IMF Working Papers

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2009/259: From Lombard Street to Avenida Paulista: Foreign Exchange Liquidity Easing in Brazil in Response to the Global Shock of 2008–09

Mark Stone, W. Christopher Walker and Yosuke Yasui

2009/258: Institutional Factors and Financial Sector Development: Evidence from Sub-Saharan Africa

Hovhannes Toroyan and George Anayiotos

2009/257: Countercyclical Macro Prudential Policies in a Supporting Role to Monetary Policy

Papa N'Diaye

2009/256: Macroeconomic Implications for Hong Kong SAR of Accommodative U.S. Monetary Policy

Papa N'Diaye

2009/255: Fiscal Stimulus to the Rescue? Short-Run Benefits and Potential Long-Run Costs of Fiscal Deficits

Douglas Laxton, Dirk Muir, Michael Kumhof, Susanna Mursula and Charles Freedman

2009/254: Credit Derivatives: Systemic Risks and Policy Options?

John Kiff, Jennifer Elliott, Elias Kazarian, Jodi Scarlata and Carolyne Spackman

2009/253: Adding Indonesia to the Global Projection Model

Roberto Garcia-Saltos, Douglas Laxton, Michal Andrle, Haris Munandar, Charles Freedman and Danny Hermawan

2009/252: Macroeconomic Patterns and Monetary Policy in the Run-up to Asset Price Busts

Alasdair Scott, Pau Rabanal and Prakash Kannan

2009/251: Monetary and Macroprudential Policy Rules in a Model with House Price Booms

Alasdair Scott, Pau Rabanal and Prakash Kannan

2009/250: The Stock of Intangible Capital in Canada: Evidence from the Aggregate Value of Securities

Nazim Belhocine

2009/249: Countering the Cycle—The Effectiveness of Fiscal Policy in Korea

Leif Eskesen

2009/248: Today versus Tomorrow - The Sensitivity of the Non-Oil Current Account Balance to Permanent and Current Income

Alun Thomas and Tamim Bayoumi

2009/247: Financial Sector Surveillance and the IMF

Carlo Gola and Francesco Spadafora

2009/246: Governance and Fund Management in the Chinese Pension System

Yu-Wei Hu, Gregorio Impavido and Xiaohong Li

2009/245: What’s the Damage? Medium-term Output Dynamics After Banking Crises

Abdul Abiad, Petya Brooks, Irina Tytell, Daniel Leigh and Ravi Balakrishnan

2009/244: A Rule-Based Medium-Term Fiscal Policy Framework for Tanzania

Daehaeng Kim and Mika Saito

2009/243: Top-Down Budgeting—An Instrument to Strengthen Budget Management

Gösta Ljungman

2009/242: Valuation of Unlisted Direct Investment Equity

Thomas Elkjaer, Jannick Damgaard and Emmanuel Kumah

2009/241: The Role of Financial Variables in Predicting Economic Activity in the Euro Area

Marco Lombardi, Raphael Espinoza and Fabio Fornari

2009/240: Treating Intangible Inputs as Investment Goods: The Impact on Canadian GDP

Nazim Belhocine

2009/239: Sovereign Wealth Funds and Financial Stability—An Event Study Analysis

Heiko Hesse and Tao Sun

2009/238: Monetary Policy Analysis and Forecasting in the World Economy: A Panel Unobserved Components Approach

Francis Vitek

2009/237: Fiscal Deficits and Current Account Deficits

Michael Kumhof and Douglas Laxton

2009/236: Inflation Targeting at 20 - Achievements and Challenges

Scott Roger

2009/235: Is the Canadian Housing Market Overvalued? A Post-crisis Assessment

Evridiki Tsounta

2009/234: Hybrid Inflation Targeting Regimes

Carlos García, Jorge Restrepo and Scott Roger

2009/233: Excessive Lending, Leverage, and Risk-Taking in the Presence of Bailout Expectations

Andréas Georgiou

2009/232: Monetary Policy and the Lost Decade: Lessons from Japan

Daniel Leigh

2009/231: Three Cycles: Housing, Credit, and Real Activity

Natalia Tamirisa, Alain Kabundi, Deniz Igan, Francisco Nadal De Simone and Marcelo Pinheiro

2009/230: Global Market Conditions and Systemic Risk

Brenda Gonzalez-Hermosillo and Heiko Hesse

2009/229: Macro-Hedging for Commodity Exporters

Eduardo Borensztein, Damiano Sandri and Olivier Jeanne

2009/228: The Liquidity and Liquidity Distribution Effects in Emerging Markets: The Case of Jordan

Jerome Vandenbussche, Stanley Watt and Szabolcs Blazsek

2009/227: Analyzing Fiscal Space Using the MAMS Model - An Application to Burkina Faso

International Monetary Fund

2009/226: Unconventional Central Bank Measures for Emerging Economies

Mark Stone, Etienne Yehoue and Kotaro Ishi

2009/225: Revisiting the Determinants of Productivity Growth - What’s new?

