual Budgeting and Fiscal Policy

Marc Robinson

2009/083: Hold Your Nose and Vote: Why Do Some Democracies Tolerate Corruption?

Marco Pani

2009/082: Determinants of Inflation in GCC

Magda Kandil and Hanan Morsy

2009/081: Exchange Rate Assessment for Oil Exporters

Klaus-Stefan Enders

2009/080: The Crisis: Basic Mechanisms and Appropriate Policies

Olivier Blanchard

2009/079: Exposure to Real Estate Losses: Evidence from the US Banks

Marcelo Pinheiro and Deniz Igan

2009/078: Assessing Exchange Rate Competitiveness in the Eastern Caribbean Currency Union

Emilio Pineda, Paul Cashin and Yan Sun

2009/077: Optimal Reserves in the Eastern Caribbean Currency Union

Wendell Samuel, Emilio Pineda and Mario Dehesa

2009/076: Simple, Implementable Fiscal Policy Rules

Michael Kumhof and Douglas Laxton

2009/075: Grants, Remittances, and the Equilibrium Real Exchange Rate in Sub-Saharan African Countries

Joannes Mongardini and Brett Rayner

2009/074: Limited Information Bayesian Model Averaging for Dynamic Panels with Short Time Periods

Alin Mirestean, Charalambos Tsangarides and Huigang Chen

2009/073: A Coincident Indicator of the Gulf Cooperation Council (GCC) Business Cycle

Abdullah Alhassan

2009/072: The Missing Link Between Financial Constraints and Productivity

Marialuz Moreno Badia and Veerle Slootmaekers

2009/071: ECCU Business Cycles: Impact of the U.S

Yan Sun and Wendell Samuel

2009/070: Financial Stability Frameworks and the Role of Central Banks: Lessons From the Crisis

Erlend Nier

2009/069: From Subprime Loans to Subprime Growth? Evidence for the Euro Area

Martin Cihak and Petya Brooks

2009/068: Five Years After: European Union Membership and Macro-Financial Stability in the New Member States

Martin Cihak and Wim Fonteyne

2009/067: Accounting for Output Drops in Latin America

Ruy Lama

2009/066: A New Keynesian Model of the Armenian Economy

Ara Stepanyan, Era Dabla-Norris and Ashot Mkrtchyan

2009/065: Developing a Structured Forecasting and Policy Analysis System to Support Inflation-Forecast Targeting (IFT)

Douglas Laxton, Alasdair Scott and David Rose

2009/064: Global Imbalances: The Role of Emerging Asia

Massimiliano Pisani, Pietro Cova and Alessandro Rebucci

2009/063: Global Imbalances: The Role of Non-Tradabletotal Factor Productivity in Advanced Economies

Alessandro Rebucci, Nicoletta Batini, Pietro Cova and Massimiliano Pisani

2009/062: The Use (and Abuse) of CDS Spreads During Distress

Carolyne Spackman and Manmohan Singh

2009/061: Universal Health Care 101: Lessons for the Eastern Caribbean and Beyond

Evridiki Tsounta

2009/060: Targeting Social Transfers to the Poor in Mexico

David Coady and Susan Parker

2009/059: Monetary and Fiscal Policy Options for Dealing with External Shocks - Insights from the GIMF for Colombia

Enrique Flores, Daniel Leigh and Benedict Clements

2009/058: Social Security Reforms in Colombia: Striking Demographic and Fiscal Balances

Sergio Clavijo

2009/057: Irrational Exuberance in the U.S. Housing Market: Were Evangelicals Left Behind?

Christopher Crowe

2009/056: A Primeron Fiscal Analysis in Oil-Producing Countries

Paulo Medas and Daria Zakharova

2009/054: Foreign Banks in the CESE Countries: In for a Penny, in for a Pound?

Li Ong and Andrea Maechler

2009/053: Credit Market in Morocco: A Disequilibrium Approach

Nada Oulidi and Laurence Allain

2009/052: Global Liquidity, Risk Premiums and Growth Opportunities

Gianni De Nicolo and Iryna Ivaschenko

2009/051: Forces Driving Inflation in the New EU10 Members

Emil Stavrev

2009/050: Fiscal and Monetary Policy During Downturns: Evidence From the G7

Sven Jari Stehn and Daniel Leigh

2009/049: In Search of a Dramatic Equilibrium: Was the Armenian Dram Overvalued?

