IMF Working Papers

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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

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