Boileau Loko and Mame Astou Diouf

2009/224: New Zealand Bank Vulnerabilities in International Perspective

Rodrigo Cubero and R. Brooks

2009/223: Australian Bank and Corporate Sector Vulnerabilities: An International Perspective

Elod Takats and Patrizia Tumbarello

2009/222: Euro Area Sovereign Risk During the Crisis

Edda Zoli and Silvia Sgherri

2009/221: External Balance in Low Income Countries

Lone Engbo Christiansen, Alessandro Prati, Luca Ricci and Thierry Tressel

2009/220: Oil Prices and Bank Profitability: Evidence From Major Oil-Exporting Countries in the Middle East and North Africa

Heiko Hesse and Tigran Poghosyan

2009/219: The Uncertainty Channel of Contagion

Prakash Kannan and Fritzi Köhler-Geib

2009/218: Do Trading Partners Still Matter for Nigeria's Growth? A Contribution to the Debateon Decoupling and Spillovers

Kingsley Obiora

2009/217: Access to Market Financing for IDA-eligible Countries—the Role of External Debt and IMF-Supported Programs

Alun Thomas

2009/216: Determinants and Macroeconomic Impact of Remittances in Sub-Saharan Africa

Raju Singh, Kyung-woo Lee and Markus Haacker

2009/215: São Tomé and Príncipe: Domestic Tax System and Tax Revenue Potential

Nisreen Farhan

2009/214: Constructing Forecast Confidence Bands During the Financial Crisis

Kevin Clinton, Marianne Johnson, Huigang Chen, Ondrej Kamenik and Douglas Laxton

2009/213: What Determines Bond Market Development in Sub-Saharan Africa?

Olatundun JANET Adelegan and Bozena Radzewicz-Bak

2009/212: Cointegrated TFP Processes and International Business Cycles

Vicente Tuesta, Juan F Rubio-Ramirez and Pau Rabanal

2009/211: Revised System for the Classification of Exchange Rate Arrangements

Annamaria Kokenyne, Romain Veyrune, Karl Habermeier and Harald Anderson

2009/210: Who Benefits from Capital Account Liberalization? Evidence from Firm-Level Credit Ratings Data

Alessandro Prati, Martin Schindler and Patricio Valenzuela

2009/209: International Risk Sharing During the Globalization Era

Akito Matsumoto, Robert Flood and Nancy Marion

2009/208: Controlling Capital? Legal Restrictions and the Asset Composition of International Financial Flows

Mahir Binici, Michael Hutchison and Martin Schindler

2009/207: Accounting discretion of banks during a financial crisis

Luc Laeven and Harry Huizinga

2009/206: The Effectiveness of Central Bank Interventions During the First Phase of the Subprime Crisis

Heiko Hesse and Nathaniel Frank

2009/205: Commodity Terms of Trade: The History of Booms and Busts

International Monetary Fund

2009/204: How to Stop a Herd of Running Bears? Market Response to Policy Initiatives during the Global Financial Crisis

International Monetary Fund

2009/203: The Drivers of Housing Cycles in Spain

Pau Rabanal and Oriol Aspachs-Bracons

2009/202: Benchmark Priors Revisited: On Adaptive Shrinkage and the Supermodel Effect in Bayesian Model Averaging

Martin Feldkircher and Stefan Zeugner

2009/201: French Banks Amid the Global Financial Crisis

Yingbin Xiao

2009/200: The Need for Special Resolution Regimes for Financial Institutions—The Case of the European Union

Martin Cihak and Erlend Nier

2009/199: Modernizing Bank Regulation in Support of Financial Deepening: The Case of Uruguay

Torsten Wezel, Mario Mansilla and Gustavo Adler

2009/198: The Real Effects of Financial Sector Risk

Andrea Maechler and Alexander Tieman

2009/197: Frugality: Are We Fretting Too Much? Household Saving and Assets in the United States

Evan Tanner and Yasser Abdih

2009/196: The Derivatives Market in South Africa: Lessons for Sub-Saharan African Countries

Olatundun JANET Adelegan

2009/195: Lebanon-Determinants of Commercial Bank Deposits in a Regional Financial Center

Harald Finger and Heiko Hesse

2009/194: Political Risk Aversion

Laura Valderrama

2009/193: Institutional Inertia

Laura Valderrama

2009/192: The Gambia: Demand for Broad Money and Implications for Monetary Policy Conduct

Subramanian Sriram

2009/191: Monetary Policy and the Central Bank in Jordan

Samar Maziad

2009/190: Fiscal Sustainability in Remittance-Dependent Economies

Ralph Chami, Yasser Abdih, Amine Mati and Michael Gapen

2009/189: What Drives China’s Interbank Market?