Nienke Oomes, Vahram Stepanyan, Gohar Minasyan and Ara Stepanyan

2009/048: International Currency Portfolios

Michael Kumhof

2009/047: The Italian Labor Market: Recent Trends, Institutions, and Reform Options

Martin Schindler

2009/046: Sovereign Default, Private Sector Creditors and the IFIs

Emine Boz

2009/045: Competition in the Financial Sector: Overview of Competition Policies

Stijn Claessens

2009/044: Exchange Rates and Wages in an Integrated World

Antonio Spilimbergo and Prachi Mishra

2009/043: The Second Transition: Eastern Europe in Perspective

Daniel Leigh, Stefania Fabrizio and Ashoka Mody

2009/042: Deleveraging After Lehman: Evidence From Reduced Rehypothecation

James Aitken and Manmohan Singh

2009/041: Commodity Price Volatility, Cyclical Fluctuations, and Convergence: What is Ahead for Inflation in Emerging Europe?

Edda Zoli

2009/040: Capital Inflows: Macroeconomic Implications and Policy Responses

Selim Elekdag, Ayhan Kose and Roberto Cardarelli

2009/039: Procyclicality and Fair Value Accounting

Jodi Scarlata, Juan Sole and Alicia Novoa

2009/038: Can the Eastern Caribbean Currency Union Afford to Grow Old?

Hunter Monroe

2009/037: Dedollarization in Liberia-Lessons From Cross-Country Experience

Jeta Menkulasi, Lodewyk Erasmus and Jules Leichter

2009/036: The Macroeconomic Impact of Scaled-Up Aid: The Case of Niger

Emilio Sacerdoti, Gonzalo Salinas and Abdikarim Farah

2009/035: The Volatility Costs of Procyclical Lending Standards: An Assessment Using a Dsge Model

Silvia Sgherri and Bertrand Gruss

2009/034: The Inflation-Unemployment Trade-off at Low Inflation

Luca Ricci and Pierpaolo Benigno

2009/033: Current Account and Precautionary Savings for Exporters of Exhaustible Resources

Rudolfs Bems and Irineu de Carvalho Filho

2009/032: Evaluating Historical CGER Assessments: How Well Have They Predicted Subsequent Exchange Rate Movements?

Jungjin Lee, Abdul Abiad and Prakash Kannan

2009/031: In Search of WTO Trade Effects: Preferential Trade Agreements Promote Trade Strongly, But Unevenly

Theo Eicher and Christian Henn

2009/030: Are Capital Controls Effective in the 21st Century? the Recent Experience of Colombia

Benedict Clements and Herman Kamil

2009/029: The Cost of Aggressive Sovereign Debt Policies: How Much is theprivate Sector Affected?

Christoph Trebesch

2009/028: Current Account Determinants for Oil-Exporting Countries

Hanan Morsy

2009/027: The Value of Institutions for Financial Markets: Evidence From Emerging Markets

Thomas Stratmann and Bernardin Akitoby

2009/026: An Investigation of Some Macro-Financial Linkages of Securitization

Xin Long, Mangal Goswami and Andreas Jobst

2009/025: Why isn't South Africa Growing Faster? a Comparative Approach

Luc Eyraud

2009/024: Can Markets Compute Equilibria?

Hunter Monroe

2009/023: Regional Financial Spillovers Across Europe: A Global VAR Analysis

Silvia Sgherri and Alessandro Galesi

2009/022: Monetary and Fiscal Rules in an Emerging Small Open Economy

Paul Levine, Joseph Pearlman and Nicoletta Batini

2009/021: Causes, Benefits, and Risks of Business Tax Incentives

Alexander Klemm

2009/020: Capital Inflows and the Real Exchange Rate: Can Financial Development Cure the Dutch Disease?

Christian Saborowski

2009/019: An Index Number Formula Problem: The Aggregation of Broadly Comparable items

Mick Silver

2009/018: On Impatience and Policy Effectiveness

Silvia Sgherri and Tamim Bayoumi

2009/017: Does Global Liquidity Matter for Monetary Policy in the Euro Area?

Helge Berger and Thomas Harjes

2009/016: The Declining Importance of Tradable Goods Manufacturing in Australia and New Zealand: How Much Can Growth Theory Explain?

Benjamin Hunt

2009/015: The Determinants of Commercial Bank Profitability in Sub-Saharan Africa

Valentina Flamini, Liliana Schumacher and Calvin McDonald

2009/014: Bank Efficiency in Sub-Saharan African Middle Income Countries

Chuling Chen