IMF Working Papers

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2008/260: Fundamentals at Odds? The U.S. Current Account Deficit and The Dollar

Gian Maria Milesi-Ferretti

2008/259: Is it (Still) Mostly Fiscal? Determinants of Sovereign Spreads in Emerging Markets

Sanjeev Gupta, Amine Mati and Emanuele Baldacci

2008/258: Counterparty Risk in the Over-The-Counter Derivatives Market

Manmohan Singh and Miguel Segoviano

2008/257: Tax Concessions and Foreign Direct Investment in the Eastern Caribbean Currency Union

Jingqing Chai and Rishi Goyal

2008/256: Creating Sustainable Fiscal Space for Infrastructure: The Case of Tanzania

Teresa Ter-Minassian, Richard Hughes and Alejandro Hajdenberg

2008/255: Stress Testing Household Debt in Korea

Meral Karasulu

2008/254: Sovereign Wealth Funds: Current Institutional and Operational Practices

Peter Kunzel, Cornelia Hammer and Iva Petrova

2008/253: Fiscal Policy and Economic Cycles in Oil-Exporting Countries

Kamilya Tazhibayeva, Aasim Husain and Anna Ter-Martirosyan

2008/252: Writing Clearly: ECB’s Monetary Policy Communication

Martin Cihak, Katerina Smidkova and Ales Bulir

2008/251: Perspectives on High Real Interest Rates in Turkey

Prakash Kannan

2008/250: The Use of Blanket Guarantees in Banking Crises

Luc Laeven and Fabian Valencia

2008/249: Trade Effects of Currency Unions: Do Economic Dissimilarities Matter?

Giorgia Albertin

2008/248: Banks’ Precautionary Capital and Persistent Credit Crunches

Fabian Valencia

2008/247: Interest Rate Elasticity of Residential Housing Prices

Plamen Iossifov, Martin Cihak and Amar Shanghavi

2008/246: Globalization Drives Strategic Product Switching

Marialuz Moreno Badia, Veerle Slootmaekers and Ilke Van Beveren

2008/245: Contingent Liabilities: Issues and Practice

Aliona Cebotari

2008/244: Do Interest Groups Affect U.S. Immigration Policy?

Prachi Mishra, Giovanni Facchini and Anna Maria Mayda

2008/243: Wage-Price Setting in New EU Member States

Manuela Goretti

2008/242: Does Openness to International Financial Flows Raise Productivity Growth?

Eswar Prasad, Marco Terrones and Ayhan Kose

2008/241: Household Income As A Determinant of Child Labor and School Enrollment in Brazil: Evidence From A Social Security Reform

Irineu de Carvalho Filho

2008/240: International Competitiveness of the Mediterranean Quartet: A Heterogeneous-Product Approach

Herman Bennett and Ziga Zarnic

2008/239: Latin America: Highlights from the Implementation of the System of National Accounts 1993 (1993 SNA)

Roberto Ramos, Lisbeth Rivas and Gonzalo Pastor Campos

2008/238: The Costs of Sovereign Default

Eduardo Borensztein and Ugo Panizza

2008/237: The Spending and Absorption of Aid in PRGF Supported Programs

Jan Martijn, Markus Berndt, Abu Shonchoy and Paolo Dudine

2008/236: A Theory of International Crisis Lending and IMF Conditionality

Jeromin Zettelmeyer, Jonathan Ostry and Olivier Jeanne

2008/235: Growing Apart? A Tale of Two Republics: Estonia and Georgia

Thorvaldur Gylfason and Eduard Hochreiter

2008/234: Inflation Targeting and Communication: It Pays Off to Read Inflation Reports

Katerina Smidkova, Viktor Kotlán, David Navrátil and Ales Bulir

2008/233: Rapid Current Account Adjustments: Are Microstates Different?

