IMF Working Papers

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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

2009/013: Why Do Central Banks Go Weak?

Nada Oulidi and Alain Ize

2009/012: The International Diversification Puzzle when Goods Prices Are Sticky: It's Really About Exchange-Rate Hedging, not Equity Portfolios

Akito Matsumoto and Charles Engel

2009/011: How Can Burundi Raise its Growth Rate? the Impact of Civil Conflicts and State Interventionon Burundi'S Growth Performance

Olivier Basdevant

2009/010: Benford’s Law and Macroeconomic Data Quality

Jesus Gonzalez-Garcia and Gonzalo Pastor Campos

2009/009: Distress in European Banks: An Analysis Basedon a New Dataset

Tigran Poghosyan and Martin Cihak

2009/008: The Role for Counter-Cyclical Fiscal Policy in Singapore

Leif Eskesen

2009/007: Australia and New Zealand Exchange Rates: A Quantitative Assessment

Hali Edison and Francis Vitek

2009/006: Regional Financial Interlinkages and Financial Contagion within Europe

Inci Ötker-Robe, Karl Driessen and Zsofia Arvai

2009/005: A European Mandate for Financial Sector Supervisors in the EU

International Monetary Fund

2009/004: Banking Stability Measures

C. Goodhart and Miguel Segoviano

2009/003: Yen Bloc or Yuan Bloc: An Analysis of Currency Arrangements in East Asia

Kazuko Shirono

2009/002: Recent French Export Performance: Is There a Competitiveness Problem?

Alain Kabundi and Francisco Nadal De Simone

2009/001: Inflation Pressures and Monetary Policy Options in Emerging and Developing Countries—A Cross Regional Perspective

Inci Ötker-Robe, David Vavra, Francisco Vazquez, Luis Jácome, Karl Habermeier, Kotaro Ishi, Alessandro Giustiniani and Turgut Kisinbay

2008/289: Monetary Policy and Relative Price Shocks in South Africa and Other Inflation Targeters

Alfredo Cuevas and Secil Topak

2008/288: Is Monetary Policy Effective When Credit is Low?

International Monetary Fund

2008/287: Explaining Episodes of Growth Accelerations, Decelerations, and Collapses in Western Africa

Gonzalo Salinas and Patrick Imam

2008/286: Volatility Spillovers and Contagion from Mature to Emerging Stock Markets

Guglielmo Maria Caporale, Marianne Schulze-Gattas, John Beirne and Nicola Spagnolo

2008/285: The Impact of Introducing a Minimum Wage on Business Cycle Volatility: A Structural Analysis for Hong Kong SAR

International Monetary Fund

2008/284: New Shocks, Exchange Rates and Equity Prices

Pietro Cova, Alessandro Rebucci, Akito Matsumoto and Massimiliano Pisani

2008/283: Cross-Border Coordination of Prudential Supervision and Deposit Guarantees

International Monetary Fund

2008/282: Expenditure Ceilings—A Survey

Gösta Ljungman

2008/281: Can Regional Cross-listings Accelerate Stock Market Development? Empirical Evidence from Sub-Saharan Africa

International Monetary Fund

2008/280: A Small Quarterly Multi-Country Projection Model with Financial-Real Linkages and Oil Prices

Michel Juillard, Charles Freedman, Dmitry Korshunov, Douglas Laxton, Ondrej Kamenik, Ioan Carabenciov, Igor Ermolaev and Jared Laxton

2008/279: A Small Quarterly Multi-Country Projection Model

Jared Laxton, Igor Ermolaev, Charles Freedman, Ondrej Kamenik, Michel Juillard, Douglas Laxton, Ioan Carabenciov and Dmitry Korshunov

2008/278: A Small Quarterly Projection Model of the US Economy

Igor Ermolaev, Michel Juillard, Ioan Carabenciov, Charles Freedman, Douglas Laxton, Ondrej Kamenik and Dmitry Korshunov

2008/277: What Attracts Tourists to Paradise?

Evridiki Tsounta

2008/276: From Crisis to IMF-Supported Program: Does democracy impede the speed required by financial markets?

Ashoka Mody and Diego Saravia

2008/275: Estimating Potential Output and the Output Gap in Slovakia

Tetsuya Konuki

2008/274: What Happens During Recessions, Crunches and Busts?

Marco Terrones, Ayhan Kose and Stijn Claessens

2008/273: Hong Kong SAR Economic Integration with the Pearl River Delta

Olaf Unteroberdoerster and Hongyi Chen

2008/272: The Macroeconomic Impact of Healthcare Financing Alternatives: Reform Options for Hong Kong SAR

International Monetary Fund

2008/271: Analyzing Determinants of Inflation When There Are Data Limitation: The Case of Sierra Leone

Kadima Kalonji, Jan Gottschalk and Ken Miyajima

2008/270: Inflation Determinants in Paraguay: Cost Push versus Demand Pull Factors

Brieuc Monfort and Santiago Peña

2008/269: One-Size-Fits-One: Tailor-Made Fiscal Responses to Capital Flows

Daria Zakharova

2008/268: Efficiency and Performance of Bulgarian Private Pensions

Gregorio Impavido

2008/267: Dynamic Factor Price Equalization & International Income Convergence

Clinton Shiells and Joseph Francois

2008/266: A New Database of Financial Reforms

Enrica Detragiache, Abdul Abiad and Thierry Tressel

2008/265: Do Financial Sector Reforms Lead to Financial Development? Evidence from a New Dataset

Thierry Tressel and Enrica Detragiache

2008/264: Macroeconomics of Migration in New Member States

Rudolfs Bems and Philip Schellekens

2008/263: What is Really Good for Long-Term Growth? Lessons from a Binary Classification Tree (BCT) Approach

Rupa Duttagupta and Montfort Mlachila

2008/262: The Tasks Ahead

International Monetary Fund

2008/261: Strategic Considerations for First-Time Sovereign Bond Issuers

Magdalena Polan, Udaibir Das and Michael Papaioannou