Nathan Porter and TengTeng Xu

2009/188: Search in the Labor Market under Imperfectly Insurable Income Risk

Mauro Roca

2009/187: How Good Are Ex Ante Program Evaluation Techniques? The Case of School Enrollment in PROGRESA

Fabian Bornhorst

2009/186: One Money, One Market—A Revised Benchmark

Christian Henn and Theo Eicher

2009/185: Euro Area Monetary Policy in Uncharted Waters

Emil Stavrev, Thomas Harjes and Martin Cihak

2009/184: Establishing Conversion Values for New Currency Unions: Method and Application to the planned Gulf Cooperation Council (GCC) Currency Union

Bassem Kamar, Jean-Etienne Carlotti and Russell Krueger

2009/183: International Evidence on Recovery from Recessions

Valerie Cerra, Sweta Saxena and Ugo Panizza

2009/182: Understanding the Growth of African Financial Markets

Mihasonirina Andrianaivo and Charles Amo Yartey

2009/181: Putting the Parts Together: Trade, Vertical Linkages, and Business Cycle Comovement

Andrei Levchenko and Julian di Giovanni

2009/180: Credit Growth in Sub-Saharan Africa—Sources, Risks, and Policy Responses

May Khamis and Plamen Iossifov

2009/179: Setting Up a Sovereign Wealth Fund: Some Policy and Operational Considerations

Christian Mulder, Amadou Sy, Yinqiu Lu and Udaibir Das

2009/178: Incorporating Market Information into the Construction of the Fan Chart

Prakash Kannan and Selim Elekdag

2009/177: Towards a Principal-Agent Based Typology of Risks in Public-Private Partnerships

André de Palma, Guillaume Prunier and Luc Leruth

2009/176: Tourism Specialization and Economic Development: Evidence from the UNESCO World Heritage List

John Piotrowski, Rabah Arezki and Reda Cherif

2009/175: India’s Experience with Fiscal Rules: An Evaluation and The Way Forward

Alejandro Simone and Petia Topalova

2009/174: Fiscal Vulnerability and Sustainability in Oil-Producing Sub-Saharan African Countries

Zaijin Zhan and Robert York

2009/173: Counterparty Risk, Impacton Collateral Flows and Role for Central Counterparties

James Aitken and Manmohan Singh

2009/172: Is China's Export-Oriented Growth Sustainable?

Kai Guo and Papa N'Diaye

2009/171: Interest Rate Liberalization in China

Tarhan Feyzioglu, Nathan Porter and Elod Takats

2009/170: Does Good Financial Performance Mean Good Financial Intermediation in China?

Tarhan Feyzioglu

2009/169: Employment Effects of Growth Rebalancing in China

International Monetary Fund

2009/168: The Challenge of Enforcement in Securities Markets: Mission Impossible?

Ana Carvajal and Jennifer Elliott

2009/167: Measures of Underlying Inflation in Sri Lanka

Souvik Gupta and Magnus Saxegaard

2009/166: Spillovers of the U.S. Subprime Financial Turmoil to Mainland China and Hong Kong SAR: Evidence from Stock Markets

Xiaojing Zhang and Tao Sun

2009/165: An Assessment of External Price Competitiveness for Mozambique

Francis Vitek

2009/164: The Composition Matters: Capital Inflows and Liquidity Crunch During a Global Economic Crisis

Hui Tong and Shang-Jin Wei

2009/163: Panacea, Curse, or Nonevent? Unconventional Monetary Policy in the United Kingdom

Andre Meier

2009/162: Recent Advances in Credit Risk Modeling

Jose Gasha, Andre Santos, Jorge Chan-Lau, Carlos Medeiros, Marcos Souto and Christian Capuano

2009/161: Country Experiences with the Introduction and Implementation of Inflation Targeting

Inci Ötker-Robe and Charles Freedman

2009/160: How Effective is Fiscal Policy Response in Systemic Banking Crises?

Sanjeev Gupta, Carlos Mulas-Granados and Emanuele Baldacci