Patrick Imam

2008/232: Bank Losses, Monetary Policy and Financial Stability—Evidence on the Interplay from Panel Data

Lea Zicchino and Erlend Nier

2008/231: Beyond Macroeconomic Stability: The Quest for Industrialization in Uganda

Abebe Aemro Selassie

2008/230: Garbage In, Gospel Out? Controlling for the Underreporting of Remittances

Tigran Melkonyan, David Grigorian and J Shonkwiler

2008/229: Banks and Labor as Stakeholders: Impact on Economic Performance

Kenichi Ueda and Stijn Claessens

2008/228: Determinants of Government Efficiency

David Hauner and Annette Kyobe

2008/227: Tax Reforms, “Free Lunches”, and “Cheap Lunches” in Open Economies

Juha Tervala and Giovanni Ganelli

2008/226: An Anatomy of Credit Booms: Evidence From Macro Aggregates and Micro Data

Marco Terrones and Enrique Mendoza

2008/225: Current and Proposed Non-Oil Tax System in Azerbaijan

International Monetary Fund

2008/224: Systemic Banking Crises: A New Database

Fabian Valencia and Luc Laeven

2008/223: Macroeconomic Effects of EU Transfers in New Member States

International Monetary Fund

2008/222: Central Bank Collateral Frameworks: Principles and Policies

Rebecca McCaughrin, Simon Gray and Alexandre Chailloux

2008/221: Commodities and the Market Price of Risk

Shaun Roache

2008/220: An Analysis of So-Called Export-led Growth

Jie Yang

2008/219: Are Weak Banks Leading Credit Booms? Evidence from Emerging Europe

Deniz Igan and Natalia Tamirisa

2008/218: The Impact of Public Capital, Human Capital, and Knowledge on Aggregate Output

Fred Joutz and Yasser Abdih

2008/217: Public Financial Management and Fiscal Outcomes in Sub-Saharan African Heavily-Indebted Poor Countries

Ezequiel Cabezon and Tej Prakash

2008/216: Trade Elasticities in the Middle East and Central Asia: What is the Role of Oil?

Andreas Billmeier and Dalia Hakura

2008/215: Banking Structure and Credit Growth in Central and Eastern European Countries

Burcu Aydin

2008/214: The Eastern Caribbean Central Bank: Challenges to an Effective Lender of Last Resort

Pablo Druck and Mario Dehesa

2008/213: New Keynesian Exchange Rate Pass-Through

David Cook and Woon Gyu Choi

2008/212: Mauritius: A Competitiveness Assessment

Camelia Minoiu and Patrick Imam

2008/211: House Price Developments in Europe: A Comparison

Paul Hilbers, Angana Banerji, Haiyan Shi and Alexander Hoffmaister

2008/210: Central Bank Response to the 2007–08 Financial Market Turbulence: Experiences and Lessons Drawn

Peter Stella, Seiichi Shimizu, Simon Gray, Ulrich Klueh and Alexandre Chailloux

2008/209: Original Sin and Procylical Fiscal Policy: Two Sides of the Same Coin?

Gustavo Adler

2008/208: Global Volatility and Forex Returns in East Asia

Sanjay Kalra

2008/207: Investment Incentives and Effective Tax Rates in the Philippines: A Comparison With Neighboring Countries

Alexander Klemm, Dennis Botman and Reza Baqir

2008/206: Stress Testing at the IMF

Mark Swinburne, Stéphanie Marie Stolz and Marina Moretti

2008/205: Impact of Macroeconomic, Political, and Institutional Factors on the Structure of Government Debt in Emerging Market Countries

Anastasia Guscina

2008/204: Foreign Aid and Real Exchange Rate Adjustments in a Financially Constrained Dependent Economy

Stephen J Turnovsky, Serpil Tekin and Valerie Cerra

2008/203: Zero Corporate Income Tax in Moldova: Tax Competition and Its Implications for Eastern Europe

Marcin Piatkowski and Mariusz Jarmuzek

2008/202: What Drives Household Borrowing and Credit Constraints? Evidence from Bosnia and Herzegovina

Ke Chen and Mali Chivakul

2008/201: Macroeconomic Effects of Pension Reform in Russia

David Hauner

2008/200: Transmission of Liquidity Shocks: Evidence from the 2007 Subprime Crisis

Heiko Hesse, Nathaniel Frank and Brenda Gonzalez-Hermosillo

2008/199: Efficiency Costs of Myanmar’s Multiple Exchange Rate Regime

Masahiro Hori and Yu Ching Wong

2008/198: Equilibrium Non-Oil Current Account Assessments for Oil Producing Countries

Alun Thomas, Jun Kim and Aqib Aslam

2008/197: The Myth of Post-Reform Income Stagnation: Evidence from Brazil and Mexico

Irineu de Carvalho Filho and Marcos Chamon

2008/196: The Impact of Oil-Related Income on the Equilibrium Real Exchange Rate in Syria

Jemma Dridi and Maher Hasan

2008/195: Pension Privatization and Country Risk

Alfredo Cuevas, Maria Gonzalez, Arnoldo López-Marmolejo and Davide Lombardo

2008/194: The Option-iPoD

Christian Capuano

2008/193: Understanding the Inflationary Process in the GCC Region: The Case of Saudi Arabia and Kuwait

Hesham Alogeel and Maher Hasan

2008/192: Are Emerging Asia’s Reserves Really Too High?

