IMF Working Papers

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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

2008/160: A Review of Capital Budgeting Practices

Davina Jacobs

2008/159: Resolving a Large Contingent Fiscal Liability: Eastern European Experiences

Mark Flanagan

2008/158: Life Expectancy and Income Convergence in the World: A Dynamic General Equilibrium Analysis

Kenichi Ueda

2008/157: Dollarization and Maturity Structure of Public Securities: The Experience of Bolivia

Esteban Vesperoni and Walter Orellana R.

2008/156: Modeling Macro-Critical Energy Sectors in Low-Income Countries: A General Framework and an Application to Côte d’Ivoire

Holger Fabig

2008/155: Fiscal Policy and Economic Development

Alex Mourmouras and Peter Rangazas

2008/154: Bolivia: The Hydrocarbons Boom and the Risk of Dutch Disease

Eugenio Cerutti and Mario Mansilla

2008/153: Bivariate Assessments of Real Exchange Rates Using PPP Data

Juan Zalduendo

2008/152: A Model of Sovereign Debt in Democracies

Ali Alichi

2008/151: How does a domestic tax reform affect protection against imports? The case of the Republic of Madagascar

Jean-Jacques Hallaert

2008/150: Foreign Reserve Adequacy in Sub-Saharan Africa

International Monetary Fund

2008/149: International Reserves and Self-Insurance against External Shocks

Régis Barnichon

2008/148: Stressing to Breaking Point: Interpreting Stress Test Results

Rupert Worrell

2008/147: Financial Supervisory Independence and Accountability–Exploring the Determinants

Donato Masciandaro, Marc Quintyn and Michael Taylor

2008/146: Trade Openness and Volatility

Andrei Levchenko and Julian di Giovanni

2008/145: Why are Saving Rates of Urban Households in China Rising?

Marcos Chamon and Eswar Prasad

2008/144: Sudden Stops and Optimal Self-Insurance

Jun Kim

2008/143: Global Business Cycles: Convergence or Decoupling?

Ayhan Kose, Eswar Prasad and Christopher Otrok

2008/142: Constraints on the Design and Implementation of Monetary Policy in Oil Economies: The Case of Venezuela

International Monetary Fund

2008/141: Herd Behavior in Financial Markets: An Experiment with Financial Market Professionals

Marco Cipriani and Antonio Guarino

2008/140: Much Ado About Nothing? Estimating the Impact of a U.S. Slowdown on Thai Growth

Shekhar Aiyar and Ivan Tchakarov

2008/138: Tanzania’s Equilibrium Real Exchange Rate

Niko Hobdari

2008/137: Fiscal Positions in Latin America: Have They Really Improved?

Jeromin Zettelmeyer and Ivanna Hollar

2008/136: Government Spending on Health Care and Education in Croatia: Efficiency and Reform Options

Victoria Gunnarsson and Etibar Jafarov

2008/135: Central Bank Involvement in Banking Crises in Latin America

Luis Jácome

2008/134: Trade Sensitivity to Exchange Rates in the Context of Intra-Industry Trade

Yoko Oguro, Kyoji Fukao and Yougesh Khatri

2008/133: Crude Oil Prices: Trends and Forecast

Noureddine Krichene

2008/132: Why Do Countries Peg the Way They Peg? The Determinants of Anchor Currency Choice

Nienke Oomes and Christopher Meissner

2008/131: Challenges to Monetary Policy from Financial Globalization: The Case of India

Ananthakrishnan Prasad, Charles Kramer and Hélène Poirson

2008/130: Recent Inflationary Trends in World Commodities Markets

Noureddine Krichene

2008/129: Tax Administration Reform and Fiscal Adjustment: The Case of Indonesia (2001-07)

John Brondolo, Frank Bosch, Eric Le Borgne and Carlos Silvani

2008/128: Chile: Trade Performance, Trade Liberalization, and Competitiveness

Brieuc Monfort

2008/126: Financial Integration and Risk-Adjusted Growth Opportunities

Iryna Ivaschenko and Gianni De Nicolo

2008/125: Tax and Pension Reform in the Czech Republic—Implications for Growth and Debt Sustainability

Dennis Botman and Anita Tuladhar

2008/124: Trends in Italy’s Nonprice Competitiveness

Bogdan Lissovolik

2008/123: Mexico’s Integration into NAFTA Markets: A View from Sectoral Real Exchange Rates and Transaction Costs

Luciana Juvenal and Rodolphe Blavy

2008/122: Government Size and Output Volatility: Should We Forsake Automatic Stabilization?

Jean Pisani-Ferry, Xavier Debrun and Andre Sapir

2008/121: Fiscal and Monetary Anchors for Price Stability: Evidence from Sub-Saharan Africa

International Monetary Fund

2008/120: Investment and Growth Dynamics: An Empirical Assessment Applied to Benin

Issouf Samaké

2008/119: Central Bank Independence and Transparency: Evolution and Effectiveness

Christopher Crowe and Ellen Meade

2008/118: The Choice of Monetary and Exchange Rate Arrangements for a Small, Open, Low-Income Economy: The Case of São Tomé and Príncipe

Jian-Ye Wang, Nisreen Farhan, Amar Shanghavi, Márcio Ronci and Misa Takebe

2008/117: Calculating Sustainable Non-mineral Balances as Benchmarks for Fiscal Policy: The Case of Botswana

Jens Clausen

2008/116: Accounting Challenges for Semi-Autonomous Revenue Agencies in Developing Countries

Seth Terkper

2008/115: Impact of Government Expenditure on Growth: The Case of Azerbaijan

International Monetary Fund

2008/114: Do IMF Programs Improve Economic Governance?

Jiro Honda

2008/113: International Spillover of Labor Market Reforms

Mai Dao

2008/112: Competitiveness in the Southern Euro Area: France, Greece, Italy, Portugal, and Spain

Bogdan Lissovolik, Julio Escolano, Stefania Fabrizio, Werner Schule, Herman Bennett, Stephen Tokarick, Yuan Xiao, Marialuz Moreno Badia, Eva Gutierrez and Iryna Ivaschenko

2008/111: Fiscal Coverage in the Countries of the Middle East and Central Asia: Current Situation and a Way Forward

Daria Zakharova

2008/110: Estimating Equilibrium Exchange Rates for Armenia and Georgia

Shuang Ding and Omar Al Shehabi

2008/109: Is There a Novelty Premium on New Financial Instruments? The Argentine Experience with GDP-Indexed Warrants

Luca Ricci, Marcos Chamon and Alejo Costa

2008/108: Reserve Requirements, the Maturity Structure of Debt, and Bank Runs

Eza Ghassan Al-Zein

2008/106: Credit Booms and Lending Standards: Evidence From the Subprime Mortgage Market

Giovanni Dell'ariccia, Luc Laeven and Deniz Igan

2008/105: Housing Finance and Mortgage-Backed Securities in Mexico

Luisa Zanforlin and Marco Espinosa-Vega

2008/104: International R&D Spillovers and Institutions

Alexander Hoffmaister, David Coe and Elhanan Helpman

2008/103: The Capital Markets of Emerging Europe: Institutions, Instruments and Investors

Li Ong and Silvia Iorgova

2008/102: Measuring the Informal Economy in Latin America and the Caribbean

Guillermo Vuletin

2008/101: Welfare Gains of Aid Indexation in Small Open Economies

Anubha Dhasmana

2008/100: External Shocks and Business Cycle Fluctuations in Mexico: How Important are U.S. Factors?

Sebastian Sosa