Marta Ruiz-Arranz and Milan Zavadjil

2008/191: Monetary Transmission in an Emerging Targeter: The Case of Brazil

Adrian Pagan, Douglas Laxton and Luis Catão

2008/190: Quality of Financial Sector Regulation and Supervision Around the World

Martin Cihak and Alexander Tieman

2008/189: Investigating Inflation Dynamics in Sudan

Kenji Moriyama

2008/188: Innovation in Banking and Excessive Loan Growth

International Monetary Fund

2008/187: What Goes Up Must Come Down? House Price Dynamics in the United States

Vladimir Klyuev

2008/186: Real Effects of the Subprime Mortgage Crisis: Is it a Demand or a Finance Shock?

Hui Tong and Shang-Jin Wei

2008/185: Rising Income Inequality: Technology, or Trade and Financial Globalization?

Chris Papageorgiou, Subir Lall and Florence Jaumotte

2008/184: Credit Growth in the Middle East, North Africa, and Central Asia Region

Joe Crowley

2008/183: Kernel Density Estimation Based on Grouped Data: The Case of Poverty Assessment

Camelia Minoiu and Sanjay Reddy

2008/182: Technology and Finance

Anna Ilyina and Roberto Samaniego

2008/181: Convergence in Emerging Europe: Sustainability and Vulnerabilities

Athanasios Vamvakidis

2008/180: Bank Recycling of Petro Dollars to Emerging Market Economies During the Current Oil Price Boom

Johannes Wiegand

2008/179: Germany’s Corporate Governance Reforms: Has the System Become Flexible Enough?

Jürgen Odenius

2008/178: The Impact of Research and Development Tax Incentives on Colombia’s Manufacturing Sector: What Difference Do They Make?

Valerie Mercer-Blackman

2008/177: Consumer Confusion: The Choice of AFORE

Moisés Schwartz, Enrique Domínguez and Roberto Calderón-Colín

2008/176: Central Bank Financial Strength and Policy Performance: An Econometric Evaluation

Peter Stella and Ulrich Klueh

2008/175: Inflation Smoothing and the Modest Effect of VAT in Germany

Stephan Danninger and Alina Carare

2008/174: A Framework for Developing Secondary Markets for Government Securities

Zsofia Arvai and Geoffrey Heenan

2008/173: Determinants of Foreign Currency Borrowing in the New Member States of the EU

Christoph Rosenberg and Marcel Tirpák

2008/172: Africa’s Oil Abundance and External Competitiveness: Do Institutions Matter?

Mahvash Qureshi

2008/171: The ECB’s Monetary Analysis Revisited

Helge Berger, Thomas Harjes and Emil Stavrev

2008/170: Natural Resource Endowments, Governance, and the Domestic Revenue Effort: Evidence from a Panel of Countries

John Thornton, Fabian Bornhorst and Sanjeev Gupta

2008/169: Credit Matters: Empirical Evidence on U.S. Macro-Financial Linkages

Tamim Bayoumi and Ola Melander

2008/168: The Distributional Impact of Fiscal Policy in Honduras

David Newhouse, Irene Yackovlev and Robert Gillingham

2008/167: Do the Gulf Oil-Producing Countries Influence Regional Growth? The Impact of Financial and Remittance Flows

Nadeem Ilahi and Riham Shendy

2008/166: The Information Content of Money in Forecasting Euro Area Inflation

Emil Stavrev and Helge Berger

2008/165: Reforming Government Subsidies in the New Member States of the European Union

Alex Segura-Ubiergo, Taline Koranchelian and Carlos Mulas-Granados

2008/164: Strategic Interactions between an Independent Central Bank and a Myopic Government with Government Debt

Sven Jari Stehn and David Vines

2008/163: Medium-Term Budgetary Frameworks - Lessons for Austria from International Experience

Erik Lundback

2008/162: Vacation Over: Implications for the Caribbean of Opening U.S.-Cuba Tourism

Rafael Romeu

2008/161: A U.S. Financial Conditions Index: Putting Credit Where Credit is Due

Andrew Swiston